Mortgage industry embraces new CFPB mortgage toolkit

Mortgage industry embraces new CFPB mortgage toolkit

Know Before You Owe gets qualified stamp of approval

Did little-known Arizona law start the appraiser death clock?

Gov. Ducey inadvertently hands a victory to AMCs

JPMorgan’s Dimon to Sen. Warren: Hit me with a fine. We can afford it

New afterword from Warren’s book reveals tense exchange
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Items Tagged with 'Countrywide'

ARTICLES

NY appeals court approves Countrywide’s $8.5B settlement

BNY Mellon acted properly as trustee four years ago
Trey Garrison
This could be the final hurdle, and payouts could be coming soon in the rep and warranty settlement. Here’s what happened and what it could mean for JPM and Citibank’s settlements.
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Judge denies BofA request for new mortgage hustle trial

Rules Countrywide fine should stick
Jacob Gaffney
A federal judge in Manhattan said a $1.27 billion fine against Bank of America over an old mortgage-lending program known as Hustle should stick.
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Supreme Court eases notification rules for mortgage rescissions

Change makes it easier for borrowers to walk away from underwater homes
Trey Garrison
In a blow to lenders, the Supreme Court just made things a little easier for borrowers to walk away from underwater mortgages with its ruling on what TILA says. Here are the details lenders need to know.
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Countrywide whistleblower will receive $57 million

Edward O’Donnell to get part of record Bank of America settlement
Ben Lane
The whistleblower at the center of the so-called "Hustle" case against Bank of America over Countrywide mortgage loans will also receive a hefty payout for his participation in the record $16.65 billion settlement between BofA and the U.S. Department of Justice to resolve claims over toxic mortgage-backed securities on residential mortgage loans sold to Fannie Mae and Freddie Mac.
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Massive subprime mortgage bond portfolio ready to trade

Interested in subprime bonds? More than $2.4 billion is available now
Ben Lane
According to bond analytics firm Interactive Data, the $4.6 billion portfolio of vintage debt is the largest of 2014, surpassing the January liquidation of the ING US portfolio from the Dutch State Treasury Agency, which checked in at $4.3 billion.
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BofA beats expectations but sees declining revenue, per share value

Litigation costs, decline in originations, MSRs weigh on 3Q
Trey Garrison
Bank of America beat analyst expectations, reporting net income of $168 million for the third quarter of 2014, on top of shrinking revenues driven by decline in originations and mortgage servicing rights, among other factors.
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Looming layoffs at Bank of America signal shift in mortgage servicing

Impact already being felt throughout industry
Ben Lane
The impact of Bank of America's $16.65 billion settlement is beginning to be seen in the mortgage industry. The settlement will affect more than just the bank, the aggrieved homeowners and the government. It isn’t just the big banks that feel the pain of these settlements. It affects everyone.
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$1 billion in subprime mortgage bonds just exchanged hands

Package featured bonds from Countrywide, Bear Stearns, others
Ben Lane
Per Interactive Data, $885 million of the $998 million in available debt was subprime mortgages issed by Countrywide and others. The remaining debt was made up of $73 million in bonds backed Alt-A fixed-rate mortgages and $40 million in Alt-A adjustable-rate mortgages.
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$478 million in subprime-boom bonds to hit market

Part of $727 million package scheduled to trade Tuesday
Ben Lane
Now, $477.8 million more in subprime debt is available, and at least two of the biggest names in subprime are represented. According to Interactive Data, bonds from both Countrywide and Bear Stearns are part of this package.
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Bank of America urges judge to toss “Hustle” case verdict

Case links to Countrywide mortgages
Brena Swanson
Bank of America asked U.S. District Judge Jed Rakoff in Manhattan to throw out a jury verdict finding it liable for fraud over defective mortgages sold by its Countrywide unit that resulted in a $1.27 billion penalty.
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