Barclays was rocked when it was found that the bank's agents had manipulated the London Interbank Offered Rate (LIBOR) starting as early as 2007. The bank was fined hundreds of millions by British and U.S. authorities. As a result, a number of key figures have stepped down while Barclays prepares to launch a third party-led investigation into its practices. The news gets worse for the bank, however.

Following a CFPB report that linked foreclosures to confusion over reverse mortgages, the National Reverse Mortgage Lenders Association (NRMLA) is seeking to help seniors make responsible decisions about their mortgages. NRMLA announced that it has developed a series of tools designed to help seniors better understand the facts about reverse mortgages before they choose to use them. A common misconception about reverse mortgages, the CFPB revealed, is that they are a government benefit rather than a financial product.

Investigative firm Mortgage Fraud Examiners (MFE) issued a release Thursday warning about a new foreclosure rescue scam. The scammers dupe distressed homeowners by promising to help reveal the actual owner of a promissory note through a securitization audit. MFE warned that the perpetrators of these scams are charging fees for information that can be found for free.

The California Homeowner Bill of Rights continues to move steadily forward with the announcement that a number of its components have passed out of legislative committees.

Allonhill announced Tuesday that it has selected mortgage banking industry veteran Lori Zaloumis for managing director of sales.

The California Homeowner Bill of Rights is one step closer to becoming law as the Legislature sends some of its key provisions to the governor, state attorney general Kamala Harris announced Monday. AB 278 and SB 900 provide protection for borrowers and struggling homeowners, including a restriction of dual-track foreclosures (in which a lender forecloses on a borrower despite being in discussions to try and save the home). The bills passed 53-25 in the Assembly and 25-13 in the Senate. They will be sent to the desk of governor Jerry Brown for consideration.

Mortgage Insurance Companies of America (MICA) released on Friday its monthly statistical report showing that member companies reported a total of $396 billion in primary insurance in force for May. This total is down nearly $1 billion from April and is the lowest total in a year-long fall.

Only one day after chairman Marcus Agius announced his resignation, Barclays announced that director and CEO Bob Diamond and COO Jerry del Missier are both stepping down. The resignations were announced Tuesday morning and are effective immediately. The wave of resignations is brought on by a scandal last week, when it was revealed that Barclays had manipulated the London Interbank Offering Rate (Libor). Agius will lead the search for a new CEO and will be supported by deputy chairman Michael Rake.

Equator announced Monday that Chris Crocker is joining the company as VP of real estate.

The American Securitization Forum (ASF) released on Monday a white paper regarding FHFA's proposed single securitization platform, revealing that while originators and investors disagree on how to implement it, they concur that a single agency would be beneficial. The consensus among ASF members was that in order for the GSEs' securities to be exchangeable, standardization would have to occur in four key areas: Loan delivery and pooling requirements; remittance requirements; underwriting guidelines and refinance programs; and servicing standards and loan repurchase policies.