Bloomberg, May 2, 2016–Keller, Laura J.
Bank of America Corp. said it reached a $190 million agreement to resolve a six-year-old legal claim from Federal Home Loan Bank of Seattle over mortgage-backed securities sold before the financial crisis.
Category: Top National News
Goldman Sachs $272 Million Mortgage Pact Approved By Judge
Bloomberg, May 2, 2016–Van Voris, Bob
A federal judge approved Goldman Sachs Group Inc.’s $272 million settlement with investors who claimed the bank misled them about the safety of billions of dollars worth of residential mortgage-backed securities.
Constitutional Challenge Could Be ‘Very Messy’ for the CFPB
American Banker, Apr. 29, 2016–Berry, Kate
A federal appeals court case challenging the constitutionality of the Consumer Financial Protection Bureau is raising concerns that if the agency loses, it could open the floodgates for a flurry of other lawsuits against the CFPB.
Equity is a Sure Sign of Financial Growth
Daily Herald (Chicago), May 1, 2016–Woodard, Jim
Most homeowners are now in a positive mode with their finances. By the end of last year, a million borrowers had regained their lost equity.
How the Court Could Rule in the CFPB Constitutionality Case
National Mortgage News, Apr. 19, 2016–Berry, Kate
Despite a tough public grilling of the Consumer Financial Protection Bureau last week by two D.C. Circuit judges, several legal experts said a ruling against the agency and its director, Richard Cordray, may have a limited impact.
Is TRID Hysteria Over? Time to Close Drops to 12-Month Low
HousingWire, Apr. 20, 2016–Lane, Ben
Despite initial hiccups and headaches, lenders now have this whole TRID thing figured out, as the time to close a loan fell to a 12-month low in March.
Fannie Mae Chief Economist: Affordability is Housing Market’s Top Issue
Jacksonville News & Daily Record, Apr. 20, 2016–Hawkins, Carole
Affordability, not rising interest rates, will be the biggest drag on the housing market in 2016. That’s the news Fannie Mae Chief Economist Doug Duncan delivered Tuesday at the Mortgage Bankers Association of Jacksonville’s monthly meeting.
Trustee Claims on Legacy RMBS Are on the Clock
National Mortgage News, Apr. 20, 2016–Sinnock, Bonnie
New claims related to sellers of legacy mortgage-backed securities from the financial crisis may have peaked, but lawsuits against trustees and servicers may linger for at least a few more years.
Regulators to Call for Banks to Have Year’s Worth of Liquidity
Wall Street Journal, Apr. 25, 2016–Borak, Donna
Large U.S. banks would have to prove they have enough cash to withstand severe market turmoil lasting as long as a year under a new rule set to be proposed Tuesday.
There May Be a Future for TRID Securitizations Yet
HousingWire, Apr. 25, 2016–Swanson, Brena
Despite lack of guidance from the Consumer Financial Protection Bureau, the Structured Finance Industry Group’s due diligence grades provide clarity for investors.