The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Zillow analyst on whether home prices can keep climbing

Today’s episode of HousingWire Daily features an interview with Nicole Bachaud, as she discusses annual and monthly home price appreciation growth, rising inventory levels and rent prices.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Politics & MoneyMortgage

Government officials will not pursue criminal charges against Citigroup

Prosecutors can’t charge individuals due to lack of evidence

Government officials chose not to pursue criminal charges against Citigroup executives or employees related to packaging and selling mortgage-backed securities dating back to the 2008 financial crisis, according to an article by Nate Raymond for Reuters.

The decision was made following Citigroup’s $7 billion settlement in 2014, resolving federal and state civil claims mortgage bonds.

From the article:

Its release marked the first public acknowledgement by U.S. authorities that executives at a major bank linked to the financial crisis would face no criminal charges for their involvement in selling billions of dollars of toxic mortgage bonds.

The report, by the Federal Housing Finance Agency's Office of Inspector General, one of the agencies in the Citigroup probe, said following the settlement, prosecutors reviewed the evidence to see if any individuals could be charged and determined "there was not enough compelling evidence."

The review came at the request of the Justice Department, which requested that all mortgage-backed securities settlements reached with the government be reviewed with the intention of determining if individuals could be held responsible, according to the article.

Among those settlements was Bank of America, which reached a settlement of $16.65 billion over toxic mortgages.

The bank admitted to failing to disclose known uncertainties regarding potential increased costs related to mortgage loan repurchase claims connected to more than $2 trillion in residential mortgage sales.

Most recently, Morgan Stanley settled for $3.2 billion over deceptive mortgage bond practices. The settlement stems from Morgan Stanley’s alleged misrepresentations about the security and safety of residential mortgage-backed securities it sold before the financial crisis.

Also included is JPMorgan Chase, which reached a settlement of $13 billion. 

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