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ARTICLES

Failed bank's CEO, chairman convicted of trying to scam $13M in TARP funds

NOVA Bank executives faked private investments in attempt to save failing bank
The former CEO of a failed bank and the former chairman of the bank’s board of governors conspired to fake millions of dollars of investments in the bank as part of a scheme to defraud the federal government of more than $13 million from the Troubled Asset Relief Program.
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Capital Economics: GDP growth likely to underwhelm in 2016

GDP rises 0.5% in 1Q
While some of the headwinds that restricted first-quarter GDP growth will disappear in the second half of the year, it would still take a lot to salvage GDP for the year. And as the Bureau of Economic Analysis cautions, the first-quarter advance estimate is based on data that is incomplete or subject to further revision.
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California loss-mitigation bill creates more problems than it solves

Here are 8 unclear and dangerous provisions of bill
California continues its effort to pass a law that would require loan servicers to work with successors to borrowers on loss mitigation options. Unfortunately, SB 1150, while well intended, has the potential to create more problems than it solves. Here are just some of the unclear and dangerous provisions of bill.
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Don't miss it: Women of Influence nominations close at midnight

Recognizing the most influential women in housing
The 40 women we recognized last year represent a broad cross-section of our industry. Our list included CEOs and CFOs, but also legal officers, sales directors and those in charge of business development. They work in lending, servicing, real estate and investing, but they all have one thing in common: excellence.
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Ellie Mae reports record 1Q revenue

Beats revenue and EPS expectations
Ellie Mae's first-quarter earnings results are in, and it looks good for the company. Not only did it beat revenue and EPS expectations, but it posted record revenue of $73.6 million.
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Ocwen responds to National Mortgage Settlement foreclosure holds

Ocwen: These holds are not 'frozen foreclosures'
Early Thursday morning, Joseph Smith, the monitor of the National Mortgage Settlement, announced that Ocwen Financial was not in compliance with one of the performance metrics of the National Mortgage Settlement and prohibited the nonbank from taking foreclosure actions on more than 17,000 loans. In a lengthy response published Thursday afternoon, Ocwen responded to Smith's office and the nature of the sanctions that Smith's office placed on it.
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CFPB: Changes to TRID coming soon

Bureau responds to industry trade group concerns
Top industry groups banded together to get the CFPB to reopen talk around the rule, and it worked. The CFPB said it has begun drafting a Notice of Proposed Rulemaking on the Know Before You Owe rule. And it's probably coming faster than you think.
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Homeownership rate falls again, nearing all-time low

So much for the supposed recovery
Just over two months ago, it seemed like there might finally be a light at the end of the tunnel as the homeownership rate in the United States increased for the second straight quarter, after falling to a 48-year low in the second quarter of 2015. But as it turns out, that growth may have been a mirage.
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Paulina Gonzalez

Paulina Gonzalez

Paulina Gonzalez is the executive director of the California Reinvestment Coalition, which advocates for the right of low-income communities and communities of color to have fair and equal access to banking and other financial services. CRC has a membership of over 300 nonprofit organizations and public agencies across the State. Follow her on Twitter @calreinvest