News

Labor Department launches "top-to-bottom" review of Wells Fargo

Answers call from eight senators to open investigation
Wells Fargo has its hands full these days. The beleaguered megabank is already facing a $185 million fine for the recent fake account scandal, which subsequently led to ongoing investigations from the House Financial Services Committee and the Department of Justice, not to mention a rough appearance before the Senate Banking Committee for Wells Fargo CEO John Stumpf. And now, the bank is facing a thorough review of its labor practices.
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NYDFS reportedly looking into Caliber Home Loans

Inquiry seeks information on handling of delinquent mortgages
The New York Department of Financial Services is reportedly looking into how Caliber Home Loans handles distressed mortgages and the lender’s origination practices for borrowers with less-than-perfect credit profiles.
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Case-Shiller results barely miss housing-boom high

Home prices increasing annually, but flat from June
Home prices rose yet again in July, and while not quite as fast as June’s pace, it did come less than a percentage point away from July 2006’s all-time high. Home prices in three cities continue to increase faster than any other city.
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Freddie Mac launches "Deep MI" credit risk-sharing pilot program

Plans to share even more risk with mortgage insurers
Freddie Mac announced Monday that it is prepared to take the next step in the government’s continuing efforts to shed some of the credit risk facing the government-sponsored enterprises through a pilot program featuring deep mortgage insurance. So, what does this mean? More mortgage risk will now be transferred to private mortgage insurance companies.
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EXCLUSIVE: STRATMOR explains increase in mergers and acquisitions

Sellers leave mortgage industry due to personal exit strategies
Recently, the Mortgage Bankers Association talked about how mergers and acquisitions are heating up, however STRATMOR, which has an active M&A practice with a focus on midsize Independent mortgage banks, is quick to add that they wouldn't characterise the markets as getting hot. Well, not just yet, anyway.
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Fannie Mae sells $20.3m NPLs to familiar non-profit

Frequent buyer snaps up deeply delinquent mortgages
Fannie Mae broke with tradition recently when it announced plans to sell a pool of non-performing loans through its “Community Impact Pool” program to a private equity firm, rather than the non-profits, small investors and minority- and women-owned businesses it is designed to target. But in its fifth Community Impact Pool sale, Fannie Mae is turning back to a non-profit, and a familiar one at that.
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Got tough questions about the CFPB's 900-page mortgage-servicing rule?

HousingWire gets you the answers
For those wondering if the Consumer Financial Protection Bureau’s mortgage-servicing rule is published in the Federal Register yet, the answer is no. This gives the industry a little bit of extra time to digest all the details that are in the final rule. Luckily, HousingWire is hosting a Q&A expert webinar to make sure you have all the information you need to fully comply with the rule and properly conduct business.
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