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Items Tagged with 'SEC'

ARTICLES

Too many regulators in the kitchen

SEC says firms face lawsuits from multiple agencies
Brena Swanson
As more regulators pile the lawsuits on firms, the chances of overlapping investigations quickly escalates, which could disrupt regulatory probes and lead to unnecessary lawsuits.
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Bank of America to pay $7.65 million for $4B capital error

SEC, BofA agreement also includes new stress test for bank
Trey Garrison
Bank of America (BAC) is settling with the Securities and Exchange Committee to pay a $7.65 million penalty for a $4 billion capital error it disclosed earlier this year.
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OIG: FHFA can mitigate GSE risks from servicing, selling guidelines

GSEs don’t require independent assurance on counterparties
Trey Garrison
The Federal Housing Finance Agency can further mitigate the risks posed by Fannie Mae’s and Freddie Mac’s reliance on their counterparties’ information on origination and servicing compliance.
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SEC adopts tighter securitization, ratings agency rules

Makes banks more transparent
Brena Swanson
The U.S. Securities and Exchange Commission adopted tighter rules for asset-backed securities and credit rating agencies in order to better protect investors, finally tackling two issues at the core of the financial crisis after years of delays.
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Moody’s downgrades Ocwen’s servicer ratings

Cites increased regulatory scrutiny and force-placed insurance concerns
Ben Lane
Moody's suggests that the scrutiny from the Securities and Exchange Commission and the New York Department of Financial Services "could restrict Ocwen's activities, levy monetary fines, or take additional actions that could negatively affect the company's financial strength and servicing stability."
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SEC subpoenas Ocwen over Altisource, HLSS associations

Joins NYDFS in questioning company’s relationship with its affiliates
Ben Lane
Ocwen’s close relationship with Altisource Residential, Altisource Asset Management Corp., Altisource Portfolio, and Home Loan Servicing Solutions has been under scrutiny since New York's Department of Financial Services first sent a letter to Ocwen’s general counsel about the dealings between the affiliated companies in February.
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Morgan Stanley finally pays $275 million for subprime RMBS fraud

SEC charged company with misrepresenting loans
Ben Lane
The SEC had charged Morgan Stanley with misrepresenting the delinquency status of mortgage loans underlying two subprime RMBSs at the height of the financial crisis. They were the last subprime RMBSs that Morgan Stanley sponsored, issued, and underwrote.
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Court of Appeals: Judge should not have blocked Citigroup, SEC settlement

Overturns Judge Jed Rakoff's decision to block $285 million RMBS settlement
Ben Lane
In the ruling, the three-judge panel wrote, “We now hold that the district court abused its discretion by applying an incorrect legal standard in assessing the consent decree and setting a date for trial.”
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SEC charges jailed broker with fraud in real estate scam

Ben Lane

Vitale allegedly told his investors that their funds were “100% protected” when they were not, and he claimed to be a financial expert with a business degree from Notre Dame. In fact, he never attended college after graduating from Notre Dame High School in West Haven, Conn.


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Morgan Stanley offers $275M to absolve bad mortgage bonds

SEC yet to agree, MS won't admit wrongdoing
Trey Garrison
Morgan Stanley is finalizing a $275 million agreement with the U.S. Securities and Exchange Commission to settle the SEC probe into the bank’s subprime mortgage bond trades going back to 2007.
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