Items Tagged with 'Settlement'
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  • Wells Fargo

    Wells Fargo reaches $575 million settlement with all 50 states for recent scandals

    Settles for fake accounts, auto insurance, mortgage interest locks
    December 28, 2018
    Kelsey Ramírez
    It’s been a rough couple years for Wells Fargo as scandal after scandal is revealed. Now, the bank announced a $575 million settlement with all 50 state attorneys general and the attorney general for the District of Columbia regarding some of its previously disclosed scandals.
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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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This month in
HousingWire magazine

Feature

What happened to reverse mortgages?

LendingReverse
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.