U.S. District Judge William Dimitrouleas in the U.S. District Court, Southern District of Florida, dismissed lawsuits filed by Ocwen Financial shareholders and Altisource Portfolio Solutions shareholders accusing the Atlanta-based servicer of fraud.
Read More »Housing and the Economy Have Returned to a Virtuous, Supportive Cycle
Ask the Economist is an ongoing series in which DS News talks with an economist about the most pressing issues facing the nation's housing industry and the economy. This installment features Jonathan Smoke, Chief Economist with Realtor.com.
Read More »Nomura’s Penalty in Mortgage-Backed Securities Lawsuit Increased to $839 Million
Nomura Holdings and the Royal Bank of Scotland (RBS) have agreed to pay an extra $33 million in addition to the $806 million a judge ordered them to pay for allegedly misrepresenting the quality of mortgage-backed securities sold to Fannie Mae and Freddie Mac in the run-up to the financial crisis.
Read More »Los Angeles Drops Mortgage Discrimination Suit Against JPMorgan Chase
In addition its lawsuit against JPMorgan, the city of Los Angeles is also pursuing lawsuit for nearly identical discriminatory issues with Bank of America Corp., Wells Fargo & Co, and Citigroup, Inc.
Read More »Freddie Mac Announces Extensions of State Foreclosure Timelines in 34 Jurisdictions
Freddie Mac has announced that as part of the periodic review, state foreclosure timelines have been extended in 34 of 55 jurisdictions for all foreclosure sales completed on or after August 1, 2015.
Read More »Fannie Mae and Freddie Mac Are Intensifying Risk Sharing Initiatives
Schwartz noted that many private placement deals have taken place vs. traditional private label securitization transactions, which have been almost nonexistent since the conservatorship began.
Read More »Analysts Still Divided on the Possibility of a Rate Hike Following August Jobs Report
Job gains fell below expectations for the month of August, totaling less than 200,000, but wage growth finally began to show some upward pressure—but analysts are still divided on whether it will be enough to convince the Federal Reserve to raise interest rates in their September meeting.
Read More »Nearly One-Quarter of Mortgage Loans Fail Tests for TILA-RESPA Compliance
Recent analysis found that 17 percent of loans currently fail for Truth in Lending Act (TILA) reasons and another 6 percent of the loans failed for being outside of the Real Estate Settlement Procedures Act (RESPA) tolerances.
Read More »Monitor Credits Citi With $162 Million Toward Settlement Obligation
Citigroup earned credit for $162.7 million in consumer relief toward fulfilling its $2.5 billion obligation under the terms of a July 2014 settlement with the U.S. Department of Justice and five states for selling toxic residential mortgage-backed securities to investors before the financial crisis, according to a report from the settlement monitor released Thursday.
Read More »Circuit Court Revives Predatory Mortgage Lending Suits Against Three Large Banks
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.
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