A lawsuit filed by the CFPB and Justice Department alleges that Texas-based developer and lender Colony Ridge targeted and exploited Hispanic borrowers with false statements and predatory loans.
Read More »Barclays Settles RMBS Suit
The British bank Barclays has reached a settlement with U.S. authorities over financial crisis-era transactions involving toxic residential mortgage-backed securities (RMBS) sold between 2005 and 2007. Under the terms of the settlement, Barclay’s agreed to pay $2 billion in civil ...
Read More »Mulvaney Implements 30-Day Hiring & Reg Freeze Amidst Controversy
During a press conference Tuesday afternoon, White House budget director Mick Mulvaney ran down his plans for the CFPB amidst a tempestuous succession and legal challenge.
Read More »Morgan Stanley Begins to Fulfill RMBS Settlement Debt
Under a settlement with federal and state regulators in connection with mortgage-backed securities practices, Morgan Stanley has begun to fulfill its consumer relief obligations.
Read More »Goldman Sachs Agrees to Pay $5 Billion to Settle RMBS Claims
The investment banking firm reached an agreement in principle to settle claims that it sold faulty mortgage-backed securities before the crisis.
Read More »DOJ Will Seek to Prosecute Individuals for Their Role in the Crisis
Many have wondered why the DOJ has not previously made the prosecution of these individuals a priority while the Department has entered into multi-billion dollar settlements with the nation's largest banks in the last two years.
Read More »House Committee Issues Subpoenas to DOJ, Treasury, New York Fed
The Committee is accusing the U.S. Department of Justice, the Treasury Department, and the Federal Reserve Bank of New York of obstructing active investigations by withholding crucial information. According to the Committee's announcement, the three agencies were warned that their failure to comply with the Committee's request to turn over the information would result in the issuance of subpoenas.
Read More »Legal Costs Hurt Bank of America’s Q3 Earnings
Bank of America's Q3 earnings took a hit from a record $16.65 billion settlement with the Justice Department and other federal and state agencies in August to settle charges against the bank related to the sale of toxic mortgage-backed securities. That settlement cost the bank $5.3 billion (pretax), or $0.43 per share after tax.
Read More »Report: Justice Department Nears Settlement With Bank of America
Bank of America and the Justice Department are close to completing a long-rumored and record-setting deal to resolve allegations of misconduct in the sales of mortgage-backed securities that went bad.
Read More »Major Servicers Fail Seven Settlement Compliance Tests
The former banking regulator overseeing the National Mortgage Settlement has released a summary of the latest reports he filed with a federal court in Washington, D.C. The reports detail the performance of five major servicers in meeting the terms of the agreement reached with 49 state attorneys general and federal officials. Joseph Smith says he's confirmed six fails in the first quarter of 2013 and one in the second quarter.
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