A U.S. appeals court has handed a major victory to a federal regulatory agency suing big banks over the sale of toxic mortgage-backed securities to since-failed credit unions, ruling that the lawsuits were not filed too late.
Mortgage servicing company Ocwen Financial Corp said on Monday it had received a subpoena from the U.S. Securities and Exchange Commision in June seeking documents related to its "business dealings" with some of its affiliates.
Mortgage applicants who can't provide tax returns or pay stubs to show their income are getting stated income loans again as companies such as Unity West Lending and Westport Mortgage chase customers they can no longer afford to ignore.
The U.S. Securities and Exchange Commission is investigating whether JPMorgan Chase & Co inappropriately steered private-banking clients to its own investment products and away from those offered by outside firms, the Wall Street Journal reported on Friday, citing people familiar with the matter.
The Federal Reserve bought $7.648 billion of agency mortgage-backed securities in the week from July 31 to Aug 6, more than the $7.205 billion purchased the previous week, the New York Federal Reserve Bank said on Thursday.
JPMorgan Chase & Co has won the dismissal of a lawsuit by the City of Los Angeles accusing the largest U.S. bank of steering minority borrowers into mortgages they could not afford, even after similar cases against the next three largest banks were allowed to go forward.
California's attorney general may sue Morgan Stanley over money-losing mortgage bonds that the state's biggest public pension fund purchased in a $1.3 billion deal before the financial crisis, the bank said in a securities filing on Tuesday.
HSBC Holdings Plc will hasten the run down of its portfolio of U.S. mortgages with more sales of loans to hedge funds, potentially allowing it to bring an end to its disastrous U.S. subprime foray within three years.
New York's top banking regulator said on Monday that Ocwen Financial Corp, a mortgage servicing company, may be funneling as much as $65 million to an affiliated company even though his office has raised concerns about potential conflicts of interest between such entities.
The Federal Reserve bought $7.205 billion of agency mortgage-backed securities July 24-30, less than the $9.508 billion purchased the previous period, the New York Federal Reserve Bank said on Thursday.