Items Tagged with 'New York'

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New York unveils bill of rights for borrowers facing foreclosure

State takes final steps to implement new foreclosure laws
The state of New York is taking the next step in its fight against abandoned foreclosures and neighborhood blight by unveiling a consumer bill of rights for borrowers facing foreclosure. The consumer bill of rights reminds consumers of the various rights they have before, during, and after the foreclosure process.
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How Trump’s election influences New York real estate

People are realizing that the world’s not ending
The morning after President-elect Donald Trump became the nation’s next president, the real estate market in New York turned on its head. But was it a temporary turn, or a new trend? Experts from the area talk about what they saw after the first week with the new president-elect.
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PHH fined $28 million by NYDFS for "shoddy" mortgage servicing

Lender's actions echo several crisis-era practices
The New York Department of Financial Services announced Wednesday that it is fining PHH $28 million for what it calls “shoddy mortgage origination and servicing practices.” In announcing the fine, the NYDFS provided a list of the violations that PHH committed, and it reads like a laundry list of some of the same practices that gave the mortgage business a bad name before, during and after the financial crisis.
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New York allots $20 million to state land banks to fight blight

Money to come from Goldman Sachs, Morgan Stanley mortgage bond settlements
The state of New York is set to give an additional $20 million to the state’s land banks as part of a continuing effort to fight neighborhood blight throughout the state, the office of New York Attorney General Eric Schneiderman announced this week. The funding will come from the state’s settlements with Goldman Sachs and Morgan Stanley, both of which agreed to multi-billion dollar mortgage bond settlements earlier this year.
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Wells Fargo fallout: New York places restrictions on incentives for bank employees

Compensation tied to employee performance needs 'effective oversight'
At the core of the fake account scandal surrounding Wells Fargo right now is the fact that more than 5,000 of the bank’s former employees opened more than 2 million fake accounts to get sales bonuses. As the Wells Fargo situation works it way through various political and judicial machinations, the state of New York is taking measures to ensure that similar behavior, which led to a $185 million fine for Wells Fargo, doesn’t happen again.
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New York announces new requirements for maintenance of zombie homes

New regulation will hold lenders and mortgage servicers "accountable"
The state of New York is taking its fight against zombies homes to the next level, as the state announced a series of new regulations for mortgage lenders and servicers that aim to hold the companies “accountable” for the maintenance of abandoned foreclosures.
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New York unveils sweeping cybersecurity regulations

Banks, financial services industry will be required to amp up security
Banks, insurance companies and other financial services companies that operate within the state of New York will soon be required to significantly increase their cybersecurity programs in an effort to further protect consumers’ personal and financial information.
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Freedom Mortgage acquires Sterling National Bank mortgage lending business

Expands presence in New York
Freedom Mortgage Corporation is increasing its presence in the state of New York by acquiring the residential mortgage lending business of Sterling National Bank, the principal subsidiary of Sterling Bancorp. The deal represents Freedom Mortgage's second significant acquisition in just over a month, as the company pushes to expand its business.
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