Congresswoman Maxine Waters (D-California), a ranking member of the Financial Services Committee, unveiled a proposal today that would make sweeping changes to the way consumer credit is scored.
Read More »Morgan Stanley Settles MBS Suit for $95 Million
Morgan Stanley has agreed to pay $95 million to settle a lawsuit alleging that the New York City-based financial services giant misled investors in mortgage-backed securities prior to the financial crisis of 2008, according to New York federal court papers.
Read More »Fed Governor Proposes Higher Capital Surcharge on Big Banks
In an effort to avoid a repeat of the 2008 financial crisis, Fed Governor Daniel Tarullo announced on September 9 to the Senate Banking Committee that the Federal Reserve is planning to impose a capital surcharge on the nation's biggest banks that is higher than that of their international counterparts.
Read More »Study: Foreclosure Prevention Counselors Saving Homeowners Millions
Foreclosure prevention counselors have saved homeowners millions of dollars annually, according to a recent study by the Urban Institute for NeighborWorks America.
Read More »Father, Son Indicted on TARP Fraud Charges
Two Kansas men were indicted on multiple charges of defrauding a bank that was receiving government assistance out of more than $877,000, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Christy Romero and U.S. Attorney for the District of Kansas Barry Grissom announced recently.
Read More »Judicial Foreclosure States Seeing Faster Gains in Home Asking Prices
Home asking prices are on the rise nationwide, according to the August 2014 Trulia Price Monitor released on September 9, but they are rising at a faster rate in "judicial" states where the foreclosure process takes longer.
Read More »Shea Joins Birchwood Credit as SVP of Sales, Marketing
Birchwood Credit Services recently announced the hiring of John Shea as senior vice president of sales and marketing. Based in North Conway, New Hampshire, Birchwood offer has been offering credit information solutions, including mortgage credit and tenant screening products, and many other professional services to the mortgage industry since the company was founded in 1992. As SVP of sales and marketing, Shea will direct the execution of sales plans and will oversee strategic planning and customer service.
Read More »Fed: Wealth Share of Richest Families Increasing
A report released recently by the Federal Reserve Board provided evidence that the gap between the richest American families and all others is getting wider. The Survey of Consumer Finances, conducted by the Federal Reserve Board every three years, reported last week that the wealth share held by the top 3 percent totaled 54.4 percent in 2013, a number that has climbed from 51.8 percent in 2007 (before the recession) and from 44.8 percent in 1989.
Read More »New York AG Pushing Legislation to Stop ‘Zombie Foreclosures’
New York Attorney General Eric T. Schneiderman and others have made a big push in recent months to pass legislation to prevent so-called "zombie foreclosures," which have become a significant problem in the state.
Read More »Housing Recovery Will Continue Into 2015 [Fannie Mae]
Improvements in the labor market in 2014 have not translated to widespread housing market recovery this year, according to the Fannie Mae August 2014 National Housing Survey. Instead, data in the survey indicated that recovery for the housing market will be slow heading into 2015. The number of people in the survey who said they believed now is a good time to sell a home fell six percentage points to 64 percent, an all-time low since the monthly survey began in June 2010. The number of people who said now is a good time to buy a home also declined to 38 percent.
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