Breaking News
  • Ocwen facing CFPB investigation, potential fine for servicing practices

    It’s been nearly three years since Ocwen Financial agreed to offer $2 billion in consumer relief and pay up to $127.3 million to settle a Consumer Financial Protection Bureau investigation into its servicing practices. But it looks like Ocwen may not be done with the CFPB yet, as the company revealed Thursday that the bureau is currently investigating the company’s mortgage servicing practices, which could lead to a fine and/or other disciplinary action. Click the headline to read more.


FHFA, RBS reach nearly $99.5 million MBS settlement

Latest in a string of FHFA lawsuits

[UPDATE 1: clarifies settlement is for $99.5 million not nearly $1 billion]

Continuing its strings of lawsuits, the Federal Housing Finance Agency, as a conservator of Freddie Mac, announced its latest settlement for $99.5 million with RBS Securities (RBS).

This time the settlement addresses the claims against RBS in FHFA vs. Ally Financial (ALLY) in the Southern District of New York, alleging violations of federal and state securities laws in connection with private-label mortgage backed securities purchased by Freddie from 2005-2007.

In March, Fannie Mae, Freddie and the FHFA settled a MBS lawsuit with Bank of America (BAC), making the bank pay an aggregate payment of $9 billion.  

Then in April, the FHFA also reached a $280 million RMBS deal with Barclays Bank PLC (BARC). Per the terms of the settlement agreement, Barclays will pay $227 million to Freddie and $53 million to Freddie.

Meanwhile, back in May, the Royal Bank of Scotland said it will cut its mortgage trading business by as much as two-thirds over the next 18 months, as part of an effort to reduce its assets ahead of new rules set out by the U.S. Federal Reserve.


Services Guide

Comments powered by Disqus