Reuters, Mar. 3, 2016
Bank of New York Mellon Corp. must face a lawsuit seeking to hold it liable for causing $1.12 billion (£790.7 million) of investor losses by failing to properly monitor five trusts backed by toxic residential mortgages, a Manhattan federal judge ruled.
National Mortgage News, Mar. 3, 2016–Sinnock, Bonnie
Ginnie Mae, the agency that insures government loan securitizations could use some more subservicers because it is concerned that so much of its issuance gets outsourced to a small number of players.
HousingWire, Mar. 3, 2016–Wheeler, Sarah
A decision by the 9th Circuit Court of Appeals yesterday could have big implications for a Delaware case where plaintiffs are arguing that Fannie Mae and Freddie Mac are Delaware corporations and therefore are subject to state, not federal law.
Wall Street Journal, Mar. 2, 2016–Ip, Greg
“Too big to fail” is the post-crisis obsession that refuses to go away.
Associated Press, Feb. 27, 2016
General Electric says the U.S. Department of Justice has subpoenaed the company as part of an industrywide investigation into subprime mortgage lending.
Napa Valley Register (Calif.), Feb. 26, 2016
A new bill introduced by state Sen. Mark Leno, D-San Francisco, would provide protections to widows and widowers who want to stay in their home, the senator’s office said Thursday. But spokesman for the California Mortgage Bankers Association Dustin Hobbs said the bill poses a risk to lenders who would not be able to do necessary underwriting.
The Atlantic, Feb. 25, 2016–White, Gillian B.
Today, home loans are consistently more expensive for black and Hispanic buyers than they are for white buyers. Why? Because banks and other lenders direct these groups toward high-risk, high-priced products.
National Mortgage News, Feb. 25, 2016–Finkelstein, Brad
Amid growing scrutiny of how the hand-off of mortgages is managed after loan closings and bulk sales, servicers are working to automate the entire process to create a consistent and accurate onboarding experience for borrowers.
National Mortgage News, Feb. 25, 2016–Peters, Andy
PHH Corp., Mount Laurel, N.J., reported a bigger loss in the fourth quarter, on costs to restructure its business and a loss on sales of mortgage servicing rights.
National Mortgage News, Feb. 25, 2015–Collins, Brian
Understanding how consumers pay their debts over time is expected to widen access to credit for consumers recovering from financial problems or who were hard to score before. Just how many it will benefit is an open debate.
