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Tag Archives: Bankruptcy

FHFA and CFPB Unite to Create the First National Mortgage Database

The mortgage market may be the largest market for consumer finance, but the sector lacks a comprehensive national database, according to the Federal Housing Finance Agency (FHFA) and Consumer Financial Protection Bureau (CFPB). This is why the federal agencies are coming together to create a national mortgage database. Borrower profiles, payment history, and the mortgage product and terms will be included in the database, which will be updated monthly.

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LOGS Network Welcomes New Member Firm Serving Colorado

LOGS Network, a consortium of default-related firms providing legal and outsourcing solutions for the residential mortgage and consumer credit industries, has added Janeway Law Firm, PC, to its network. Serving the entire state of Colorado, the newest member of LOGS is a full-service law firm and a member of the Fannie Mae retained attorney network.

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Ally Looks to Shift Further Away from Mortgage Business

Ally Bank announced it has launched a ""process to explore strategic alternatives for its agency mortgage servicing rights (MSR) portfolio and its business lending operations."" The announcement signals another step in Ally's shift away from the housing market.

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Ocwen Wins Bid for ResCap’s Mortgage Portfolio

Ocwen Loan Servicing, LLC and Walter Investment Management Corp. outbid Nationstar Mortgage Holdings and received preliminary approval for the purchase of Residential Capital's mortgage servicing and origination assets. Ocwen's $3 billion was the highest bid for the assets, which went to auction Tuesday. The final sale is contingent on approval in Bankruptcy Court November 19. After being outbid by Ocwen, Nationstar declined to submit a higher offer.

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Bonuses Denied for 17 ResCap Executives

Residential Capital (ResCap) was denied approval from a federal bankruptcy judge to pay its executives bonuses, Reuters reported Wednesday. The key employee incentive plan (KEIP) plan was for bonuses between $4.1 million and $7 million to be distributed to 17 of the top 20 employees from ResCap.

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Officials Charge Fugitive Who Operated Illegal Foreclosure Scam

Federal officials announced Monday that a federal fugitive of 12 years was charged with identity theft and fraud after operating an illegal foreclosure-rescue scheme. Glen Alan Ward of Canada was indicted Friday on two counts of bankruptcy fraud, one count of mail fraud, and two counts of aggravated identity theft.

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With ResCap Deal, Ally Shifts From Home Loans to Auto Loans

After suffering from bad loans during the financial crisis, Ally Financial looks to close the books on its share of ownership in the mortgage business. Executives with Ally took to the phone with investors Tuesday to explain a filing for bankruptcy protection Monday by subsidiary Residential Capital LLC. The consensus: Residential mortgage loans are out for Ally and auto finance is back in the center. Ally will still subservice loans via ResCap while it serves as counterparty to Fannie Mae and Freddie Mac.

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Ally’s Mortgage Unit Files for Bankruptcy; New Strategies Announced

Ally Financial announced Monday that its mortgage arm Residential Capital (ResCap) filed for bankruptcy, enabling the bank to focus on strategies to pay back remaining bailout funds still owed to Treasury. ResCap filed for Chapter 11 bankruptcy in Manhattan federal court, and Ally announced it will sell some its international operations to pay back Treasury. The financial institution will also focus on strengthening its auto and banking businesses.

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