Here’s how much mortgage servicing Altisource Residential is offloading

Here’s how much mortgage servicing Altisource Residential is offloading

SEC filing reveals contract details with BSI Financial and Fay Servicing

DOJ fines JPMorgan Chase $50 million for robo-signing

Chase admits to misfiling mortgage documents

This is what justifies Texas economic pride

Happy Independence Day, Texas
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Items Tagged with 'Department of Justice'

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DOJ fines JPMorgan Chase $50 million for robo-signing

Chase admits to misfiling mortgage documents
Ben Lane
JPMorgan Chase admitted to misfiling more than 50,000 payment change notices in bankruptcy courts that were “improperly signed, under penalty of perjury, by persons who had not reviewed the accuracy of the notices,” and will pay more than $50 million to homeowners as part of a settlement with the U.S. Department of Justice over its mortgage practices.
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Morgan Stanley expects mortgage bond lawsuit from New York AG

Subprime securitizations at the center of lawsuit
Ben Lane
It turns out that Morgan Stanley is not out of the woods when it comes to trouble with regulators. Far from it, in fact. The company disclosed that it is expecting to be the subject of a lawsuit filed by New York Attorney General Eric Schneiderman over approximately 30 subprime securitizations sponsored by the company.
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Military members to receive $123 million for unlawful foreclosures

Relief is part of National Mortgage Settlement
Ben Lane
According to the U.S. Department of Justice, Bank of America, JPMorgan Chase, Citi, Wells Fargo and GMAC Mortgage will send payments to 952 service members and their co-borrowers for conducting non-judicial foreclosures conducted in violation of the Servicemembers Civil Relief Act.
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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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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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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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Former HUD employee jailed for stealing $843K from government

Loan guarantee specialist sentenced to 26 months in prison
Ben Lane
A former loan guarantee specialist for the U.S. Department of Housing and Urban Development will spend the next two years in prison for stealing $843,000 from the federal government.
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U.S. Attorney General Eric Holder to step down

Departs after nearly six years
Brena Swanson
U.S. Attorney General Eric Holder will announce on Thursday he is stepping down after a term marked by advances in civil rights and frequent battles with Republicans in Congress.
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FHA-backed mortgages drop 19%

Lenders put limit on federal insurance
Brena Swanson
Major lenders and regulators are working hard to find common ground when it comes to home loans to lower-income Americans. As talks continue, the percent of federal Housing Administration loans given to borrowers with weaker credit scores is dropping.
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Tony West leaving DOJ after negotiating massive RMBS settlements

Led DOJ’s toxic mortgage task force
Ben Lane
In his role, he headed the DOJ’s residential mortgage-backed security task force that in the past several months has secured massive settlements with Citigroup, JPMorgan Chase, Bank of America and others over the banks’ toxic mortgage lending practices that led to the collapse of the housing economy.
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