Category: Top National News

Wall Street Journal, July 2, 2018–Michael Rapoport (subscription)PricewaterhouseCoopers LLP must pay $625.3 million in damages for failing to catch a fraud scheme that helped cause one of the biggest bank failures of the financial crisis, involving Colonial Bank in Alabama, a federal judge ruled Monday.

National Mortgage News, July 2, 2018–Brad Finkelstein (subscription)The number of nonbank mortgage lenders and servicers that did not comply with the California Residential Mortgage Lending Act Annual Report requirements grew this year, prompting a reprimand and warning of penalties from the commissioner of the state’s Department of Business Oversight.

HousingWire, July 2, 2018–Kelsey RamirezThe Federal Reserve announced Monday that it is extending the stress test filing deadline by one year for some of the nation’s largest banks.

Mortgage Daily, July 2, 2018Fannie Mae, Freddie Mac and Ginnie Mae reported $99.571 billion in fixed-rate mortgage backed securities issued during June.

RESPA News, June 29, 2018 (Subscription)MBA launched its Certified Mortgage Compliance Professional Certificate and Designation program (CMCP). The designation was created to recognize the achievements of individuals in the real estate finance industry for their commitment to having a compliant workplace, specifically in the mortgage industry.

Wall Street Journal, June 30, 2018–Mengqi Sun, Leslie Scism (subscription)Major Atlantic Ocean hurricanes, California wildfires and Mexico earthquakes made 2017 one of the costliest years ever for insurers. But even that slate of disasters wasn’t enough to dent insurers’ fat capital cushions.

National Mortgage news, June 29, 2018–Bonnie Sinnock (subscription)The company that holds Washington Mutual’s legacy business can move ahead with its plan buy a controlling interest in Nationstar Mortgage now that both companies’ shareholders have approved the deal.

Mortgage Daily, July 2, 2018As serious mortgage delinquency fell to the lowest level since last year at Fannie Mae, new business jumped to the second-highest level this year.

UExpress, June 29, 2018–Lew SichelmanAs too many homeowners have learned after a major loss, obtaining a full and fair settlement from their insurance companies isn’t a given.

Wall Street Journal, June 28, 2018–Liz Hoffman, Lalita Clozel (subscription)Regulators cleared most of the largest U.S. banks to increase their dividends and share buybacks, but forced two Wall Street titans, Goldman Sachs Group Inc. and Morgan Stanley, to freeze those payouts at recent levels.