Agencies, Regulators Missed Taylor Bean Red Flags
A report from the Office of Inspector General Federal Housing Finance Agency found that the housing finance agencies and regulators missed opportunities to avoid losses from the Taylor, Bean & Whitaker Mortgage Corp. debacle.
Goldman Agrees to $3 Billion in Repurchases
The Goldman Sachs Group Inc. has agreed to repurchase more than $3 billion in residential mortgage-backed securities it sold to Fannie Mae and Freddie Mac.
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.
Class Action Seeks to Shelter Strategic Defaulters
Class action certification is sought on a lawsuit filed on behalf of a borrower whose Florida property was foreclosed on and is now being sued for a deficiency balance even though he has moved to another state.
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.
Bank Sues BofA Over Handling of Servicing
A small financial institution has filed a lawsuit against Bank of America Corp. over its handling of the servicing of loans acquired from Countrywide Home Loans.
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.