Items Tagged with 'SEC'

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  • Fannie Mae multifamily posts solid Q2

    Originations are up and delinquencies are low, but there is one bad mark on the scorecard
    Fannie Mae multifamily had a good quarter. Originations posted solid gains and the GSE's loans are performing exceptionally, but it took a major hit in one key metric. Read on to find out more.
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  • Citibank mortgage originations down 16%

    Despite a 13% QoQ increase in originations, the bank is down 16% YoY
    Citibank’s latest earnings release reveals that despite an overall uptick in retail banking, its mortgage originations took a 16% tumble year-over-year in the second quarter. This news comes after the bank’s posturing to re-enter the mortgage space earlier this year with the adoption of a new digital mortgage origination platform through Digital Risk and Black Knight.
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  • Morgan Stanley fined for failing to protect clients

    Agrees to pay SEC $3.6M for weak policies
    Morgan Stanley agreed to pay a $3.6 million fine after regulators determined it failed to detect or prevent the misappropriation of client funds, the U.S. Securities and Exchange Commission said Friday. As part of the agreement, Morgan Stanley did not admit or deny any wrongdoing.
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  • Another former Equifax employee charged with insider trading

    SEC charges former manager for dumping stock before data breach announcement
    On Thursday, the Securities and Exchange Commission announced insider trader charges against a former Equifax manager for dumping stock prior to the company’s announcement of a data breach that exposed the data of more than 143 million American consumers to hackers.
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  • SEC halts $600 million alleged cryptocurrency scam that aimed to revolutionize banking

    AriseBank claimed it was building the world’s first “decentralized bank”
    The Securities and Exchange Commission halted the operations of a company that claimed it raised $600 million in an initial coin offering as part of an effort to “revolutionize banking” using cryptocurrency. The SEC complaint alleges that AriseBank used social media, a celebrity endorsement (from Evander Holyfield, no less), and other tactics to raise hundreds of millions of dollars in just a few months.
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  • SEC accuses California men of running $2.18 million home flipping scam

    Allegedly took investor funds for personal use
    The Securities and Exchange Commission is charging two California men with running a home flipping scam that defrauded dozens of investors out of their retirement savings. According to the SEC, the men actually purchased some properties, and were successful in turning a profit by flipping those properties, but did not make enough money to cover the money they took for their own use.
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  • Mini-Madoff? SEC accuses Robert Shapiro of running $1.2 billion real estate Ponzi scheme

    Allegedly targeted thousands of investors, including many seniors
    Late last week, the SEC sued Robert Shapiro, the founder of the Woodbridge group of companies and a well-known luxury real estate developer, for allegedly running a $1.2 billion Ponzi scheme that defrauded more than 8,400 investors by promising high returns on real estate investments.
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  • Ocwen dodges SEC investigations; settles with 3 more states

    Reaches similar agreements with New Mexico, Virginia, West Virginia
    The dominoes continue to fall for Ocwen Financial. Last week, Ocwen reached settlement agreements with a total of 10 states that remove some of restrictions that were placed on their mortgage business as part of a multi-state regulatory action against the nonbank earlier this year. And Wednesday morning, Ocwen announced that it reached settlements with three additional states to remove each state’s mortgage servicing restrictions.
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  • SEC says "first ever cryptocurrency backed by real estate" is a fraud

    Accuses REcoin’s founder of lying about initial coin offering
    Back in July, a company called REcoin Group launched REcoin, which it billed as the “first ever cryptocurrency backed by real estate.” But, according to the Securities and Exchange Commission, REcoin and its initial coin offering were a fraud designed to bilk unwitting investors.
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  • FBI, SEC reportedly looking into PACE lender Renovate America

    WSJ reports on inquiries, company responds
    In a lengthy release published in response to the WSJ article, Renovate America confirmed that the company has spoken to both the FBI and SEC about the the company’s business, but the company said that it had been repeatedly assured by federal law enforcement authorities that it is not the subject or target of any investigation.  
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