Ocwen Chairman Erbey resigns as company admits misconduct

Ocwen Chairman Erbey resigns as company admits misconduct

Company to pay $150 million to homeowners

Existing home sales collapse 6.1% in November

Tumble comes amid record low declining rates, prices

Monday Morning Cup of Coffee: Oil’s crash will impact MBS market

Mortgage fraud is still a problem, plus the gift of housing metrics
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Items Tagged with 'Bank of America'

ARTICLES

Countrywide whistleblower will receive $57 million

Edward O’Donnell to get part of record Bank of America settlement
Ben Lane
The whistleblower at the center of the so-called "Hustle" case against Bank of America over Countrywide mortgage loans will also receive a hefty payout for his participation in the record $16.65 billion settlement between BofA and the U.S. Department of Justice to resolve claims over toxic mortgage-backed securities on residential mortgage loans sold to Fannie Mae and Freddie Mac.
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Bank of America, U.S. Bancorp face another MBS suit

NCUA files lawsuit against two large banks
Brena Swanson
Some of the country's biggest banks are facing another mortgage-related lawsuit. This time the National Credit Union Administration Board is filing the suit, claiming that both Bank of America and U.S. Bancorp failed to review mortgage loan files for irregularities.
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Will mortgage lenders offer 3% down GSE products?

Bank of America is not doing FHFA mortgages but AMCAP is
Brena Swanson
Fannie Mae and Freddie Mac opened the door to 97% loan-to-value mortgages, but lenders are not rushing to go through it. While those mortgages are good news for first-time homeowners, it may be some time before this product takes hold.
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BofA’s $16.65 billion toxic mortgage settlement gets green light

All legal and regulatory hurdles now clear
Ben Lane
With all of the regulatory and legal complications now ironed out, the massive $16.65 billion settlement between Bank of America, the U.S. Department of Justice, certain federal agencies and six states to resolve claims over toxic residential mortgage-backed securities is now finalized.
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SEC grants Bank of America relief in $16 billion settlement

Ends political logjam
Ben Lane
The record-setting settlement between Bank of America, the U.S. Department of Justice, certain federal agencies and six states to resolve claims over toxic residential mortgage-backed securities can finally proceed after the bank was granted relief by the Securities and Exchange Commission.
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Reuters: DOJ collects $24.7 billion in settlements in 2014

JPMorgan Chase & Co., Citigroup, BofA among biggest settlements
Levi Shultz
The U.S. Department of Justice reported a total of $24.7 billion in settlements for fraud and other cases in 2014. Approximately $11 billion came from settlements with JPMorgan Chase & Co. and Citigroup, along with $16.65 from Bank of America.
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Bank of America mortgage cases go to the Supreme Court

SCOTUS to hear if bankruptcy voids underwater second mortgages
Trey Garrison
The nation’s highest court is taking on the burning issue of underwater mortgages, agreeing Monday to hear not one but two mortgage cases brought by Bank of America, which is appealing lower court decisions.
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BofA CEO: No plans to ease mortgage standards

Despite federal pressure to open the credit box
Levi Shultz
Bank of America does not plan on easing its mortgage standards or offering 3% down mortgages, despite regulators seeking to expand lending, said CEO Brian Moynihan.
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BofA keeps pushing for SEC relief in $16 billion settlement

Claims bank is being treated unfairly
Ben Lane
The record-setting settlement between Bank of America, the U.S. Department of Justice, federal agencies and six states to resolve claims over toxic residential mortgage-backed securities is still on hold as the bank continues its fight for relief from the Securities and Exchange Commission.
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BofA’s $16 billion settlement on hold due to SEC fight

SEC commissioners split on granting waivers for relief
Ben Lane
According to a new report from Bloomberg, Bank of America's $16.65 billion settlement is “being held up” by an internal fight at the SEC over whether certain additional sanctions should be waived or not.
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