News

Ben Carson facing Senate vote to become HUD Secretary

William Russell leading HUD in the meantime
The Committee on Banking, Housing, and Urban Affairs is slated to meet Tuesday morning to vote on the nomination of Ben Carson as Secretary of the U.S. Department of Housing and Urban Development. Will he finally become HUD secretary after a controversial nomination?
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JPMorgan Chase officially reaches $53 million settlement for lending discrimination

Wholesale lending brokers accused of charging higher rates to minorities
Confirming reports that began to emerge last week, JPMorgan Chase officially reached a settlement with the Department of Justice over allegations that the bank’s brokers charged higher interest rates to minority borrowers than white borrowers in the run-up and during the financial crisis. Initial reports pegged the settlement amount at $55 million, but the actual settlement amount is slightly lower, checking in at $53 million.
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Wells Fargo accused of falsely overcharging mortgage borrowers

Another possible Wells Fargo scandal
With the wound from its massive account scandal last year still fresh, four former Wells Fargo employees in the Los Angeles region say the account scandal was not the only way the bank deceived borrowers. The other area the bank maybe misled borrowers: Improperly charging borrowers to extend their promised interest rate when their mortgage paperwork was delayed.
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Democratic state AGs join fight to save CFPB from Trump

Seek to intervene in PHH fight over CFPB independence
The embattled Consumer Financial Protection Bureau, which top Congressional Democrats recently pledged to defend against potential attacks from the Trump administration, has more defenders in its corner now, as more than a dozen state attorneys general are joining the fight to protect the CFPB.
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Societe Generale fined $50 million for pre-crisis RMBS fraud

Lied to investors about quality of underlying loans
In its last few days, the Obama administration announced multibillion dollar settlements with two foreign banks, Deutsche Bank and Credit Suisse, for each bank’s mortgage securitization practices leading up to the housing crisis. And on Friday, as most people focused on the inauguration of Donald Trump, the Obama administration announced one last settlement with a foreign bank for its pre-crisis activities – France’s Societe Generale.
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[Video] Trump wants to cut all regulation by 75%

Will housing rules be a chunk of the percentage?
President Donald Trump said he plans to cut regulations by 75% or more in a meeting with business leaders on Monday. While he didn’t specially call out the housing market in his meeting, he’s already announced some plans for Dodd-Frank.
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Death-row inmate facing final hours for murder of Texas real estate agent

Scheduled for lethal injection Wednesday
About 10 years ago, convicted killer Kosoul Chanthakoummane brutally murdered a real estate agent in a model home. Now, after a decade on death row, his death is only days away. Though not as brutal as the 33 stab wounds he inflicted on the real estate agent, Chanthakoummane will face the end by lethal injection.
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CFPB fines CitiFinancial Servicing and CitiMortgage $29 million

Charged over borrower foreclosure practices
The Consumer Financial Protection Bureau hit CitiFinancial Servicing and CitiMortgage with enforcement actions over how both companies handled borrower foreclosures. Since both banks violated the Real Estate Settlement Procedures Act, they must pay a total fine of $28.8 million.
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