Monday Morning Cup of Coffee: Ocwen settles "frustrating skirmish" with California

Zillow plans event to “hack” housing

Offers $10,000 prize for creative solutions to jumpstart market

CFPB goes after Wells Fargo, JPMorgan for mortgage kickback scheme

Mega banks will pay $35.7 million total
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Investments

Monday Morning Cup of Coffee: Ocwen settles "frustrating skirmish" with California

But that's just over file access, not file content
Trey Garrison
Ocwen ended its disastrous week on Friday by settling with the state of California for $2.5 million — but that's just to ensure the state gets the information it asked for. Any violations that turn up once it has the information could be a whole other ball of wax.
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Ocwen sued by investors for mortgage payment negligence

Preparing to sue embattled nonbank
Ben Lane
Some of the country’s biggest mortgage bond investors, reportedly including BlackRock, MetLife, and Pimco, are preparing to sue Ocwen, saying that the beleaguered nonbank failed to properly collect payments on $82 billion of home loans.
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Hedge fund claims Ocwen breached bond covenants

Blue Mountain Capital reveals short position
Ben Lane
Hedge fund BlueMountain Capital Management sent notices of default to embattled nonbank Ocwen Financial and its affiliated company, Home Loan Servicing Solutions on Friday, saying that Ocwen’s regulatory troubles have caused an “irrefutable” default on notes the hedge fund owns.
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Zillow, Trulia merger expected to get FTC go-ahead

Stocks soar by midday
Jacob Gaffney
While shareholders approved the deal last month, there were a few hold-ups from regulators. By midday today the share price is up more than 5% for Trulia and more than 10% for Zillow.
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$890 million in subprime vintage debt hits secondary market

Part of $1.01 billion package
Ben Lane
Nearly $900 million in subprime non-agency mortgage bonds from big names like Countrywide, Bear Stearns, and Washington Mutual were part of a $1.01 billion package of vintage debt that hit the secondary market Thursday.
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Redwood Trust readies its first jumbo RMBS of 2015

$338.8 million offering receives AAA ratings
Ben Lane
After a year when the once-prolific Redwood Trust issued only four prime jumbo residential mortgage-backed securitizations, the real estate investment trust is getting out of the gate early and in fine form in 2015 with its first offering of the year.
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Fannie Mae: Economy pulls housing out of doldrums

Improving fundamentals support gradual housing momentum
Trey Garrison
Economic growth is expected to accelerate modestly this year and drag last year’s unspectacular housing activity upward, according to Fannie Mae. Here's why.
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FHFA: Home prices gain 0.8% in November

Modest gains still beat expectations
Trey Garrison
The Federal Housing Finance Agency home price index shows that home prices gained 0.8% in November, following a 0.4% rise the month before. Here are the details.
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Flagstar posts 4Q 2014 net income of $11.1 million

Mortgage servicing business improved
Trey Garrison
Flagstar Bancorp reported fourth quarter 2014 net income of $11.1 million, or $0.07 per diluted share, as compared to a net loss of $27.6 million in the third quarter 2014, or $(0.61) per diluted share, and net income of $161.9 million in the fourth quarter 2013, or $2.77 per diluted share.
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New York AG to SCOTUS: Uphold disparate impact in housing

Schneiderman, other AGs don’t want discrimination measure thrown out
Trey Garrison
The Supreme Court of the United States is hearing the case of Texas Dept. of Housing vs. Inclusive Communities Project, and while many in the industry welcome the expected rejection of disparate impact theory in housing, others oppose overturning its use. Here’s why.
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