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
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The Ticker

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.
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Corcoran Consulting and Coaching to offer free webinars for Equator

Collaboration between firms will include performance coaching
Levi Shultz
“We are honored to be in collaboration with Equator as we continue to provide value-added services to real estate professionals in the REO and short sale industries,” said Bubba Mills, executive vice president of Corcoran Consulting and Coaching.
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Real Living Lifestyles joins RealtyTrac’s broker network

Becomes network’s exclusive partner in San Diego County
Ben Lane
As a member of the RealtyTrac Network, Real Living Lifestyles will have the ability to integrate its broker-branded listings into the realtytrac.com website. “The network also offers all of its members high-profile, homepage branding as well as incorporating their insight into the real estate news cycle,” RealtyTrac said.
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Countrywide’s Mozilo may face lawsuit over subprime mortgages

This time prosecutors have a new weapon
Brena Swanson
Although Countrywide Financial no longer exists, co-founder Angelo Mozilo is allegedly not in the clear as prosecutors still want to hold him responsible for the company’s role in the U.S. housing bubble, according to a Bloomberg report.
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Home Depot: Housing finance reform is crucial

Executives pay close attention to mortgage market
Brena Swanson
Although Home Depot reported strong second-quarter earnings, it does not mean the giant home improvement store has nothing to worry about.
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What can you get for $1 million in housing these days?

It's not two houses at the same time or even a bigger house
Trey Garrison
Home values are down 11% from their pre-meltdown peak in 2007, and $1 million doesn’t go nearly as far as it used to, according to Zillow’s number crunchers.
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Chicago FHLB launches Ginnie Mae MBS program

Gives small banks access to secondary mortgage market
Brena Swanson
The Federal Home Loan Bank of Chicago will soon launch its new program that allows members to originate and sell government-backed loans into Ginnie Mae mortgage-backed securities.
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Good news for the housing market?

Home Depot raises full-year forecast
Brena Swanson
Home Depot recorded strong second-quarter earnings on the same day the U.S. Census Bureau and the Department of Housing and Urban Development reported multifamily housing starts soaring.
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5th Circuit U.S. Court of Appeals affirms MERS authority to assign mortgage

Trey Garrison
The U.S. Court of Appeals for the Fifth Circuit affirmed MERSCORP Holdings’ authority to assign the mortgage lien as its basis for affirming the dismissal of a wrongful foreclosure lawsuit.
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Look! This penthouse can be yours for half a billion dollars

First, get a half a billion dollars
Trey Garrison
It’s Monaco, where there is so much money that if you meet three locals, one of them is a millionaire. And now it may be home to the world’s most expensive penthouse.
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