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Before implementation of the Consumer Financial Protection Bureau's Qualified Mortgage (QM) and ability-to-repay rules, many industry analysts expressed concerns over the ultimate impact of these rules on mortgage lending and access to credit.
As you may have already heard the Department of Justice has reached a nearly $17 B settlement with Bank of America for the prior mortgage market misdeeds of two of the companies they acquired during the financial crisis - Countrywide Financial and Merrill Lynch.
he $17 billion settlement that Bank of America reached with the Department of Justice on Thursday sets aside billions in aid for some troubled homeowners. But those that accept the help could get hit with a hefty tax bill later.
Twenty-six percent of 50 to 64-year-olds have not saved any money for retirement, according to a new Bankrate.com report. And the same applies to 14% of people 65 and older.
AEI’s National Mortgage Risk Index for home purchase loans stood at 11.41% in July, down almost 0.25% from June.
In a strange twist of fate, toxic mortgages – the very loans that became synonymous with the housing crash and the attendant financial crisis – are experiencing a sort of renaissance. Once reviled, these loan products are quickly gaining in popularity among investors tired of lethargic yields resulting from the low interest rate environment prevalent since the Great Recession.
The Consumer Financial Protection Bureau (CFPB) has revealed the vendors and lenders that will be participating in its mortgage e-closing pilot program, which will explore the viability of developing a standard process for closing mortgages using technology.
We are nearly eight years removed from the beginnings of the foreclosure crisis, with over five million homes lost. So it would be natural to believe that the crisis has receded.
The $34 billion in settlements that the U.S. Justice Department won in recent months from Bank of America, JPMorgan Chase and Citigroup for selling bogus mortgage-backed securities certainly grabbed plenty of headlines. On Thursday, Bank of America agreed to pay $16.65 billion, the largest settlement stemming from the housing crisis.
Goldman Sachs has agreed to pay $3.15 billion to repurchase mortgage-backed securities from Fannie Mae and Freddie Mac to settle accusations that it misstated the quality of the investments.
Billionaire Warren Buffett has predicted Bank of America will become a profit powerhouse once it finally resolves legal battles that have sapped funds and distracted managers. Now we'll find out if he's right.
Achieving a secure retirement is a complex endeavor. Working-age households are charged with saving the right amount to enable a similar standard of living in retirement as that enjoyed during their working years.
In the wake of Bank of America’s (BAC) record $16.65 billion settlement with the U.S. Department of Justice, industry observers and insiders have begun to comment on what the implications of the settlement may be.
It turns out that all of the concern and trepidation surrounding the rollout of Consumer Financial Protection Bureau’s new Qualified Mortgage and Ability-to-Repay rules in January wasn’t worth it.
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.