Items Tagged with 'Benjamin Lawsky'


  • New York Gov. Andrew Cuomo chooses Maria Vullo to lead NYDFS

    Former Cuomo staffer will serve as New York’s top financial regulator
    New York Gov. Andrew Cuomo announced Thursday that his office nominated Maria Vullo to serve as the superintendent of the New York Department of Financial Services, ending a tumultuous period that saw rumors of tension between the governor’s office and the NYDFS surrounding the departure of Anthony Albanese as acting superintendent of New York’s top financial regulator.
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  • Inside the battle for the soul of New York's top financial regulator

    Why NYDFS has no leader, no direction
    Pushes from Wall Street and Capitol Hill’s most ardent Wall Street opponent have launched a battle over the direction, reach, and power of New York’s top financial regulator, leaving the New York Department of Financial Services without a leader or a direction. Will the NYDFS continue to be a fiercely zealous regulator with long reach and serious clout, or will the NYDFS become more of a friend than a foe to Wall Street?
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  • NYDFS names Lawsky’s temporary replacement

    Anthony Albanese to lead regulator on interim basis
    The New York Department of Financial Services has found its replacement for its soon-departing superintendent, Benjamin Lawsky. Lawsky himself made the announcement in a memo sent to NYDFS staffers. In the memo, Lawsky said the NYDFS will be in good hands while Gov. Andrew Cuomo searches for a permanent replacement.
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  • Lawsky: New York’s foreclosure system is broken

    Calls for reforms in state’s foreclosure process
    The state of New York is still facing a massive glut of foreclosures that are choking an over-stressed system and threatening the state’s homeowners, New York Department of Financial Services Superintendent Benjamin Lawsky told the crowd at the Mortgage Bankers Association’s National Secondary Market Conference on Tuesday morning. “The state’s foreclosure process is broken and badly in need of change,” Lawsky said.
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  • New York cracks down on title insurers for kickbacks

    New regulations expected to reduce title insurance costs by up to 20%
    The state of New York is cracking down on the title insurance industry after a New York Department of Financial Services investigation found that some title insurers are providing kickbacks in exchange for business and passing those costs along to consumers by significantly inflating title insurance premiums.
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  • From HW Magazine

    Ocwen's terrible, horrible, no good, very bad year

    How 2014 rocked Ocwen Financial to its core
    “The existence and pervasiveness of these issues raise critical questions about Ocwen’s ability to perform its core function of servicing loans.” Lawsky said in the letter that in light of these serious issues and the likelihood that thousands of new, inaccurate records are created with each passing day, Ocwen has not approached this problem with the urgency it demands.
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  • Ocwen CEO unveils company’s new direction

    Plans to exit agency servicing; increase mortgage originations
    Now that the dust is beginning to settle on the $150 million settlement between Ocwen Financial and the New York Department of Financial Services, the company has unveiled its plans for the future. William Erbey’s departure isn’t the only big change for the nonbank.
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  • Here’s what Ocwen did wrong

    A deeper dive into the NYDFS allegations and settlement
    Many industry observers were waiting for the other shoe to drop when it came to Ocwen, and Monday it finally fell, right onto the head of William Erbey, Ocwen’s now-former chairman. A deeper look at the NYDFS investigation reveals just what Ocwen did wrong and the additional sanctions that could crush Ocwen’s business.
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