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 'Standard & Poor's'

ARTICLES

S&P upgrades Rushmore Loan Management Services’ rating

Moves from average to above average
Brena Swanson
Rushmore Loan Management Services, a residential mortgage loan servicer, is performing well in the market, and now Standard & Poor’s has raised its special servicer rating.
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From HW Magazine

Dodd-Frank fails again

Standard & Poor's shocking mortgage bond fraud
Jacob Gaffney
Ladies and gentlemen, it’s been some time since the mortgage bond world felt shaken to the core. But shaken, right now, it feels, according to several recent conversations I’ve had on the subject.
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It’s official: S&P to pay record-breaking fine for misleading RMBS investors

Settlement with DOJ resolves claims of inflated pre-crisis ratings
Ben Lane
A credit ratings agency is finally facing the music. As was first rumored in early January, Standard & Poor’s will indeed pay $1.375 billion as part of settlement with the U.S. Department of Justice and nearly 20 states over claims that S&P knowingly misled mortgage bond investors by issuing trumped up ratings for pre-crisis residential mortgage-backed securities.
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DOJ shifts focus to Moody’s Investors Service

Investigates ratings in the buildup to the financial crisis
Brena Swanson
Credit-rating agencies have been under a lot of fire recently. Now that the U.S. Department of Justice is wrapping up its case with Standard & Poor’s, it is shifting its attention to Moody’s Investors Service for similar issues.
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Calpers settles with S&P for $125 million

Moody’s still under pursuit
Brena Swanson
The California Public Employees’ Retirement System’s fight against two top credit ratings agencies is starting to come to a close, resolving a case involving inflated grades of residential-mortgage deals that later faltered.
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S&P reportedly close to massive mortgage-bond rating settlement

WSJ: Department of Justice may get billions
Ben Lane
Standard & Poor’s is reportedly closing in on a $1.37 billion settlement with the U.S. Department of Justice and more than a dozen states over claims that S&P knowingly misled investors by issuing trumped up ratings for pre-crisis residential mortgage-backed securities.
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Prime jumbo non-agency RMBS issuance grows slowly in 2015

Housing needs nonagency securitization using private capital
Trey Garrison
The future of the nonagency RMBS market will require private capital, but it's not clear how that can be achieved. Here are the details.
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S&P: Nonbank earnings will be weak

Too little demand
Brena Swanson
"We believe industry earnings are likely to remain weak unless supply contracts substantially as some of the originators that expanded during the boom exit the market, or unless industry credit standards ease materially, enabling more borrowers to obtain mortgages," said Standard & Poor's credit analyst Stephen Lynch.
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Two Harbors brings $268 million prime jumbo RMBS to market

Agate Bay Mortgage Trust 2014-1 receives AAA ratings from S&P
Ben Lane
Standards & Poors Ratings Services has awarded primarily AAA ratings to the securitization’s classes due to the high quality of the collateral, among other positive indicators.
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S&P: Prime jumbo RMBS advance rates nose-dive

Subprime rates stabilize
Ben Lane
"Bank servicers, such as Wells Fargo and JPMorgan Chase, have maintained a high (more than 90%) level of advancing on prime jumbo collateral," the analysts write. "However, nonbank servicers, such as Nationstar and Ocwen, have advance rates that are substantially lower and have been steadily declining over the past six months."
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