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The fallout from the bursting of the housing bubble continues to plague Wall Street. Bank of America agreed on Thursday to pay the Securities and Exchange Commission a $131.8 million penalty to settle an investigation linked to the structuring and sale of two complex mortgage securities that its Merrill Lynch division sold to investors.
In May, when the Federal Reserve first started talking about reducing its $85 billion monthly purchases of Treasuries and mortgage-backed securities, yields jumped, to 2.72 percent in early July from 1.64 percent on May 1 for the 10-year note, and to 3.68 percent from 2.83 percent for the 30-year bond.
In the last three years, the six largest banks by assets on Wall Street have paid out over $85 billion in settlements related to the mortgage crisis.
In efforts to better prepare mortgage lenders for new mortgage regulations set to take effect in January 2014, the Consumer Financial Protection Bureau (CFPB) this week has issued a “Readiness Guide” intended to boost lender compliance as the implementation deadline approaches
Wall Street dealers added $1.8 billion of speculative-grade U.S. home-loan securities to their inventories yesterday as the Netherlands sold bonds to five banks led by Bank of America Corp. (BAC) and Goldman Sachs Group Inc. (GS).
Bank of America Corp has agreed to pay $131.8 million to settle U.S. Securities and Exchange Commission charges that its Merrill Lynch unit misled investors about mortgage securities it structured and sold.
The United States may add Wells Fargo & Co Vice President Kurt Lofrano as a defendant in its year-old lawsuit accusing the country's largest mortgage lender of fraud, a Manhattan federal judge said.
McGraw Hill Financial Inc. (MHFI)’s Standard & Poor’s said it would be unfair to let the U.S.Justice Department put more than 150 selected securities before a jury to argue the firm’s ratings were the result of fraud.
Wells Fargo & Co., which has set aside the least money for legal costs among the four biggest U.S. banks, will conduct an internal review of its ethics as the industry grapples with a surge in probes and lawsuits.
American housing trends have been shifting away from ownership toward rental, says a new report, and as the population ages, the number of senior renters is expected to increase by 40% in the next decade.
Goldman Sachs Group Inc. and Bank of America Corp. were among five buyers of U.S. mortgage-backed securities sold by the Netherlands, which acquired the debt as part of a rescue of ING Groep NV.
EverBank is laying off 302 employees in Jacksonville, the company confirmed Wednesday.
2News first introduced you to April Adams back in April of this year. At the time, Bank of America was putting all of her mortgage payments into something that showed up on her statement as, "Unapplied Funds."
It seems banks have been busier agreeing to settlement terms rather than lending terms.
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.