Items Tagged with 'New York'


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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Morgan Stanley takes first steps in offering $400M in consumer relief in New York

Part of $3.2 billion settlement over "deceptive" mortgage bond practices
Earlier this year, Morgan Stanley agreed to a $3.2 billion settlement over its “deceptive” mortgage bond practices in the run-up to the financial crisis. Part of that settlement included a commitment to provide $400 million in consumer relief for New York residents. Now, Morgan Stanley is taking its first steps to fulfill that commitment.
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New York unveils $13 million program for cities' fight against zombie homes

New grant program uses Morgan Stanley settlement funds
The state of New York takes its next steps in its ongoing battle against neighborhood blight caused by abandoned foreclosures by unveiling a new program designed to help cities throughout the state fight back against the rise of zombie homes. And the state is using money from a massive settlement with Morgan Stanley to do it.
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RealtyUSA merges with Howard Hanna, forms nation's "3rd largest real estate company"

Combined company will have 9,000 sales associates and employees in 270 offices
Howard Hanna Real Estate Services, the largest real estate broker in Pennsylvania and Ohio, is merging with RealtyUSA, the largest real estate broker in New York, to form what the companies are calling the "third largest real estate company in the United States."
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