Mortgage Daily, Oct. 4, 2017Freddie Mac disclosed Wednesday that it sold 3,514 single-family loans with a collective unpaid principal balance of $817 million through a seasoned loan structured transaction.
Category: Top National News
Wells Fargo Executives, Board Must Facee Lawsuit over Fake Accounts, Judge Says
Reuters, Oct. 5, 2017–Jonathan StempelU.S. District Judge Jon Tigar in San Francisco said shareholders may pursue claims that Wells Fargo officials looked the other way as employees facing “unrelenting” pressure to meet sales quotas unlawfully opened accounts and misled the public about fraudulent practices at the nation’s third-largest bank.
CFPB OIG Outlines Areas of Improvement for the Regulator
HousingWire, Oct. 5, 2017–Brena SwansonAs the Consumer Financial Protection Bureau continues to develop, a report from the Office of Inspector General for the Consumer Financial Protection Bureau found some areas the bureau could work on.
Judge Orders Bank of America to Redo Settlement in Mortgage Dispute
Wall Street Journal, Oct. 5, 2017–Katy Stech Ferek (subscription)The bankruptcy judge handling a dispute between Bank of America Corp. and a California couple who were mistakenly foreclosed on refused to approve a settlement that would end their lawsuit on Wednesday.
SPS Grew its Servicing Rights 14% by Targeting Nonagency Market
National Mortgage News, Oct, 5 2017–Brad Finkelstein (subscription)Select Portfolio Servicing grew its mortgage servicing rights portfolio by over 14% in the second quarter by targeting opportunities in the nonagency loan market.
Mortgage Company President Pleads Guilty to $2.5M Fraud
Associated Press, Oct. 5, 2017The U.S. attorney’s office says 68-year-old Robert Pena, of Falmouth, pleaded guilty to one count of conspiracy and six counts of wire fraud on Wednesday. He is scheduled to be sentenced on Jan. 5.
$50 Million in Mortgages Sold
Mortgage Daily, Oct. 5, 2017The deal was announced Thursday by Mortgage Industry Advisory Corp. New York-based MIAC noted that its whole-loan desk placed the $50 million pool of mortgages.
Bankrupt U.S. Retailers Begin to Catch a Break
Reuters, Oct. 6, 2017–Jessica DiNapoli, Tracy RucinskiAn unexpected helping hand from creditors, landlords and vendors is allowing more U.S. retailers to stay in business following bankruptcy with most of their stores and employees in the fold.
Trump Outlines Sweeping Reform of Capital Markets
Reuters, Oct. 6, 2017–Michelle Price, Pete SchroederThe U.S. Treasury on Friday unveiled a blueprint for sweeping reforms of the U.S. capital markets as it looks to implement Republican President Donald Trump’s agenda to promote economic growth by slashing red tape.
Bipartisan Push Begins in Congress to Change Parts of CFPB’s Trid Rule
HousingWire, Oct. 6, 2017–Ben LaneCongressmen from opposite sides of the political aisle are partnering to push for a change to the Consumer Financial Protection Bureau’s Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosure rule.