Freddie Mac's CFO said the "true value" provided by the government-sponsored enterprises isn't billions of dollars in profits. Meanwhile, firms continue to pursue mortgage servicing rights.
The CFPB filed a civil suit last week against Castle & Cooke Mortgage and two top executives, accusing the Utah-based nonbank of illegally giving bonuses to loan officers who steered consumers into mortgages with higher interest rates. Overall, the firm paid 500 quarterly bonuses – roughly $4 million in compensation – to its retail loan officers, based on a compensation structure that rewarded them for bringing in mortgages at higher note rates, the government charges.In its suit, filed in U.S. District Court for the Central District...
Two targets of the CFPB’s recent crackdown on the debt relief industry sued the bureau in federal district court in Washington, DC, last week, challenging the constitutionality of the agency, as well as accusing it of “data mining” and attempting to obtain sensitive bankruptcy information protected by attorney-client privilege. At the heart of the dispute is a civil investigative demand the CFPB issued in March 2012 to Morgan Drexen Integrated Systems, whose personnel served as paralegals and other support staff for Connecticut...
Complaints consumers had about their mortgages dropped across the board – loan application and origination, servicing, and modification – during the second quarter of the year, according to a new analysis and ranking by Inside the CFPB. Our review of the second-quarter data based on complaints filed with the CFPB showed that gripes about loan modifications dropped the most during the period, down 10.3 percent. Servicing-related grievances fell 6.5 percent from the first quarter, while complaints about the loan application and origination process...
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