In a speech in Florida on Thursday, President and CEO of the Federal Reserve Bank of Atlanta Dennis Lockhart discussed what the country's current economic conditions suggest would be the appropriate path for monetary policy to take.
Read More »U.S. 2nd Circuit Court Dismisses MBS Suit Against Royal Bank of Scotland
The court ruled on Wednesday that no action taken by RBS executives amounted to fraud with relation to the mortgage-backed securities, according to the report, and two out of the three appellate judges shared this opinion. The majority opinion said that "[s]tatements of general corporate optimism, such as these, do not give rise to securities violations."
Read More »Counsel’s Corner: Lenders Are Simply Enforcing Contract Terms, Not ‘Fighting’ Borrowers
Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Roy Diaz of Fort Lauderdale, Florida-based SHD Legal Group.
Read More »Delinquency Decline Helps Bank of America Reach $3.4 Billion Q4 Net Income
In its Q1 2015 earnings report released Wednesday, Bank of America reported a net income of $3.4 billion, or 27 cents per diluted share, in part due to an increase in mortgage originations and a decline in the number of 60-plus day delinquent mortgages.
Read More »House Subcommittee Chair Pushes for Main Street Regulatory Relief
U.S. Representative Randy Neugebauer (R-Texas) on Wednesday urged his colleagues in the House to adopt legislation to ease the regulatory burdens on non-depository financial institutions in his opening statement of a House subcommittee hearing. In the Financial Services Subcommittee on Financial ...
Read More »Housing Advocates Ask Regulators to Investigate Possible Pro-Foreclosure Campaigns
The letter, dated April 15, is addressed to Department of Treasury Secretary Jack Lew, Federal Housing Finance Agency Director Mel Watt, and Consumer Financial Protection Bureau Richard Cordray. Ten housing groups signed the letter, which asks the regulators to investigate the investors for allegedly attempting to push borrowers into foreclosure instead of steering them toward loss mitigation plans.
Read More »Fed Reports ‘Steady to Improving’ Residential Real Estate Activity in Most Districts
The districts of Richmond, Chicago, and Dallas reported that residential mortgage demand, particularly in the area of refinancings, grew during the period, while New York reported steady growth. Delinquencies were down or at low levels in New York and Cleveland, while Philadelphia and Kansas City bankers expressed confidence in the quality of their loan portfolios, according to the Fed.
Read More »Bill Calling for CFPB Transparency Passes in House by 401 to 2 Vote
The bill, better known as the Bureau Advisory Commission Transparency Act, was introduced by Representative Sean Duffy (R-Wisconsin) on March 4 with co-sponsors Randy Neugebauer (R-Texas) and Andy Barr (R-Kentucky).
Read More »First Quarter Sees Solid Year-Over-Year Revenue Increases for Wells Fargo, Chase
Also, lower gains in private equity partially offset the increase in fee revenue in asset management and mortgage banking Chase received in Q1. Chase's net interest income for Q1 was $11 billion, which was relatively unchanged from Q1 2014.
Read More »Former Freddie Mac Executives Settle With SEC Over Claims of Subprime Loan Fraud
Also under the terms of the settlement, there was no disgorgement, civil penalty, or admission of wrongdoing on the part of any of the parties, according to a press release from Zuckerman Spaeder, the firm that represented defendant Patricia Cook.
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