JPMorgan Chase is still arguing with the Federal Deposit Insurance Corp. over the precise wording of its purchase agreement to buy Washington Mutual five years ago. The debate is part of a long process to resolve who bears the ultimate responsibility for WaMu's failed liabilities.
The Federal Insurance Deposit Corp. is allowed to dismantle a firm if it cannot pass through bankruptcy without posing a significant threat to the financial system. Dodd-Frank gives the FDIC the power to do that, and they plan to use it if needed.
The Federal Deposit Insurance Corp. estimates how much it will cost the insurance fund every time it seizes a bank. But the estimated cost and the actual cost don't always match up, leading to deeper losses than expected.
A federal judge dismissed Bank of America’s lawsuit against the Federal Deposit Insurance Corp. over $1.7 billion in investor losses stemming from the collapse of a large regional bank and a large mortgage lender back in 2009.
"If you look at what we do, fundamentally, MERS is the mortgagee on behalf of the investor and its assigns, it’s not a whole lot more complicated than that. And that role as an agent is well rooted in the laws of this country. So when you get down to it, and when we get challenged, we typically prevail. We simply take away all the clutter and present what we do, and what the laws actually say, and we get there," MERS CEO Beckmann said in an exclusive profile only in HousingWire magazine..
The CFPB is currently paying close attention to the individuals/small players, as well as the larger institutional mortgage companies. With respect to the small players, the CFPB is looking at the loan officer, real estate agent and developer. A common violation that these smaller firms or individuals commit, in addition to possible violations resulting from social media posts, stems from agreements among themselves. Read More
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. Read More