Any changes the Federal Reserve makes to its vast portfolio of bonds in the coming years is likely to have a bigger impact on U.S. financial and housing markets than any interest rate hike the U.S. central bank may make in 2015, Fannie Mae chief economist Doug Duncan said on Monday.
Last August, when the 10th U.S. Circuit Court of Appeals affirmed its previous decision that the National Credit Union Administration is not barred from proceeding with a suit alleging that Nomura duped a failed credit union into buying misrepresented mortgage-backed securities, Nomura wasn’t the only bank crushed by the ruling.
Mortgage servicer Ocwen Financial Corp faced a lawsuit this week over accusations it committed fraud by overcharging borrowers in order to drive up its own profits, according to a court filing.
Bank of America Corp and U.S. Bancorp have reached a $69 million settlement in a class action lawsuit over their roles as trustees for securities backed by risky mortgages from Washington Mutual Inc, which failed in 2008.
Walter Investment Corp, one of the largest U.S. companies that collect home loan payments, said on Thursday that several state regulatory agencies were investigating its business practices, and its shares fell nearly 19 percent.
Wells Fargo & Co said on Wednesday it is in discussions with the U.S. government to resolve a lawsuit accusing the nation's largest mortgage lender of cheating taxpayers by submitting ineligible home loans to a federal insurance program.
The U.S. Supreme Court on Tuesday appeared conflicted on how to decide which process struggling homeowners need to follow if they want to back out of mortgages from lenders they accuse of failing to follow a federal "truth in lending" law.
Morgan Stanley said on Tuesday it is responding to potential legal claims from government entities, including the U.S. Department of Justice and several state attorneys general over mortgage securities.
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.
Prices on U.S. 30-year agency mortgage-backed securities extended their earlier decline Wednesday mid-afternoon after the Federal Reserve as expected decided to end its monthly purchases of MBS and Treasuries.