Items Tagged with 'Settlement'
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  • gloomy grey white house

    Senate Judiciary Committee chair wants answers on where all the mortgage settlement money went

    Sen. Grassley asks DOJ to consider clawing back funds
    June 16, 2017
    Ben Lane
    Earlier this month, the Trump administration’s Department of Justice put a stop to an Obama administration tactic of dictating that some companies send settlement funds to unaffiliated third parties, a practice that Republicans criticized as a “slush fund” operation. Now, a top Republican wants answers on which organizations got the settlement funds, what the organizations did with the money, and it wants the DOJ to potentially claw some of that money back.
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  • building

    DOJ ordered to stop mortgage settlement money flowing into "left-wing activist organizations"

    Republicans accused Obama administration of using money as "slush fund"
    June 7, 2017
    Ben Lane
    Over the last few years, some of the largest settlements between financial institutions and the Obama administration’s Department of Justice contained stipulations that some of the settlement money be sent to unaffiliated third parties, a practice that Republicans criticized as a “slush fund” operation. But now that Republicans are in charge of the DOJ, that practice is ending, immediately.
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  • US Capitol

    Warren, Lankford lead bipartisan effort to shine light on government settlements

    Senate bill would increase transparency into negotiations, settlement terms
    May 17, 2017
    Ben Lane
    For the third time in the last four years, Sen. Elizabeth Warren, D-Mass., is leading a bipartisan push to shed some light on how the government reaches the occasionally massive settlements with businesses for various forms of misconduct. Here are the details on the "Truth in Settlements Act."
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  • cash

    JPMorgan Chase to pay nearly $800 million in final Lehman Brothers settlement

    Pushes total settlement costs well above $2 billion
    February 1, 2017
    Ben Lane
    JPMorgan Chase disclosed Wednesday that it reached a final settlement agreement with Lehman Brothers, ending the failed investment bank’s lawsuit over claims that JPMorgan illegally siphoned billions of dollars from Lehman before its collapse. JPMorgan Chase’s final settlement payout checks in at well above $2 billion.
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  • Model house on money

    Credit Suisse reaches $5.28 billion mortgage bond settlement

    Required to provide $2.8 billion in consumer relief
    January 18, 2017
    Ben Lane
    For the second time in as many days, the Department of Justice announced that it reached a multi-billion dollar settlement with a foreign-based bank over its mortgage securitization practices leading up to the housing crisis. On Tuesday, the DOJ announced that it reached a $7.2 billion settlement with Deutsche Bank. Now, it’s Credit Suisse’s turn.
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  • Bank of America

    Bank of America nearing halfway mark in $7 billion consumer relief effort

    Payment part of $16.65 billion settlement over toxic mortgages
    November 6, 2015
    Ben Lane
    Bank of America is approaching the halfway point in delivering on its $7 billion promise of consumer relief required as part of its $16.65 billion settlement with the U.S. Department of Justice and others to resolve claims over toxic residential mortgage-backed securities, collateralized debt obligations and an origination release on residential mortgage loans sold to Fannie Mae and Freddie Mac.
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This month in
HousingWire magazine

Cover Story
August 2018

Women of Influence 2018

Eight years after we began recognizing women for their influential work in the expanding housing and mortgage finance ecosystem, a traditionally male-dominated field, our Women of Influence list is bigger and better than ever! This year, we honor 85 women who are making lasting achievements in each sector of the housing economy. Read on to learn more about these accomplished women and the strides they are making in their industry segments.

Feature

The Path to Equality

Jacob Gaffney
Jacob Gaffney
The financial world at large is experimenting with changing its workforce culture in ways not fathomable 10 years ago. For example, in 2011, the dress code for female workers at UBS came to light with unflattering results. In it, the Swiss bank instructed female employees on not just how to dress and how to smell, but also preached the importance for ladies to apply lotion after taking showers. Fast forward to today and fellow Swiss bank, Credit Suisse has now created an official role to boost equal opportunities and create a fair treatment environment. Has the American mortgage industry made similar progress?

Commentary

Outside the classroom

Marshall Gayden
Marshall Gayden
 Lending
The conversation around student loan debt and its economic impact on Millennials, those born from 1980 to 1998, has some questioning whether the future of the American Dream is in jeopardy. The nation’s student loan debt has soared to $1.4 trillion, surpassing credit cards in becoming the largest source of personal debt outside a mortgage.