Wall Street Journal, Feb. 5, 2016–Patrick, Margot
HSBC Holdings PLC agreed Friday to pay $470 million to settle federal and state allegations of abusive practices in its U.S. mortgage business.
Category: Top National News
New Mortgage Companies Have Ties with Subprime Lenders
Los Angeles Times, Feb. 6, 2016–Koren, James Rufus
Consumer advocates worry that the new crop of mortgage companies, particularly those with ties to now-defunct subprime lenders, may again take advantage of borrowers.
Why the 20-Year Mortgage Is the Answer to Housing Finance Mess
American Banker, Feb. 5, 2016–Pinto, Edward
The author, resident fellow with the American Enterprise Institute, said quickly amortizing mortgages would help achieve sustainable wealth-building homeownership opportunities for low- and middle-class Americans.
Genworth’s Mortgage Insurance Profits Almost Double in 2015
National Mortgage News, Feb. 5, 2016–Finkelstein, Brad
Genworth’s U.S. mortgage insurance business earned $179 million in 2015, but the parent company lost $615 million as it still has problems with its long-term care insurance product.
Mortgage Fraud Defendants Say Banks Aren’t Victims
Chicago Post-Tribune, Feb. 4, 2016–Auch-Schultz, Teresa
Three Chicago businesspeople facing sentencing for taking part in a widespread mortgage fraud case say they shouldn’t have to pay restitution because of the careless practices by banks that led up to collapse of the real estate market.
Wells Fargo to Pay $1.2 Billion in Mortgage Settlement
New York Times, Feb. 3, 2016–Moyer, Liz
Wells Fargo agreed to pay $1.2 billion to put to rest claims that it engaged in reckless lending under a Federal Housing Administration program that left a government insurance fund to clean up the mess.
Deutsche Bank Must Face U.S. Lawsuit over #3.1 Billion Mortgage Loss: Judge
Reuters, Feb. 3, 2016–Stempel, Jonathan
Deutsche Bank AG must face a U.S. lawsuit seeking to hold it liable for causing $3.1 billion of investor losses by failing to properly monitor 10 trusts backed by toxic residential mortgages, a federal judge ruled on Wednesday.
Life Companies Gaining an Edge as Regulatory Hurdles Become a Reality in 2016
Commercial Observer, Feb. 3, 2016–Balbi, Danielle
Whether or not life companies will eat up more of the lending pie this year remains to be seen, but it seems like there will be more room at the table soon enough.
Student Loans May Affect Mortgage Eligibility
U.S. News & World Report, Feb. 3, 2016–Mayotte, Betsy
It’s pretty clear that your student loan payments are going to affect how much and how quickly you’re able to save a down payment for your first home, as well as the affordability of your mortgage payments. But they can also affect your eligibility for the mortgage in the first place.
AGNC Results Generate Some Optimism for Mortgage REITs
Barron’s, Feb. 3, 2016–Stone, Amey
Mortgage real estate investment trusts have had a tough couple of years. But companies aren’t standing still. Earnings season kicked off Monday with a report from American Capital Agency that is creating some optimism.