The lawsuit, originally introduced to a lower court by the City of Miami on December 13, 2011, alleged that each bank in question had participated in a decade-long pattern of discriminatory lending by targeting blacks and Hispanics for predatory loans.
Read More »FDIC-Insured Banks Post Record Aggregate Quarterly Income
U.S. banking institutions that are insured by the Federal Deposit Insurance Corp. (FDIC) earned an aggregate net income of $43.0 billion in the second quarter of 2015, up $2.9 billion from a year ago, according to the FDIC's Quarterly Banking Profile released Wednesday.
Read More »RedVision Successfully Completes Comprehensive Compliance Exam
Completion of the SOC 2 Type1 examination indicates that RedVision’s processes, procedures and controls involved in storing, handling and transmitting data securely have been formally evaluated and tested by an independent audit firm.
Read More »Operational Enhancements Result in Lower Mortgage Fraud Risk
Mortgage fraud risk is being lowered by changes in residential origination practices and new regulation. According to a Fitch Ratings report released Tuesday, since the financial crisis, risk of fraud and misrepresentation has declined. "A key driver behind the poor performance ...
Read More »Do the FHA’s Proposed Servicing Reforms Limit Borrowers’ Credit Access?
The new rule would limit the maximum period for filing insurance claims with the FHA, which would limit access to credit. In addition the rule would also change policies concerning curtailment of interest and disallowance of certain expenses incurred by servicers.
Read More »Mid-Tier Banks View Dodd-Frank Stress Test Process as More Important than Results
Fitch Ratings examined the Dodd-Frank Act Stress Test process and results, finding that steps taken to gather the data for mid-tier regional banks ($10 billion-$50 billion in assets) are a positive development.
Read More »Pending Home Sales Rise for the Sixth Time in Seven Months
Additionally, the index has increased year-over-year for 11 consecutive months and is the third highest reading of 2015, behind April (111.6) and May (112.3).
Read More »Rising Employment and Current Mortgages Fuel Housing Market’s Stabilization
According to the MiMi, current mortgages and employment are the major contributors pushing the MiMi into the stable range. Current mortgages reached 82.7 points in June, up 0.82 percent from May. Meanwhile, employment landed at 101.7 points, up 0.64 points from May.
Read More »Housing Market is ‘Rapidly Cooling’ as a Result of Price Limits and Less Buyer Interest
The August forecast predicts that prices will rise 2.2 percent and sales to increase 4.6 percent compared to this time last year. In September, prices are expected to increase 5.3 percent from last year and sales to rise by 10 percent.
Read More »New Home Sales Bounce Back in July from a Disappointing June
The June data determined that new single-family home sales were at a seasonally adjusted annual rate of 481,000, 6.8 percent below the revised May rate of 517,000 and is 18.1 percent above the June 2014 estimate of 408,000.
Read More »