After denying or delaying mortgage loans to women because they were on maternity leave, Greenlight Financial Services will have to pay $48,000 to settle allegations that it violated the Fair Housing Act.
In the first of possibly more from Attorney Preet Bharara in Manhattan, HSBC Holdings Plc. reached a settlement to pay $10 million over charges that it defrauded taxpayers by submitting inflated bills to process residential foreclosures.
The U.S. Department of Justice announced an $8.8 billion settlement with BNP Paribas to settle charges that the French bank hid $30 billion in transactions that violated U.S. sanctions. And BNP Paribas might not be the only large financial institution at fault.
SunTrust agreed to pay $968 million for a mortgage origination settlement to cover mortgage servicing and foreclosure abuses. But according to Attorney General Eric Holder, there will be more settlements to come.
First Horizon National Corp. entered a definitive resolution agreement with Freddie Mac over the loan repurchase process, settling all representation and warranty claims related to loans sold from 2000 to 2008.
According to Verizon’s 2019 Data Breach Investigations Report, 10% of the 2,013 breaches that occurred in 2018 were within the financial industry. Personal data was compromised in 43% of those breaches, which were largely attributed to privilege misuse, errors or unsecure web applications.
Rising interest rates often cause homebuyers to think twice about moving forward with a mortgage. In April, mortgage applications fell more than 7% after 30-year fixed mortgage rates reached a high for the month.