MarketWatch, Sept. 16, 2015–Sjolin, Sara
Royal Bank of Scotland Group PLC agreed to pay $129.6 million to settle claims by a U.S. regulator that the British lender sold toxic mortgage-backed securities to now-defunct U.S. credit unions, according to the court filing on Tuesday.
Mortgage Servicing News, Sept. 16, 2015–Peters, Andy
Ocwen Financial said it expects to report a loss in its current fiscal year, as it continues to cut costs amid an investigation of its practices.
HousingWire, Sept. 16, 2015
A congressional move to limit the salaries for the CEOs of Fannie Mae and Freddie Mac moved a step closer Tuesday night when the Senate unanimously passed a version of the House’s Equity in Government Compensation Act of 2015.
First and second lien mortgage defaults both increased in August from July, according to the S&P/Experian Consumer Credit Default Indices.
New York Times, Sept. 18, 2015–Prevost, Lisa
The share of underwater mortgage holders dropped by more than half since peaking in early 2012, driven by rising home values at the lower end of the market, a turnaround from last year.
The Mortgage Bankers Association launched a set of resource guidelines to educate both consumers and lenders and their business partners needing to comply with the new “Know Before You Owe” or TILA/RESPA Integrated Disclosure regulations that will go into effect on Oct. 3.
Nearly 20 trade groups representing lenders, banks, credit unions, title companies and others are urging federal regulators to provide guidance on how they plan to enforce a new mortgage disclosure regime that goes into effect Oct. 3.
According to a bulletin sent by Freddie Mac to its servicers on Wednesday, Freddie Mac is making several changes to its guidelines for standard and streamlined modifications.
Primary new mortgage insurance slipped to $4 billion, according to MGIC Investment’s August operational summary of its insurance subsidiaries for its primary mortgage insurance slightly down from $4.5 billion in July and June.
Sen. Bob Corker’s, R-Tenn., “Jumpstart GSE Reform” package would reverse the recent Fannie Mae and Freddie Mac CEO compensation increase and prohibit the U.S. Treasury from selling or otherwise disposing of its shares in the government-sponsored enterprises without Congressional consent. The bill was fast-tracked in the Senate, but now Sen. Sherrod Brown, D-Ohio, reportedly placed hold on the package.
