BofA's Government Settlement Biggest in US History
Bank of America Corp. has agreed to the largest single settlement between the government and any one company. The agreement resolves claims related to shoddy mortgage originations and securitizations.
Judge Rules RFC Lawsuits Can Proceed
Multiple lawsuits filed by a former unit of Residential Capital LLC against some big-name lenders over repurchase demands have been allowed to proceed.
Servicing Off at Ocwen, U.S. Staffing Sinks
Although originations edged up at Ocwen Financial Corp., the servicing portfolio shrank. U.S. staffing was down, though offshore employment soared.
BofA's Countrywide Losses Exceed $50 Billion
Bank of America Corp.'s 2008 acquisition of Countrywide Financial Corp. has cost it $50 billion, and the total continues to grow.
MLOs Among 100s of Planned Hirings at Citizens
With some of the proceeds from an anticipated initial public offering, Citizens Financial Group Inc. plans to hire hundreds of sales people -- including mortgage loan originators.
Failed Bank's Founder, Directors Agree to Settle
The founder of a Florida bank that failed four years ago and seven of its former directors have agreed to settle for more than $5 million allegations that they played a role in the bank's demise.
Tax Break Takes Some of Sting Out of BofA Settlement
Bank of America Corp. is reportedly on the verge of a massive settlement with the government over toxic mortgages securities, and a chunk of that amount could be tax deductible.
Investor Class Action Filed Against Ocwen
A federal lawsuit has been filed on behalf of investors of Ocwen Financial Corp.'s stock -- some who have seen their investments tumble by more than a third during the past two months.
Ocwen Restating Income
Ocwen Financial Corp. has disclosed that it will restate its financial statements. The adjustment will effectively move income reported for this year to 2013.
Servicing Down, Earnings Worse at Walter
While Walter Investment Management Corp. was able to expand staffing and push production higher, its servicing portfolio was down and earnings deteriorated.