Housing Wire, Feb. 9, 2016–Lane, Ben
The Office of the Comptroller of the Currency announced Tuesday that it is terminating mortgage servicing-related consent orders against U.S. Bank National Association and Santander Bank, lifting the mortgage servicing restrictions placed on both banks last year due to failure to comply with requirements of the Independent Foreclosure Review.
HousingWire, Feb. 9, 2016–Lane, Ben
According to the Consumer Financial Protection Bureau’s addendum, the supplementary information states that “property insurance premiums, property taxes, homeowner’s association dues, condominium fees and cooperative fees” are “subject to tolerances,” when it should read that those fees are “not subject to tolerances.”
National Mortgage News, Feb. 9, 2016–Berry, Kate
Many institutional investors are refusing to purchase mortgages loans until they get assurance from the Consumer Financial Protection Bureau that they won’t have to pay for others’ mistakes. Their pullback could further the slow the issuance of private-label mortgage bonds this year, a huge concern at a time when the majority of home loans are insured by Fannie Mae, Freddie Mac and the FHA.
National Mortgage News, Feb. 12, 2016–Berry, Kate
Fannie Mae and Freddie Mac have been selling pools of delinquent mortgages at auction to the highest bidders. Community groups say the Federal Housing Finance Agency should be giving preferential treatment to nonprofits and community development financial institutions.
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.
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.
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.
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.
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.
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.
