Items Tagged with 'New York'

ARTICLES

  • Senior execs at Vanguard Funding admit to embezzling $8.9 million

    CFO and COO plead guilty to using warehouse loans for personal expenses
    The former chief operating officer and chief financial officer of a New York mortgage lender admitted in court this week that they conspired to misappropriate more than $8.9 million from warehouse lines of credit that were meant to fund mortgages. Each now faces up to 20 years in prison.
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  • New York, New Jersey, Connecticut plan to sue federal government over GOP tax bill

    Take issue with elimination of state and local tax deductions
    The states of New York, New Jersey, and Connecticut are planning to sue the federal government over the Republican-led tax reform bill, which President Donald Trump signed into law late last year. Each of the three states’ governors say that their residents will be harmed by the tax plan’s cap on state and local tax deductions.
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  • Flat-fee real estate agency Purplebricks plans expansion to New York

    U.K. company first launched in U.S. in September 2017
    Last year, flat-fee real estate agency Purplebricks expanded into the U.S. after building a successful business in the United Kingdom and Australia. Purplebricks’ first foray into the U.S. was Los Angeles. Now, the company is plotting the next phase of its U.S. expansion and is looking to the opposite coast.
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  • Direct-to-consumer title insurer OneTitle expands to New Jersey

    Acquires “significant interest” in New Jersey’s Sovereign Title
    Until now, direct-to-consumer title insurer OneTitle National Guaranty Company operated only in the state of New York. But thanks to a “strategic partnership” between OneTitle and New Jersey’s Sovereign Title Agency, OneTitle is expanding into the Garden State.
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  • Morgan Stanley completes $400M consumer relief obligation for $3.2B mortgage settlement

    Settlement required company to provide relief to New Yorkers
    Morgan Stanley recently completed its $400 million consumer relief obligation that is part of the $3.2 billion mortgage bond settlement it reached last year. The settlement covers Morgan Stanley’s “deceptive” mortgage bond practices in the run-up to the financial crisis and requires the company to provide consumer relief for New York residents affected by the company’s alleged actions.
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  • Former bank vice president accused of defrauding warehouse lenders out of $12 million

    John Reimer charged with crisis-era fraud
    The former vice president and comptroller of a New York bank is facing charges that he took part in a scheme that defrauded warehouse lenders out of $12 million during the financial crisis. The indictment states that John Reimer allegedly “double-pledged” certain properties, meaning that he obtained multiple warehouse advances from more than one warehouse lender under false pretenses.
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  • New York enacts new rules for credit reporting agencies in wake of Equifax breach

    New regulations bring additional consumer protections
    After Equifax revealed that it had been the victim of a data breach that exposed the personal information of 145.5 million U.S. consumers, the state of New York began moving to increase its oversight of credit reporting agencies. But those new rules don’t go far enough, according to New York Gov. Andrew Cuomo. So, Cuomo is immediately enacting new rules for credit reporting agencies that will bring additional consumer protections.
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  • New York Fed President William Dudley to retire next year

    Marks another leadership shuffle
    There's another leadership change coming to the Federal Reserve System. Federal Reserve Bank of New York President and CEO William Dudley announced Monday that he intends to retire in mid-2018, confirming industry rumors. Dudley becomes the latest Fed official to leave, whether by their own choice or not.
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  • New York cracks down on title insurers with new rules for kickbacks, fees

    Strengthens rules first established in 2015
    Building on an effort first launched in 2015, the New York Department of Financial Services announced Tuesday that it is cracking down on “unscrupulous practices” in the title insurance business and establishing new rules surrounding kickbacks and the fees that title insurers charge to customers.
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