Mortgage Daily, Aug. 1, 2018More than two years after revealing a government investigation into how it handled sales of subprime residential mortgage-backed securities, Wells Fargo & Co. has agreed to a more than $2 billion settlement.
Category: Top National News
Wells Fargo’s $2B Settlement May Mark End of Crisis-Era RMBS Woes
National Mortgage News, Aug. 1, 2018–Kristin Broughton (subscription)The beleaguered bank’s $2.09 billion settlement stemmed from crisis-era mortgage problems, rather than revelations of new issues at Wells that could have sparked a regulatory backlash or probe that might cause headaches for other banks.
Panel Vote on CFPB Nominee Delayed as Senate Plans Recess
American Banker, Aug. 1, 2018–Neil Haggerty (subscription)The Senate Banking Committee is postponing its vote on Kathy Kraninger’s nomination to be the director of the Consumer Financial Protection Bureau as the Senate moved to adjourn for a short recess on Wednesday.
Arch Regains Top Market Share Among Mortgage Insurers
National Mortgage News, Aug. 1, 2018–Brad Finkelstein (subscription)Arch MI U.S. returned to having the No. 1 market share among private mortgage insurers as it increased its new insurance written 15% over the previous year.
Flood Insurance Extension Approved
Mortgage Daily, July 31, 2018″This will protect residential and commercial real estate markets from potential harm, and provide stability for those that sell and administer the policies to millions of Americans,” said Mortgage Bankers Association President and CEO David Stevens.
Freddie Mac Reports Income of $2.4 Billion in Q2
HousingWire, July 31, 2018–Kelsey RammirezThis income is up slightly from the first quarter this year, when the company reported comprehensive income of $2.2 billion, and up even more from the second quarter of 2017, when it saw a comprehensive income of $2 billion.
Genworth M.I. Business, Earnings Jump
Mortgage Daily, Aug. 1, 2018Quarterly business increased at Genworth Mortgage Insurance Corp., as did earnings. In addition, the book of business expanded, and delinquency was sharply lower.
Former Equifax Manager Admits to Profiting Off of Data Breach
HousingWire, July 30, 2018–Ben LaneAccording to the Department of Justice, Sudhakar Reddy Bonthu pleaded last week to a charge of insider trading that stemmed from purchasing options in advance of Equifax’s public disclosure of its data breach.
Legal Industry Scores Victory over CFPB in Debt Collection Battle
National Mortgage News, July 27, 2018–Kate Berry (subscription)A recent court ruling has dealt a blow to efforts by the Consumer Financial Protection Bureau to limit law firms’ involvement in the debt collection process.
How Some Young People are Getting Mortgages Despite Student Loan Debt
Newsday (N.Y.), July 29, 2018–Sheryl Nance-NashThere’s much buzz about how young people are graduating with so much student loan debt that they are foregoing rites of passage like moving out and buying cars. But some are marching forward with mortgages.