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The term "government agency" or "administrative agency" usually applies to one of the independent agencies of the United States government, which exercise some degree of independence from the President's control. Although the heads of independent agencies are often appointed by the President, they can usually be removed only for cause. The heads of independent agencies work together in groups, such as a commission, board or council. Independent agencies often function as miniature versions of the tripartite federal government with the authority to legislate (through the issuing, or "promulgation" of regulations), to adjudicate disputes, and to enforce agency regulations (through enforcement personnel). Examples of independent agencies include the Federal Communication Commission (FCC), Federal Reserve Board, U.S. Securities and Exchange Commission (SEC), the National Labor Relations Board (NLRB) and the Federal Trade Commission (FTC).   http://en.wikipedia.org/wiki/Government_agency

Stories from Government Agency

Proposed clarifications of the Ability to Repay/QM and Mortgage Servicing Rules
Government Agency
Wednesday, June 26th, 2013

The CFPB is carrying out a regulatory implementation initiative for our new mortgage rules to ensure that they are implemented accurately and effectively. Last week we issued proposed clarifications to the 2013 Escrows Final Rule. Today we are issuing another proposal to address questions regarding qualified mortgages and servicing that have come up since we first issued those rules in January. These proposals are part of our commitment to facilitate implementation of the rules issued in January under the Dodd-Frank Act. We at the Bureau believe that we have a responsibility not just to write a rule, but to see that it is implemented effectively. This proposal will be published in the Federal Register soon. It will be open for comment for 30 days from the day of publication.

http://www.consumerfinance.gov/blog/proposed-clarifications-of-the-abili...

Northern California Real Estate Investor Indicted On Additional Charge
Government Agency
Monday, June 24th, 2013

A federal grand jury in U.S. District Court for the Eastern District of California in Sacramento returned a superseding indictment charging Andrew B. Katakis, of Danville, Calif., with obstruction of justice related to a federal investigation into conspiracies to rig bids and commit mail fraud at public real estate foreclosure auctions held in San Joaquin County, Calif., the Department of Justice announced. 

The added charge alleges that after Katakis received a letter notifying him that a federal grand jury had subpoenaed his bank account, he deleted and caused others to delete electronic records and documents related to the conspiracies. The superseding indictment alleges that Katakis also installed and caused others to install and use a software program that overwrote deleted electronic records and documents so that they could not be viewed or recovered.

http://www.justice.gov/atr/public/press_releases/2013/296523.htm

Agencies Provide Additional Instructions for Submission of Some Resolution Plans
Government Agency
Monday, June 17th, 2013
The Federal Reserve Board (Board) and the Federal Deposit Insurance Corporation (FDIC) on Monday announced the release of additional guidance, clarification and direction for the first group of institutions filing their resolutions plans pursuant to the Dodd-Frank Act.

In particular, the revised instructions include requests for more detailed information on, and analysis of, obstacles to resolvability under the Bankruptcy Code including global issues, financial market utility interconnections, and funding and liquidity, as well as to provide analysis to support the strategies and assumptions contained in the firms' resolution plans.

http://www.federalreserve.gov/newsevents/press/bcreg/20130415c.htm

Former Fugitive Pleads Guilty To Fraud And Id Theft In Massive, Nationwide Foreclosure Scam
Government Agency
Monday, June 10th, 2013

Ward admitted to engaging in a fraud scheme that took place from 1997 to April 5, 2012, the day he was arrested by Canadian authorities. According to the plea agreement, Ward led a scheme that solicited and recruited homeowners whose properties were in danger of imminent foreclosure. Ward promised to delay their foreclosures for as long as the homeowners could afford his $700 monthly fee. Once a homeowner paid the fee, Ward accessed a public bankruptcy database and retrieved the name of an individual debtor who recently filed bankruptcy. Ward admitted that he obtained copies of unsuspecting debtors’ bankruptcy petitions....

http://www.sigtarp.gov/Press%20Releases/Ward_Plea_Press_Release.pdf

Modifying Mortgages Involving Fannie Mae and Freddie Mac: Options for Principal Forgiveness
Government Agency
Wednesday, June 5th, 2013

Summary
At the end of 2012, housing prices were 30 percent below their peak in 2006, and about one-fifth of borrowers with residential mortgages were “underwater,” owing more than the value of their homes. Default rates are particularly high among such borrowers. One of the primary ways that the federal government has assisted underwater borrowers is through the Home Affordable Modification Program (HAMP).  That program, administered by the Department of the Treasury, has facilitated lower payments on some mortgages by providing incentives for mortgage holders and servicers to help borrowers avoid foreclosure.

In 2010, the Treasury Department expanded the program to include the possibility of principal forgiveness, a reduction in the amount the borrower owes. Before then, the program had been limited to other ways of reducing payments.

http://www.cbo.gov/sites/default/files/cbofiles/attachments/44115_Princi...

Fugitive Pleads Guilty in California to Massive Fraud and Identity Theft Scheme
Government Agency
Monday, June 3rd, 2013

A former Los Angeles resident who fled to Canada and was a federal fugitive for 12 years pleaded guilty today to aggravated identity theft and bankruptcy fraud in connection with leading a nearly 15-year foreclosure-rescue scam that fraudulently postponed foreclosure sales for more than 800 distressed homeowners, announced Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division, U.S. Attorney for the Central District of California André Birotte, Jr., U.S. Attorney for the Northern District of California Melinda Haag, Assistant Director in Charge Bill L. Lewis of the FBI’s Los Angeles Field Office, Special Agent in Charge David J. Johnson of the FBI’s San Francisco Field Office, and Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP).

http://www.fbi.gov/losangeles/press-releases/2013/former-federal-fugitiv...

Report: Banks that Used the Small Business Lending Fund To Exit TARP
Government Agency
Friday, May 31st, 2013

On September 27, 2010, Congress created the Small Business Lending Fund (“SBLF”) as part of the Small Business Jobs Act of 2010, which permitted Treasury to invest up to $30 billion in eligible small banks to increase “the availability of credit for small businesses.” Unlike the Troubled Asset Relief Program (“TARP”), SBLF incentivized lending by rewarding increases in lending with lower rates that a bank would pay the Government for the use of the money (known as the dividend rate).

http://www.sigtarp.gov/Audit%20Reports/SIGTARP_SBLF_Report.pdf

Attorney General Pruitt Issues Consumer Alert on Federal Comptroller Mortgage Settlement
Government Agency
Thursday, May 30th, 2013

The Attorney General’s Office has received dozens of calls from residents confused about the settlement and the postcards they received from “Rust Consulting,” believing the cards were part of a scam. 

The settlement is a legitimate agreement between the Treasury Department’s Office of the Comptroller of the Currency and 14 mortgage servicers. It is not related to the federal mortgage settlement by the Justice Department or Oklahoma’s mortgage settlement announced lastyear.http://www.oag.state.ok.us/oagweb.nsf/0/6C513B1BB4D331F786257B41006C608D!OpenDocument 

Rep. Gail Riecken fights to prevent foreclosure for Indiana homeowners
Government Agency
Thursday, May 23rd, 2013

Thanks to the efforts of Rep. Gail Riecken (D-Evansville), the governor is set to receive legislation that continues to prevent foreclosure.

Under House Bill 1084, Hoosiers will continue to have access to mortgage counseling. The program will be funded through fees charged to the bank that files the foreclosure.

The legislation was thought to be at risk at one point during the day, but Riecken played a key role in reviving the proposal and helping it get final approval in the Indiana House of Representatives.

http://riecken.indianahousedemocrats.org/Press/rep-gail-riecken-fights-to-prevent-foreclosure-for-indiana-homeowners.html

The paying agent for checks being sent to borrowers under the Independent Foreclosure Review
Government Agency
Tuesday, May 14th, 2013

The paying agent for checks being sent to borrowers under the Independent Foreclosure Review has assured the Federal Reserve Board that early problems with some checks have been corrected and that funds are available to cash all checks.

Some early recipients of checks informed the Federal Reserve's consumer helpline on Tuesday that they were told their checks could not be cashed. Members of the Board staff contacted the paying agent, Rust Consulting, Inc., and the paying bank, The Huntington National Bank. Rust subsequently corrected problems that led to some checks being rejected.     

http://www.federalreserve.gov/newsevents/press/bcreg/20130417a.htm

California Fund Manager Sentenced To 10 Years In Federal Prison
Government Agency
Monday, May 13th, 2013

“John Farahi is the second securities industry professional sentenced to prison for selling investments in fake TARP-backed securities,” said Christy Romero, Special Inspector General for TARP (SIGTARP). “Farahi preyed on vulnerable victims during the financial crisis who lost their homes, retirement savings, and funds for medical needs while Farahi used their money, and money from TARP banks, to live in a Beverly Hills mansion, sail in a yacht, and drive a Bentley, Ferrari, and Rolls Royce. Exploiting the TARP bailout for personal gain is reprehensible, and SIGTARP will work with our law enforcement partners to shut down TARP-related fraud and bring perpetrators to justice.”

http://www.sigtarp.gov/Press%20Releases/Farahi_Sentencing_Press_Release.pdf

Testimony of Richard Cordray at the US Senate Committee on Banking, Housing, and Urban Affairs
Government Agency
Friday, May 10th, 2013

Born out of the worst financial crisis since the Great Depression, the Consumer Financial Protection Bureau is the nation’s first federal agency whose sole focus is protecting consumers in the financial marketplace. We are dedicated to improving the lives of everyday Americans and to restoring trust in consumer financial markets. The Semi-Annual Report we are discussing today embodies our work over the last six months of 2012.

The report illustrates the ways we are using the tools Congress has provided us to empower consumers and promote a fair, transparent, and competitive marketplace for consumer finance. We have taken steps to improve the workings of markets – particularly those in which consumers cannot choose their financial service providers.

http://www.consumerfinance.gov/testimonies/testimony-of-richard-cordray-...

California Couple Sentenced To Federal Prison For Defrauding Tarp Banks
Government Agency
Friday, May 10th, 2013
 
“At a time when taxpayers were bailing out Bank of America and United Commercial Bank with TARP funds, Thomas and Cheri Fu defrauded those banks and others out of nearly $5 million,” said Christy Romero, Special Inspector General for TARP (SIGTARP). “The Fus fraudulently obtained funds from the TARP banks and other banks using a second set of books that overstated accounts receivable. They lived comfortably off the money, buying property and putting their daughter through college, when many taxpayers who funded the bailout were tightening their belts.  Illegally profiting from the TARP bailout is reprehensible and will be met with swift justice by SIGTARP and our law enforcement partners.”

What The GAO Found: Independent Foreclosure Reviews (IFR)
Government Agency
Monday, May 6th, 2013

GAO found the following:    Regulators' ability to achieve the goals of the foreclosure review was affected by the complexity of the reviews, as well as by overly broad regulator-issued guidance and limited monitoring for the consistency and sufficiency of consultants' review activities. For example, regulators' statistical sampling approach did not include mechanisms to allow the regulators to monitor consultants' progress toward finding as many harmed borrowers as possible.

http://gao.gov/products/GAO-13-550T

The Federal Reserve announced it has approved the capital plans of 14 financial institutions
Government Agency
Monday, May 6th, 2013

The Federal Reserve on Thursday announced it has approved the capital plans of 14 financial institutions in the Comprehensive Capital Analysis and Review (CCAR). Two other institutions received conditional approval, while the Federal Reserve objected to the plans of two firms.

Strong capital levels help ensure that banking organizations have the ability to lend to households and businesses and to continue to meet their financial obligations, even in times of economic difficulty.

http://www.federalreserve.gov/newsevents/press/bcreg/20130314a.htm

Former Bank President And Conspirator Sentenced To Federal Prison For Bank Fraud Conspiracy
Government Agency
Wednesday, May 1st, 2013

“First Community Bank President Harper and bank customer Fouquet turned to bank fraud to hide past due loans from the bank, its regulators, and the Treasury Department in the bank’s TARP application,” said Christy Romero, Special Inspector General for TARP (SIGTARP). “The $3 million dollar fraud scheme, which involved making sham loans to Fouquet through straw borrowers and a cover-up that lasted for years, caused significant losses to First Community Bank and jeopardized the bank’s financial stability and ability to serve its community. SIGTARP and its law enforcement partners will bring accountability for TARP-related crimes.”

http://www.sigtarp.gov/Press%20Releases/Harper_Fouquet_Sentencing_Press_...

Former Officer Of Defunct Bank Sentenced To Federal Prison For Bank Fraud Conspiracy
Government Agency
Tuesday, April 30th, 2013

“Teague contributed to the failure of TARP-applicant Appalachian Community Bank by fraudulently masking the bank’s true financial condition while enriching himself,” said Christy Romero, Special Inspector General for TARP (SIGTARP). “Driven by greed and risky behavior, Teague engaged in an ‘extend and pretend’ scheme using the proceeds of new bank loans to hide past-due loans. He also hid the bank’s growing inventory of foreclosed property by directing the bank to finance sales of the properties to buyers including two Teague-controlled shell companies, GPH (“God Please Help”) Investments and PHL (“Please Help Lord”) Investments. SIGTARP and our law enforcement partners will root-out fraud related to TARP, hold fraudsters accountable, and bring justice to American taxpayers.”

http://www.sigtarp.gov/Press%20Releases/Teague_Sentencing_Press_Release.pdf

CFPB: File a mortgage complaint
Government Agency
Monday, April 29th, 2013

We'll forward your issue to the company, give you a tracking number, and keep you updated on the status of your complaint.

Describe what happened so we can understand the issue...

Which part of the mortgage process is your issue related to?

Do you believe the issue involves discrimination? (Optional)

https://help.consumerfinance.gov/app/mortgage/ask

CFPB: Mortgage Help
Government Agency
Monday, April 29th, 2013

We can help you get connected to a HUD-approved housing counselor. At no cost to you, the counselor can help you work with your mortgage company to try to avoid foreclosure. A housing counselor can help you organize your finances, understand your mortgage options, and find a solution that works for you.

Here’s what to do:

http://www.consumerfinance.gov/mortgagehelp/

Foreclosure Resources: Help For Difficult Financial Times
Government Agency
Monday, April 29th, 2013

If you miss your mortgage payments, you may lose your home through foreclosure. Your lender can use foreclosure as a legal means to repossess your home. If you owe more than your property is worth, a deficiency judgment is pursued. Both foreclosures and deficiency judgments have a negative impact on your future credit. You should avoid foreclosure if at all possible.

These steps can help:

http://www.usa.gov/Citizen/Topics/Family/Homeowners/Foreclosure.shtml