News

Fourteen defendants have been indicted on charges in connection with a massive mortgage fraud conspiracy that was perpetrated in New York for 10 years, according to an announcement made by Preet Bharara, U.S. Attorney for the Southern District of New York, and George Venizelos, assistant director in charge of the New York Field Office of the FBI, and Carl DuBois, Sheriff of Orange County, New York.

The Office of the Comptroller of the Currency (OCC) this week released its list of Community Reinvestment Act (CRA) performance evaluations that were made public during the month of October 2014 for 36 financial institutions.

While foreclosure activity in the U.S. spiked by 15 percent from September to October, the largest monthly increase in four years, 10 states still saw a month-over-month decline in foreclosures in October, according to RealtyTrac's October 2014 U.S. Foreclosure Market Report released earlier this week.

The U.S. Department of Treasury has announced its intention to sell some of its preferred Capital Purchase Program (CPP) investments as part of the government's strategy to wind down the Troubled Asset Relief Program (TARP) and recover remaining CPP investments.

Wells Fargo and Ocwen Financial have mutually agreed to cancel the sale of billions of dollars residential mortgage servicing rights after New York's top financial regulator put the deal on hold, according to multiple reports.

Three government agencies - the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC) – will host the first in a series of outreach meetings in December 2 in Los Angeles.

The Consumer Financial Protection Bureau (CFPB) announced that it has ordered California-based residential mortgage lender Franklin Loan Corporation to pay $730,000 in restitution for rewarding its employees with bonuses for suggesting loans with higher interest rates to borrowers.

Maryland may have overtaken Florida for the nation's highest foreclosure rate of any state in October, but Florida still led all states by far in bank repossessions (REOs) for the month, according to RealtyTrac's October 2014 U.S. Foreclosure Market Report released Thursday.

According to RealtyTrac's October 2014 U.S. Foreclosure Market Report released on Thursday, foreclosure filings – which include default notices, schedule auctions, and bank repossessions (REOs) – increased in October by a staggering 412 percent from their September totals.

The number of job openings in the country declined slightly from August to September, while the number of hires and separations both increased, according to the September 2014 Job Openings and Labor Turnover report released by the U.S. Bureau of Labor Statistics on Thursday.