Reuters, May 25, 2016–Lambert, Lisa
The U.S. Comptroller of the Currency fined Wells Fargo Bank $70 million on Wednesday over mortgage servicing but said it was ending business restrictions it had placed on the bank.
Category: Top National News
The Hustle Continues: Why the Feds Haven’t Nailed the Big Banks
New Republic, May 25, 2016–Dayen, David
Americans still want to see some measure of justice for the misconduct that precipitated the financial crisis. But Monday’s decision by an appeals court to throw out a $1.27 billion civil penalty against Bank of America will surely generate some despair. So few cases have even been attempted that when a successful one gets reversed, it can raise questions about whether there were any good ones to make in the first place.
Wall Street Crime: 7 Years, 156 Cases and Few Convictions
Wall Street Journal, May 25, 2016–Eaglesham, Jean; Das, Anupreeta
Proceedings against individual bank employees are rare, and authorities have had difficulty winning cases.
Trillions in Debt–but for Now, No Reason to Worry
Wall Street Journal, May 25, 2016–Brown, Ken
If current trends persist through the end of the year, U.S. households will owe as much as they did at the peak of borrowing in 2008.
Will Fannie and Freddie Need Another Bailout?
Wall Street Journal, May 24, 2016–Light, Joe
Eight years after the financial crisis, mortgage-finance companies Fannie Mae and Freddie Mac are headed down the road to another bailout, but not for the usual reason.
Who’s Afraid of TRID Risk? It’s Not Who You Think
National Mortgage News, May 24, 2016–Bisby, Allison
Liquidity has dried up since the Consumer Financial Protection Bureau’s disclosure rule took effect in October. With the exception of a few deals backed by loans issued before the financial crisis, private-label securitization has ground to a halt.
CFPB: Mortgage Complaints Down to Third Place
HousingWire, May 24, 2016–Ramirez, Kelsey
In March, for the first time since the start of the Consumer Financial Protection Bureau in 2011, mortgage complaints were not the number one complaint.
Auto, Mortgage Delinquencies Climb in Energy Regions
Wall Street Journal, May 24, 2016–Zumbrun, Josh
Delinquencies on auto loans have spiked in the U.S. counties that had the highest employment in the oil-and-gas industry, according to the Federal Reserve Bank of New York’s quarterly report on household debt and credit. Mortgage delinquencies have also climbed, though not as dramatically.
Federal Reserve: Mortgage Debt Rises to 4-Year High
HousingWire, May 24, 2016–Lane, Ben
The amount of money that Americans owe to mortgage lenders rose to the highest level in more than four years during the first quarter, according to a new report from the Federal Reserve Bank of New York.
Nuns With Guns: The Strange Day-to-Day Struggles Between Bankers and Regulators
Wall Street Journal, May 30, 2016–Grind, Kirsten; Glazer, Emily
Among the new federal banking regulations there is one that financial wonks call “TRID,” the TILA-Respa Integrated Disclosure rule. Attendees at a recent training school here for bank compliance staff, who must learn and enforce such rules, said they deciphered TRID’s true meaning: “The reason I drink.”