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Items Tagged with 'Securities and Exchange Commission'

ARTICLES

Market shift: HSBC offloads huge REO portfolio to Altisource

Lays off most of REO staff
Brena Swanson
In the latest addition to Altisource Portfolio Solutions, the company is acquiring the servicing rights to HSBC's REO department. The decision is already drawing fire for its cloak-and-dagger execution.
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Moody’s downgrades Ocwen’s servicer ratings

Cites increased regulatory scrutiny and force-placed insurance concerns
Ben Lane
Moody's suggests that the scrutiny from the Securities and Exchange Commission and the New York Department of Financial Services "could restrict Ocwen's activities, levy monetary fines, or take additional actions that could negatively affect the company's financial strength and servicing stability."
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KBRA: More smoke than fire in Ocwen’s restated earnings

Cautions that MSR transactions could see more regulatory scrutiny
Ben Lane
Kroll notes that audit firms, like Deloitte & Touche, advise public companies on how to structure their finances related to GAAP, however “the public company is ultimately responsible for the public disclosure,” which leads to the public company “taking the blame” for what its auditor advised it to do.
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SEC subpoenas Ocwen over Altisource, HLSS associations

Joins NYDFS in questioning company’s relationship with its affiliates
Ben Lane
Ocwen’s close relationship with Altisource Residential, Altisource Asset Management Corp., Altisource Portfolio, and Home Loan Servicing Solutions has been under scrutiny since New York's Department of Financial Services first sent a letter to Ocwen’s general counsel about the dealings between the affiliated companies in February.
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Morgan Stanley finally pays $275 million for subprime RMBS fraud

SEC charged company with misrepresenting loans
Ben Lane
The SEC had charged Morgan Stanley with misrepresenting the delinquency status of mortgage loans underlying two subprime RMBSs at the height of the financial crisis. They were the last subprime RMBSs that Morgan Stanley sponsored, issued, and underwrote.
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SEC investigates Carrington deal with New Century Financial

Brena Swanson
In a flash back to the past, a previous deal between Carrington Holding Company and failed subprime lender New Century Financial is under investigation by the Securities and Exchange Commission.
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Court of Appeals: Judge should not have blocked Citigroup, SEC settlement

Overturns Judge Jed Rakoff's decision to block $285 million RMBS settlement
Ben Lane
In the ruling, the three-judge panel wrote, “We now hold that the district court abused its discretion by applying an incorrect legal standard in assessing the consent decree and setting a date for trial.”
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SEC charges jailed broker with fraud in real estate scam

Ben Lane

Vitale allegedly told his investors that their funds were “100% protected” when they were not, and he claimed to be a financial expert with a business degree from Notre Dame. In fact, he never attended college after graduating from Notre Dame High School in West Haven, Conn.


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SEC tells two Wall Street bond traders this isn't Monopoly

Accused of Free Parking
Brena Swanson
Two Wall Street traders are charged with involvement in a “parking” scheme that arranged for one to purchase several securities with the understanding that the other would repurchase them at a profit in order to skirt around company rules.
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SEC charges Western Asset Management for mortgage-related trades

Firm slammed with $21M settlement
Kerri Ann Panchuk
The California firm’s actions led to an investigation that finally resulted in the Securities and Exchange Commission leveraging charges against Western Asset this week.
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