Former CEO of Failed Bank Convicted
A federal jury has reached a guilty verdict in the criminal case of the former chief executive officer of a failed bank. Also convicted were a former vice president of the bank, the CEO's son and a former customer of the bank.
When the Virginia State Corporation Commission closed Bank of the Commonwealth in September 2011, the Norfolk, Va., financial institution had $985 million in assets.
At the time, the Federal Deposit Insurance Corp. estimated that the cost to the Deposit Insurance Fund would be $268 million.
Appraisers Go After Chase for Fees from Failed AMC
In January, Evaluation Solutions/ES Appraisal Services declared bankruptcy, leaving thousands of real estate appraisers, agents and brokers with unpaid invoices for work performed. With close to nine million dollars in unpaid invoices for appraisals and broker price opinions, it is the worst of a growing number of appraisal management company failures that have left appraisers stiffed and steaming.
Ally Discloses ResCap Settlement Amount
Ally Financial Inc. has unveiled the terms of its proposed settlement with creditors of its bankrupt former subsidiary, Residential Capital LLC.
AMC to Pay Some Appraisers Up Front
A new program from a national appraisal management company will enable appraisers to be paid when they do the inspection -- eliminating liability for mortgage lenders.
RESPA Violations Prove Costly for Bank, Builder
A Texas bank has been fined, and a Texas builder has agreed to a settlement over alleged violations of the Real Estate Settlement Procedures Act tied to joint ventures.
Settlement Relieves Ally of Mortgage Liabilities
A settlement reached with creditors of its former mortgage subsidiary will free Ally Financial Inc. from most of its mortgage liability to third parties.
More Bank Executives Headed to Prison
Whoever said that nobody has gone to jail for causing the financial crisis hasn't been following the numerous criminal cases against former executives of failed banks. Defendants are accused of a range of crimes including mortgage fraud, embezzlement and accounting fraud.
Failed Bank's Former President Indicted Last Year
Losses at one of last week's bank failures are expected to exceed 40 percent of its assets. The former president at the bank had been indicted for loan fraud that allegedly occurred while he was at the firm. Two other financial institutions are also no longer in business.
Acquisition Shakes Up CRE Servicer Standings
Two deals announced this week will create a new No. 3 servicer of commercial real estate loans and substantially reduce the CRE servicing portfolio of a mega-bank.
Nationstar Mortgage Holdings Inc. reported record originations, grew its mortgage servicing portfolio and expanded its workforce. Thanks to the acquisition of another lender as well as the purchase of additional mortgage servicing rights -- the outlook is for further growth.