Items Tagged with 'Department of Housing and Urban Development'

ARTICLES

HSBC reaches $601M settlement over charges of 'abusive mortgage practices'

Settlement reached with DOJ, HUD, CFPB, Federal Reserve, 49 states
HSBC agreed to a $601 million settlement with a series of federal agencies and nearly every state over charges that the bank engaged in mortgage origination, servicing and foreclosure abuses. The massive settlement with HSBC was jointly announced Friday by the Department of Justice, the Department of Housing and Urban Development, the Consumer Financial Protection Bureau, 49 states and the District of Columbia.
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First Tennessee Bank reaches $1.9 million settlement over discriminatory lending

Accused of Fair Housing Act violations
For the second time in just over six months, First Tennessee Bank, the regional bank for First Horizon National, is settling with the federal government over allegations that it violated U.S. lending laws. In June 2015, First Tennessee agreed to pay $212.5 million to resolve allegations that it violated the False Claims Act. HUD announced Monday that it reached a settlement with First Tennessee over allegations that the bank violated the Fair Housing Act.
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Yes, housing starts fell in December, but all is not lost

November’s upwardly revised totals make December look a little worse
The housing start rollercoaster continued in December, with housing starts falling in December from November, which saw a significant increase from October’s unexpectedly dramatic drop. But several economists noted that the December data, while appearing negative, is actually a positive for housing.
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Urban Institute: More non-performing loans should be sold to private investors

New report shows private investors 'can do more for borrowers'
While some prominent figures in the federal government, including Sen. Elizabeth Warren, D-Mass., and Rep. Mike Capuano, D-Mass, have loudly criticized the government’s practice of selling non-performing loans to private investors, a new report from the Urban Institute suggests that selling NPLs to the private sector is actually a good thing.
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New homes sales rise in November

Increased over October’s revised lower total
Sales of new single-family houses in November 2015 printed at a seasonally adjusted annual rate of 490,000, according to estimates released jointly Wednesday by the U.S. Census Bureau and the Department of Housing and Urban Development.
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Franklin American Mortgage fined $70 million for False Claims Act violations

Department of Justice accused lender of originating substandard FHA loans
Franklin American Mortgage Company will pay the United States $70 million to settle allegations brought against the lender by the Department of Justice, which accused Franklin American of violating the False Claims Act by originating substandard Federal Housing Administration loans.
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Quicken Loans considers quitting FHA loans

DOJ lawsuit over False Claims Act may drive lender from FHA program
The contentious legal battle between Quicken Loans and the Department of Justice over the DOJ’s allegations that Quicken violated the False Claims Act by "knowingly" submitting hundreds of "improperly underwritten" loans insured by the Federal Housing Administration may just be enough to drive Quicken Loans out of FHA lending completely.
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