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Author Archives: Colin Robins

Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News' sister site.

Judge Upholds $1.5 Billion Claim against Wells Fargo

A lawsuit filed by European bank LBBW Luxemburg S.A. over an alleged $1.5 billion subprime mortgage-backed securities (MBS) fraud scheme was upheld by a federal judge, who denied the bank’s motions to dismiss. U.S. District Judge J. Paul Oetken let stand charges of fraud, breach of contract, negligent misrepresentation, and constructive fraud against Wells Fargo Securities LLC and Fortis Securities LLC.

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Survey Finds a Lack of Savings for Many Americans

Nearly 70 million adults have no emergency savings, while nearly one in four would run out of money in 30 days, according to a new survey put out by NeighborWorks America. The survey found that 22 percent of adults, or roughly 53 million adults, have only enough saved for one month.

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Missouri Businessmen Plead Guilty to Fraud

The Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that James Crews and Michael Hilbert pleaded guilty to defrauding Excel Bank. According to plea agreements, Crews and Hilbert admitted to making false statements to Excel Bank with respect to escrow funds or “fix funds” set aside to repair rental homes financed through the bank.

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NetDirector Welcomes New VP of Sales

NetDirector, a provider of cloud-based data and document exchange services, announced that Anthony Box has joined the leadership team as VP of Sales. Box will be responsible for leading NetDirector's sales team in executing new sales opportunities with existing clientele, as well as identifying new industry opportunities for expansion.

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Q1 Foreclosure Activity Fueled by New Starts and Auctions

A rise in foreclosure starts and auctions caused an increase in U.S. foreclosure activity in March, up 4.0 percent from the previous month. The U.S. Foreclosure Market Report released by RealtyTrac reported approximately 117,000 foreclosure filings for the month, down 23 percent from March, 2013.

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FDIC: Community Banks Remain Resilient Amid Industry Consolidation

A new study conducted by the Federal Deposit Insurance Corporation (FDIC) suggests that small bank's fears over increased regulations and consolidation are largely unfounded. The study, "The Continued Resiliency and Importance of Community Banks Amid Long-Term Industry Consolidation," comments that bank consolidation is largely restricted to very small and very large banks.

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Freddie Mac Extends Mortgage Relief to Washington Disaster Victims

Freddie Mac commented Wednesday that its' full menu of mortgage relief policies are available for borrowers who are affected by disasters in the state of Washington from recent flooding and landslides. The company said, "Freddie Mac's disaster relief policies enable servicers to help borrowers with homes in presidentially declared Major Disaster Areas where federal Individual Assistance programs are being made available."

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Clarifire and First American Title Announce Partnership

Clarifire, a provider of workflow automation products, announced a strategic alliance with First American Title Insurance Company’s Mortgage Services Division. Through the partnership, Standard Property Reports, ALTA Loan Policies/ALTA Endorsements, and Mortgage Priority Guarantees can now be delivered directly to Clarifire user dashboards.

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Long & Foster Real Estate Names New Manager

Patti Moore has been named the new manager of Long & Foster Real Estate’s Salisbury, Maryland office. A real estate veteran with over 10 years of experience, Moore brings to her new position experience in residential real estate sales and business operations gleaned from owning her own brokerage for several years.

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OCC Chief Counsel Testifies on Small Bank Issues

During her testimony before the U.S. House of Representatives Financial Services Committee on Tuesday, the Office of the Comptroller of the Currency's (OCC) Chief Counsel Amy Friend addressed issues regarding the regulatory burden faced by small banks.

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