Headlines and Blogs from Around the Web
Judge Jed S. Rakoff of the Federal District Court in Manhattan can't speak about the propriety of bank loans and securities issued during the housing bubble given pending or future litigation.
Bruce Berkowitz’s Fairholme Capital Management LLC is seeking to buy two businesses that insure mortgage-backed securities from Fannie Mae and Freddie Mac and support them with $52 billion in equity.
Goldman Sachs Group Inc. pulled a loan from a commercial-mortgage bond deal sold last week after investors balked at the debt amid concern that underwriting standards are slipping in the $550 billion market.
Montana’s Supreme Court is about to hear oral arguments in a case that has the potential to disrupt the legal concepts governing mortgage contracts nationwide, mortgage bankers claim in a brief filed with the state’s highest court.
Rich homebuyers can now get mortgages cheaper than pretty much everyone else. In an unusual twist, lenders are offering rates on jumbo mortgages that are more than a quarter of a percentage point lower than those on the conforming loans backed by Fannie Mae and Freddie Mac.
E-mail and other data held by Wall Street’s largest due-diligence firm that may determine how many cases the government brings against banks for actions leading to the financial crisis should be turned over to the Justice Department, a U.S. magistrate judge said.
The federal judge who oversaw the recent civil fraud trial against Bank of America Corp criticized the U.S. Department of Justice on Tuesday for failing to prosecute high-level executives over the financial crisis.
The Richmond Fed recently released a short paper discussing the role that mortgage REITs have in the financial system, and whether they pose a risk to the financial system as a whole.
Mortgage trading could be the next scandal facing some British banks after Libor and foreign-exchange rate manipulation, UK Financial Investments Ltd. Chairman Robin Budenberg said.
More lenders are approving borrowers who put less than 20% down for million-dollar home purchases, suggesting banks are feeling sanguine about the luxury market.
Wells Fargo & Co (NYSE:WFC) was one of the banks presenting at the US Large Cap Banks 2013 BAAB Conference. A recurrent theme at the conference was banks’ emphasis on expense discipline and the onset of strong competition in loans such as cards, indirect auto and in retail mortgages.
When the Federal Reserve talks about buying mortgage-backed securities (or MBS), it’s referring to the To-Be-Announced market (usually referred to as the TBA market).
In late October, one financial institution was on the path towards racking up nearly $14 billion in penalties. And it's not alone.
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