Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Mortgage Tech Virtual Demo Day

Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Politics & Money

OCC settles with three former Wells Fargo executives

One executive received a lifetime ban from working in the banking industry

The Office of the Comptroller of the Currency said on Monday it had settled with three former Wells Fargo executives for their roles in the bank’s fake-account scandal.

The settlements include a $925,000 penalty to former Community Bank Group Finance Officer Matthew Raphaelson, a $400,000 fine to the former Head of Community Bank Deposit Products Group Kenneth Zimmerman; and a $350,000 penalty to the former Head of Community Bank Human Resources Tracy Kidd, the OCC said in a statement.

“As part of the settlements, each individual agreed to cooperate with the OCC in any investigation, litigation, or administrative proceeding related to sales practices misconduct at the bank,” the statement said.

In addition to the fines, Raphaelson agreed to a so-called “prohibition order” that bans him from working in banking again, and the other two executives agreed to a “personal cease and desist order” that prohibits certain behaviors, the OCC said.

In January, the OCC announced it settled with John Stumpf, the former Wells Fargo chairman and CEO, who agreed to a $17.5 million fine and a lifetime prohibition from working in the banking industry. Hope Hardison, the Wells Fargo former chief administrative officer and director of human resources, agreed to a “cease and desist” as well as a $2.25 million fine, and Michael Loughlin, the former chief risk officer for Wells Fargo also got a “cease and desist” order from the OCC and a $1.25 million fine.

Wells Fargo has weathered a series of scandals that began with the 2016 revelation that while Stump was CEO, branch employees opened millions of fake accounts to hit sales goals.

Stump’s mantra to employees was “eight is great,” meaning he wanted employees to cross-sell customers so they were using eight of the bank’s products. After employees began opening fraudulent accounts to meet the sales goals, the credit ratings of some customers took a hit.

In February, Wells Fargo agreed to a $3 billion settlement of criminal and civil charges that it signed customers up for credit cards they didn’t request, opened accounts in their names without permission, and even transferred money between accounts.

Recommended reading: In addition to enforcing the rules for depository institutions, the OCC has also been busy determining the future of fintech regulation. FinLedger covers the OCC’s federal charter initiative and how a lawsuit from the New York State Department of Financial Services may derail progress toward a national OCC fintech charter. More on FinLedger.

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