CFPB secures $27.7 million judgment against foreclosure relief scammers

The next president needs to speak up about housing right now

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CFPB, DOJ take action against Provident Funding for discriminatory lending

Could pay $9 million in damages
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Items Tagged with 'SEC'

ARTICLES

SEC puts an end to Carrington Capital investigation

After 18 months, they got nothing
Ben Lane
After an 18-month investigation, the Securities and Exchange Commission will not issue any penalties or pursue any enforcement action against Carrington Capital Management over its acquisition of New Century Financial.
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It’s over: SEC settles with Freddie Mac executives

Former Freddie Mac CEO, others faced charges over subprime mortgages
Ben Lane
The Securities and Exchange Commission’s high-profile case against several former Freddie Mac executives over allegedly misleading investors about the quality of subprime mortgages is now over, and it ended rather quietly.
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Zillow-Trulia deal receives FTC approval, will close in days

Zillow reports record revenue in 2014
Ben Lane
Zillow's once-controversial acquisition of its largest competitor is days away from completion, perhaps as soon as the markets reopen. The company announced late Friday that its proposed $2.3 billion merger with Trulia is expected to close within days, following notification that the Federal Trade Commission closed its investigation of the merger.
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Australian hedge fund bets $1 billon on Zillow-Trulia

“We believe Zillow will be a $50 billion enterprise value company”
Ben Lane
One of Australia’s largest hedge funds is betting big on the future of online real estate in the U.S., to the tune of more than $1 billion. And if online real estate progresses as the hedge fund expects, its $1 billion could turn into $10 billion rather easily.
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S&P settles with SEC for $58 million over bond ratings fraud

First action against one of the big three ratings firms
Sarah Wheeler

“Investors rely on credit rating agencies like Standard & Poor’s to play it straight when rating complex securities like CMBS,” said Andrew J. Ceresney, director of the SEC Enforcement Division. “But Standard & Poor’s elevated its own financial interests above investors by loosening its rating criteria to obtain business and then obscuring these changes from investors."


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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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