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CitiMortgage to Cough Up $158.3 Million to Government for FHA Non-Compliance
Preet Bharara, the U.S. Attorney for the Southern District of New York, Helen Kanovsky, General Counsel of the U.S. Department of Housing & Urban Development (HUD), and David A. Montoya, the...
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New York AG Reaches $4 Million Settlement With Foreclosure Mill
New York State Attorney General Eric T. Schneiderman has announced an agreement with Steven J. Baum PC, Pillar Processing LLC, Steven J. Baum, and Brian Kumiega, requiring them to pay $4 million to New...
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Former RealtyTrac SVP Rick Sharga Named to REOMAC Board of Directors
REOMAC, a non-profit real estate trade association serving the mortgage default industry, has welcomed Rick Sharga, executive vice president of communications at Carrington Mortgage Holdings LLC, to...
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Illinois Attorney General to Dedicate $3 Million From Servicing Settlement to...
Illinois Attorney General Lisa Madigan has announced that up to $3 million in funding from the national foreclosure settlement reached earlier this year will be used to fund new mortgage foreclosure...
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Independent Foreclosure Review Deadline of Dec. 31st Approaching
Mortgage servicers participating in the Independent Foreclosure Review have launched an expanded outreach effort to increase awareness of the opportunity for eligible borrowers to request a free,...
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Ten Servicers to Shell Out $8.5 Billion-Plus for Deficient Practices
Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of...
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Goldman Sachs and Morgan Stanley Reach Agreement With Federal Reserve on...
Goldman Sachs and Morgan Stanley have reached agreements in principle with the Federal Reserve Board to pay $557 million in cash payments and other assistance to help mortgage borrowers. These...
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Check's In the Mail: Four Million-Plus Borrowers to Receive Servicing...
Payments to 4.2 million borrowers are scheduled to begin on April 12 following an agreement reached by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board with 13 mortgage...
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New York AG to Seek Legal Action Against Wells and BofA for Violating...
New York Attorney General Eric T. Schneiderman has announced his intention to sue Bank of America and Wells Fargo for repeatedly violating the terms of the National Mortgage Settlement. Signed in 2012,...
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Servicers Still Not Living Up to Monitor's Mandates
Joseph A. Smith Jr., Monitor of the National Mortgage Settlement (NMS), has released a summary of five compliance reports he filed with the U.S. District Court for the District of Columbia.Click to...
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Wells Fargo Assembles New QC Super Team
Back in September, Wells Fargo announced that they’d be letting nearly 2,000 of their employees go. This was due to originations being down around 30 percent at the time, however; that’s 1,800 people...
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The "Big Four" Meet Servicing Settlement Requirements
Joseph A. Smith Jr., Monitor of the National Mortgage Settlement, filed with the U.S. District Court for the District of Columbia, final crediting reports on Bank of America, Chase, Citi and Wells...
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Latest Monitor Report Shows Green Tree Lacking in Servicing Settlement...
Joseph A. Smith Jr., Monitor of the National Mortgage Settlement (NMS), has released a summary of six compliance reports he filed with the U.S. District Court for the District of Columbia. This summary...
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Next on the Regulatory Chopping Block ... Small- to Mid-Sized Lenders
While we’re all accustomed to news that the big four banks (JPMorgan Chase, Citibank, Wells Fargo and Bank of America) getting into hot water over shady mortgage practices, get ready for a new...
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Paying Peter With Paul's Money: Fed Targets Banks Using Money From Historic...
In an odd, almost cannibalistic move, the U.S. government is planning to use money gained through settlement claims from JPMorgan Chase to fund the expanding Great Bank Hunt, according to Reuters.Click...
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