The Supreme Court has agreed to hear a case that could have implications regarding the constitutionality of the Consumer Financial Protection Bureau. Last week the Supreme Court agreed to hear the case of Lucia v. Securities and Exchange Commission, which ...
Read More »Issuer of Ginnie Mae RMBS Settles with SEC
The SEC announced that the company and six senior executives will pay to settle charges that they "orchestrated a scheme to defraud investors."
Read More »SEC Approves Ocwen Settlement Over Financial Misstatements
An investigation by the SEC revealed that Ocwen misstated its income for the last three quarters of 2013 and the first quarter of 2014.
Read More »Former Fannie Mae Executives Settle With SEC Over Subprime Exposure Claims
The Commission's lawsuit claimed that during the years 2007 and 2008 immediately before the crisis, Fannie Mae executives said their exposure to subprime and riskier mortgage loans was about $4.8 billion when it was about 10 times greater.
Read More »Former Freddie Mac Executives Settle With SEC Over Claims of Subprime Loan Fraud
Also under the terms of the settlement, there was no disgorgement, civil penalty, or admission of wrongdoing on the part of any of the parties, according to a press release from Zuckerman Spaeder, the firm that represented defendant Patricia Cook.
Read More »Report: SEC Grants Bank of America Partial Relief From Additional Sanctions in Settlement
The U.S. Securities and Exchange Commission (SEC) agreed to partially waive the additional sanctions that could have been imposed on Bank of America following a record settlement in August over the sale of residential mortgage-backed securities, according to sources familiar with the case in a report from Bloomberg News.
Read More »Report: Disagreement Among SEC Commissioners Stalling Bank of America Settlement
Bank of America's record $16.65 billion settlement with several government agencies over the sale of toxic residential mortgage-backed securities (RMBS) has been stalled by an internal disagreement within the U.S. Securities and Exchange Commission (SEC), sources familiar with the case said in a report from Bloomberg News.
Read More »Fed, SEC Approve Risk Retention Rule
The residential mortgage loan risk retention rule, known as the "qualified residential mortgage" (QRM) rule, was approved on Wednesday by the U.S. Federal Reserve Board and the Securities and Exchange Commission (SEC), the last two of six federal agencies to approve the rule, according to the Fed.
Read More »SEC Proposes Rules for Security-Based Swap Clearing Agencies
The Securities Exchange Commission voted Wednesday to propose new rules to enhance oversight of clearing agencies that are "systemically important" or that are involved in complex transactions, such as security-based swaps.
Read More »‘Failing to Supervise Employees’ Nets SEC Charges for Investment Bank
The Securities and Exchange Commission (SEC) announced Wednesday that it has charged global investment bank and brokerage firm Jefferies LLC with "failing to supervise employees on its mortgage-backed securities desk who were lying to customers about pricing."
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