Skip to main content

FHFA Dismisses Claims Against Ally Financial
Oct 31, 2013

Ally Financial Inc. has reached settlements with the Federal Housing Finance Agency (FHFA) and the Federal Deposit Insurance Corporation (FDIC) for all pending litigation and related claims. The settlements require pending litigation against Ally to be dismissed, and the FHFA and the FDIC released claims will no longer be exceptions to the third-party releases related to the Residential Capital LLC (ResCap) settlement. Ally expects to record a charge of $170 million in the third quarter in connection with the FHFA and the FDIC settlements. "These settlements are key steps in Ally addressing its remaining legacy mortgage risks," said Chief Executive Officer Michael A. Carpenter. "We are pleased to be able to put these matters behind us and continue to focus on our leading automotive finance and direct banking operations." As part of the settlement with the FHFA, the ResCap Chapter 11 Plan will be amended to add Freddie Mac, and the FHFA, as conservator for Freddie Mac and Fannie Mae, as exceptions to the third party releases only with respect to certain ordinary-course claims against Ally Bank, as a former mortgage seller and servicer.
Oct 31, 2013
​​​​​​​FHFA OK's Desktop Appraisals, Expands Refi Criteria

The Federal Housing Finance Agency (FHFA) said Monday it will take two steps to help make home ownership more affordable and sustainable for mortgage borrowers, especially for those in underserved communities. 

Regulation and Compliance
Oct 19, 2021
CFPB Names 4 To Key Senior Positions

The appointees include two who helped create the bureau and two who served on the CFPB staff during the Obama administration.

Regulation and Compliance
Oct 14, 2021
FHFA Raises Enterprises' Multifamily Loan Purchase Caps

The Federal Housing Finance Agency (FHFA) said the 2022 multifamily loan purchase caps will be $78 billion for each Enterprise, for a combined total of $156 billion to support the multifamily market.

Regulation and Compliance
Oct 13, 2021
CFPB Hits AAG With Complaint For Deceptive Marketing Of Reverse Mortgages

The Consumer Financial Protection Bureau filed a complaint and proposed consent order, which alleges that American Advisors Group (AAG) used inflated and deceptive home estimates to attract reverse mortgage consumers.

Regulation and Compliance
Oct 12, 2021
Waterstone Mortgage Names VP Of Compliance

Waterstone Mortgage Corporation named Kris Barros as the company's vice president of compliance.

Oct 08, 2021
Battling The ‘Giant Purple Snorklewacker’

The confirmation of Rohit Chopra as CFPB director has the mortgage industry anxious, but former MBA CEO David Stevens offers some advice: follow the rules.

Regulation and Compliance
Oct 08, 2021