Headlines and Blogs from Around the Web
A major U.S. mortgage servicing firm under investigation for issuing backdated letters to borrowers who sought loan modifications is also the subject of thousands of consumer complaints, government data show.
The Federal Reserve bought $5.318 billion (3.32 billion pounds) of agency mortgage-backed securities in the week from Oct. 23 to Oct. 29, compared with $5.796 billion purchased the previous week, the New York Federal Reserve Bank said on Thursday.
President Barack Obama and Federal Reserve chair Janet Yellen are scheduled to meet one-on-one on Monday, November 3, according to a White House official.
In its continuing effort to offload some of the credit risk it carries, Fannie Mae is preparing to launch a new credit-risk sharing deal with the help of JPMorgan Chase (JPM).
Bank of America Corp. (BAC:US) Chief Executive Officer Brian T. Moynihan, who was named chairman this month, said legal costs stemming from defective mortgages are largely behind it.
Standard & Poor's Ratings Services lowered its prime, subprime, special, and subordinate-lien residential servicer rankings on Ocwen Loan Servicing LLC; the outlook remains negative.
The three-year-old U.S. consumer protection agency said it discovered that the largest mortgage servicers have been mishandling loan modifications and harming borrowers since new rules came into effect in January.
Ocwen Financial, the nation's top non-bank mortgage servicer, announced Thursday that the company has taken a $100 million charge for a potential settlement regarding claims that Ocwen sent backdated foreclosure notices to thousands of borrowers.
After a tumultuous several weeks for Ocwen Financial, the company says it is preparing to settle for servicing charges that may amount to $100 million in payments.
A group of funds that threw a monkey wrench in Bank of America Corp’s proposed $8.5 billion settlement with investors in mortgage-backed securities will object to JP Morgan Chase & Co’s $4.5 billion offer to settle claims over similar investments, according to the lawyer that represents them.
The Mortgage News Ticker is a collection of news articles, magazine stories and blog posts from around the web. The opinion expressed are those of the news sources and do not reflect that of National Mortgage Professional Magazine, NationalMortgageProfessional.com, NMP Media Corp. or its affiliates.