The U.S. Supreme Court on Monday scaled back the Securities and Exchange Commission's power to recover ill-gotten profits from defendants' misconduct, handing Wall Street firms a victory and dealing another blow to the regulator's enforcement powers.
The head of the U.S. consumer financial watchdog on Wednesday defended the need for the agency, which has been under near-constant attack from Republicans this year, saying it provides important protections for consumers.
The head of Bank of America Corp., the United State's fourth-biggest mortgage lender, said on Thursday banks would be able to supply a bigger share of funding for home purchases if the standard down payment for buyers was cut to 10 percent from 20 percent.
U.S. Treasury Secretary Steven Mnuchin's former bank agreed to pay $89 million to settle allegations it wrongfully sought payments from a federally insured reverse mortgage program, the U.S. Department of Justice said on Tuesday.
Wells Fargo & Co., the largest U.S. mortgage lender, is hoping this year to sell bonds backed by mortgages without government guarantees for the first time since the 2008 financial crisis, the head of the bank's consumer lending division said on Thursday.
Fannie Mae, the largest U.S. mortgage guarantor, said on Friday its net income fell to $2.8 billion in the first quarter from $5.0 billion the prior quarter as steadier market interest rates led to a small derivatives loss, which offset gains linked to stronger home prices.
The U.S. budget deal Congress is working to pass this week contains few surprises for the financial services industry, according to documents released by the House Appropriations Committee on Monday.
An overhaul of Fannie Mae and Freddie Mac is highly unlikely to make it into this year's legislative calendar, Congressional staffers say, possibly shifting the new administration's immediate focus to allowing the mortgage financing institutions' to rebuild depleted capital.
U.S. Treasury Secretary Steven Mnuchin said on Wednesday the Trump administration's tax reform plan will not change the deductibility of mortgage interest and charitable contributions.
Government finance giant Fannie Mae will have to face a lawsuit accusing it of violating federal law by falsely reporting that an Arizona couple had gone through a foreclosure, a federal appeals court has ruled.