Industry NewsMortgage

Supreme Court decision upsets Realtors, pleases banks

Ruling supports federal oversight of banks' subsidiaries
Published on Apr 17, 2007

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Mortgage lending subsidiaries of federally chartered banks are subject to federal oversight, not state regulations, the Supreme Court ruled in a 5-3 decision today.

Michigan regulators had sought to block the operations of Wachovia Mortgage Co., a subsidiary of Wachovia Bank, after the subsidiary surrendered its registration in Michigan ...

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