Reuters, Sept. 19, 2017–Jonathan StempelA federal judge ordered Allied Home Mortgage Corp, Allied Home Mortgage Capital Corp and Chief Executive Jim Hodge to pay $296.3 million to the U.S. government after a jury found them liable for inducing the government into insuring risky home loans, the U.S. Department of Justice said on Tuesday.
Category: Top National News
Cordray Lied, Botched Wells Investigation: GOP Report
National Mortgage News, Sept. 19, 2017–Kate Berry, Ian McKendry (subscription)Consumer Financial Protection Bureau Director Richard Cordray allegedly misled Congress about the agency’s investigation into Wells Fargo’s illegal sales practices and may have rushed a settlement with the bank, according to a new report by the Republican staff of the House Financial Services Committee.
Ocwen Reaches $17.5 Million Settlement for Allegedly Calling Consumers Without Consent
HousingWire, Sept. 19, 2017–Ben LaneOcwen Loan Servicing, a subsidiary of Ocwen Financial, reached a $17.5 million settlement that covers a pair of lawsuits that accused Ocwen of calling consumers’ cellphones without their consent, in violation of the Telephone Consumer Protection Act.
Toys ‘R’ Us Shows Real Estate Can’t Save Retailers
Bloomberg, Sept. 19, 2017–Lisa AbramowiczThe company has sought to prop up its failing business model for years by shuffling debt around and adding leverage to less-encumbered assets. This has undermined the extra safety and value that the real estate should have provided.
Mortgage Conferences Cover Compliance, Technology
Mortgage Daily, Sept. 19, 2017–Sam GarciaTopics to be covered at several upcoming mortgage-related events include compliance risk, housing risk and mortgage technology. One forum will tackle multifamily issues.
Empowering Women in Real Estate Finance
Mortgage Women Magazine, September 2017–Marcia DaviesMBA COO Marcia Davies says creating a space for women to advance and providing tools so they can reach their full potential must be a collective goal of the real estate finance industry.
The Fed, a Decade After the Crisis, Is About to Embark on the Great Unwinding
Wall Street Journal, Sept. 18, 2017–Nick Timiraos (subscription)The Federal Reserve resorted to a series of shock-and-awe stimulus campaigns to stabilize the economy after the financial crisis. Now the Fed is preparing the final move to unwind its support–and it wants to be as boring as possible.
Survey Finds 20 Percent of Millennials Are Homeowners
National Mortgage Professional, Sept. 18, 2017–Phil HallA new survey found only 20 percent of Millennial respondents own a home while carrying a student debt load ($41,200) greater than their annual income ($38,800).
Equifax, Wells Fargo Fiascos Prove Housing Needs Immediate Reform
HousingWire, Sept. 18, 2017–Jacob GaffneyHousingWire Editor in Chief says latest issues must spur Congress to take action on a number of housing finance fronts.
CFPB Settles With Owners of Wall Street’s Worst Student Debt
Bloomberg, Sept. 18, 2017–Shahien NasiripourThe Consumer Financial Protection Bureau had accused the National Collegiate Student Loan Trusts of illegally collecting from thousands of distressed borrowers using faulty paperwork, back-dated documents and other deceptive or unfair means.