WATCH: Former Wells Fargo CEO calls BofA fine “extortion”

WATCH: Former Wells Fargo CEO calls BofA fine “extortion”

Kovacevich says fine is political and has “nothing to do with justice”

BofA reaches $16.65B settlement over "toxic waste" mortgages

Loans date back to Countrywide and Merrill Lynch

KBRA: More smoke than fire in Ocwen’s restated earnings

Cautions that MSR transactions could see more regulatory scrutiny
W S

Lending

Home Depot names new CEO

Craig Menear to take reins on November 1
Ben Lane
Menear, who has been with the company since 1997, is currently Home Depot’s president of U.S. retail. He has been in that position since February 2014.
Read More

Here are the 12 lucky firms that landed the CFPB eClosing pilot program

Group explores benefits of technology in mortgages
Brena Swanson
It’s here. The anticipated list of participants in the Consumer Financial Protection Bureau’s mortgage eClosing pilot program was released Thursday, with 12 companies now helping pave the way into streamlining the mortgage process.
Read More

Has the credit restriction pendulum swung too far?

BPC Summit: Balance has to be struck and right now it’s off kilter
Trey Garrison
Current rules and practices regarding credit boxes for both underserved and middle class borrowers have to be reformed, according to several of the leading voices speaking at the Bipartisan Policy Center Housing Commission’s regional forum.
Read More

FHA pushes blueprint to help lenders lift credit overlays

BPC Summit: Forward plan to broaden the FHA credit box
Trey Garrison
The most important agenda for FHA moving forward is this blueprint for lenders so that they have confidence and can remove some of their credit overlays and lend to a broader credit box for FHA loans.
Read More

WATCH: Former Wells Fargo CEO calls BofA fine “extortion”

Kovacevich says fine is political and has “nothing to do with justice”
Ben Lane
"Why are we charging the stock holders instead of going after the people who did wrong?” former Wells Fargo CEO Dick Kovacevich said. “Corporations don't engage in criminal behavior. They don't take advantage of innocent people. People do.”
Read More

FDIC allotted $1.03 billion of BofA settlement

Claim connected to 26 failed banks
Brena Swanson
Included in Bank of America's settlement with the Depart of Justice, the Federal Deposit Insurance Corporation as receiver for 26 failed banks will receive $1.03 billion.
Read More

HOPE NOW: Foreclosure sales fall to pre-bust levels

Total number of loan modifications since 2007 reaches 7.1 million
Ben Lane
The estimated 115,000 foreclosure sales in the second quarter represented a decline of 9% from the first quarter’s total of 126,000. HOPE NOW notes that the second quarter total was the lowest since it started tracking the data in 2007.
Read More

Florida homeowners get huge chunk of BofA settlement

Nearly 17,000 consumers helped
Brena Swanson
A significant portion of the Bank of America settlement will go toward consumer relief in Florida, helping nearly 17,000 people. Of the $7 billion allotted to consumer relief, $1 billion is going to the Sunshine State.
Read More

Freddie Mac: Mortgage rates fall to year's lows

Rates continue downward trend
Brena Swanson
Mortgage rates dropped to new yearly lows after hovering around the same area for the past month, according to the latest Freddie Mac Primary Mortgage Market Survey.
Read More

It's officially unaffordable to rent in almost all major cities

Zillow study outlines renting's deep impact on buying
Brena Swanson

"But the health of the for-sale market is directly tied to the rental market, where affordability is really suffering," said Zillow Chief Economist Stan Humphries.


Read More