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Home | News (page 20)

Bringing Back the Chase Case

In 2015, a court dismissed all claims under the suit entirely, citing a six-year statute of limitations on MBS contract litigation, as established in ACE Securities Corp. v. DB Structured Products Inc. According to Judge Karla Moskowitz, a member of the five-judge panel in Thursday’s appeals court, JPMorgan Chase’s six-year obligation to safeguard WMC didn’t stop when its obligation to repurchase the loans did. It instead will end six years after WMB actually failed to make the repurchase.

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RBS Plans to Settle Litigation

Royal Bank of Scotland (RBS) CEO Ross McEwan has stated that the bank is in talks to settle one of the two major U.S. investigations into allegations it mis-sold mortgage-backed securities. The bank had previously felt a reprieve in the case following the firing of acting Attorney General Sally Yates. McEwen stated that the bank could settle a lawsuit by the Federal Housing Finance Agency apart from another investigation by the Department of Justice (DOJ). The DOJ investigation has been stalled due to the changes in the U.S. government since President Trump’s election, Reuters reports.

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Wells Fargo Welcomes Back Private-label RMBS

An executive at Wells Fargo has announced the bank will attempt to bring back private-label bonds this year. The bank hasn’t issued bonds backed by non-government guaranteed loans since 2008, amidst the housing crisis. JPMorgan and Redwood Trust have also begun issuing these types of bond as of late.

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Financial CHOICE Faces Further Opposition

Following several heated hearings within the Financial Services Committee, the Financial CHOICE Act (H.R. 10) has faced further opposition from the Ranking Members of several House Committees. Financial Services Committee Chairman and H.R. 10 author Jeb Hensarling (R-Texas) has defended the CHOICE Act, stating that Dodd-Frank was a mistake and Wall Street and Washington must be held accountable. The Financial CHOICE Act "ends taxpayer-funded bank bailouts, and unleashes America’s economic potential," said Hensarling.

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Industry Leaders Discuss Diversity, Inclusion

The Five Star Diversity Symposium was a day-long event focused on advancing the conversation on diversity within the mortgage industry, and featured keynote addresses from industry leaders as well as panel discussions. Represented were companies and government agencies within the mortgage industry, including the Federal Housing Finance Agency (FHFA), Freddie Mac, Fannie Mae, the Consumer Financial Protection Bureau, and the Federal Home Loan Bank of Dallas.

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Blame it on Refis

According to new analysis of GSE loan performance data, refinances may be, in large part, to blame for the housing crisis. An uptick in “using homes as ATMs” lead to sloppier underwriting and an uptick in defaults on refis leading up to the collapse. Refis were significantly more likely to be seriously delinquent than purchase loans during this time.

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The Profile of Today’s Realtor

Despite inventory problems and rising mortgage rates, today’s realtor is enjoying more sales and more income, according to new data. The typical realtor has seen an 8-percent jump in income, rising from $39K to $42K over the year. The number of new entrants to the field is also up.

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Foreclosure Activity Down Across the Board

According to a new report, serious delinquencies, short sales, deeds-in-lieu, third-party sales, and foreclosure sales were all down for the month. Earlier-stage delinquencies were up in February, however, with loans 30 to 59 days delinquent rising from 377,000 to 404,000 for the month. Of February loan modifications, 19 percent had principal forbearance, while extend-term modifications accounted for 44 percent—something the report attributes to ever-climbing housing prices.

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Foreclosures Down, Except in 3 States

A new report shows foreclosure filings are down 23 percent since last year, hitting their lowest point since November 2005. Foreclosure starts and completions are also down over the year, though repeat foreclosures have seen an increase. The only places to see jumps in foreclosure activity were New Jersey, Connecticut, Massachusetts, and D.C.

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