Wall Street Journal, Apr. 6, 2016–Martin, Anya
When home buyers go to the closing, it’s unlikely they’re thinking about what happens if they die before their mortgage gets paid off.
Category: Top National News
U.S. Official Overseeing Wall Street Mortgage Probes to Leave
Bloomberg, Apr. 5, 2016–Schoenberg, Tom
Stuart Delery, the Justice Department official overseeing civil investigations of banks for conduct related to the financial crisis, is stepping down April 14 to explore options in the private sector.
Minneapolis Fed Chief: U.S. Needs to Guard Against Failure of Giant Banks
Minnesota Public Radio, Apr. 5, 2016–Moylan, Martin
Minneapolis Federal Reserve President Neel Kashkari believes not enough has been done to protect the country should one or more of the nation’s megabanks face failure.
Trade Groups Call Out CFPB on Message Confusion
National Mortgage Professional, Apr. 8, 2016–Hall, Phil
At a hearing before the Senate Banking Committee, Mortgage Bankers Association Senior Vice President of Legislative and Political Affairs Bill Killmer urged the CFPB to provide clear “rules of the road” whenever it plans to create new rules or to update both existing guidelines and the interpretations of longstanding policies.
Wells Fargo Admits Deception in $1.2 Billion Mortgage Accord
Reuters, Apr. 9, 2016–Stempel, Jonathan
Wells Fargo & Co admitted to deceiving the U.S. government into insuring thousands of risky mortgages, as it formally reached a record $1.2 billion settlement of a U.S. Department of Justice lawsuit.
New York Attorney General Pushes FHFA for Principal Reduction
HousingWire, Apr. 8, 2016–Lane, Ben
In a letter to Federal Housing Finance Agency Director Mel Watt, New York Attorney General Eric Schneiderman joins the chorus calling for Fannie Mae and Freddie Mac to reduce the mortgage balances of struggling borrowers.
Goldman Sachs Resolves U.S. Mortgage Probe for $5.1 Billion
Bloomberg, Apr. 11, 2016–Schoenberg, Tom
Goldman Sachs Group Inc. will pay $5.1 billion to settle a U.S. probe into its handling of mortgage-backed securities involving allegations that loans weren’t properly vetted before being sold to investors as high-quality bonds.
Forget Flipping Houses–These Retail Investors Flip Mortgages
MarketWatch, Apr. 11, 2016–Riquier, Andrea
As government entities like Fannie Mae and Freddie Mac have struggled with the legacies of the housing bust, they’ve sold billions of dollars’ of delinquent notes to big institutional investors, who resell them in turn.
Mortgage REIT M&A? Approved
Bloomberg, Apr. 11, 2016–Tan, Gillian
Annaly Capital Management is buying Hatteras Financial, a smaller REIT that buys mortgage debt, in a cash-and-stock deal valued at $1.5 billion.
PHH to Lose Origination, Servicing Business from B of A Merrill Lynch
National Mortgage News, Apr. 11, 2016–Peters, Andy
PHH Corp. in Mount Laurel, N.J., said its loan closing dollar volume will decrease this year, after Bank of America’s Merrill Lynch announced plans to withdraw business from the firm.