The U.S. has settled a civil mortgage lawsuit against Golden First Mortgage Corp. that accused the mortgage company and its owner, David Movtady, of defrauding a government mortgage program, according to an announcement from U.S. Attorney for the Southern District of New York Preet Bharara.
Read More »Industry Professionals Weigh In On Ocwen Settlement
On Monday, the Atlanta-based firm—one of the biggest mortgage servicers in the nation and the largest subprime servicer—announced it had agreed to pay $150 million for homeowner relief over allegations it conducted improper foreclosure procedures, used outdated and conflicting systems in managing its portfolio, and was involved in transactions with related companies that constituted conflicts of interest.
Read More »Ocwen Reaches Settlement With New York Regulator
Ocwen's year-long difficulties with New York's Department of Financial Services (DFS) has ended with a $150 million settlement and the departure of its executive chairman, the company announced Monday.
Read More »Bank Claims $2.2 Billion in Consumer Relief Toward Settlement Requirement
JPMorgan Chase reported that it has provided more than half of the consumer relief required in just one year as part of a settlement with the government last year, according to a report released Tuesday. The internal review group for the New York-based megabank asserted in the third Chase Consumer Relief Update, compiled by Monitor Joseph A. Smith, Jr., that Chase has earned $2.2 billion in consumer relief credit from the period of October 1, 2013, to September 30, 2014.
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: Bank, Government Unlikely to Reach Settlement Over Mortgage Fraud Claims
Settlement talks between Wells Fargo and the U.S. government over alleged mortgage insurance fraud have stalled, according to a media report.
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 »U.S. Bank, HUD Settle Discrimination Allegations
U.S. Bank has reached a settlement with a housing regulator over allegations the bank discriminated against a Native American couple in denying them a refinance. In a complaint filed with HUD, the couple alleged U.S. Bank and its appraiser, Red Sky Risk Services, turned down their refinance application last year, informing them that the bank couldn't make the loan because their property was located on a reservation and could not be appraised.
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