Former CFPB enforcement attorney Jennifer Lee said the Circuit Court was hostile towards the CFPB’s arguments on statute of limitations, separation of powers, constitutionality of the agency and more...
A pilot effort by the Treasury Department’s Financial Crimes Enforcement Network is underway in New York City and Miami to track suspicious “all cash” purchases of high-end residential properties as part of the government’s anti-money laundering (AML) enforcement. In remarks during a recent AML conference in Florida, FinCEN Director Jennifer Shasky Calvery said geographic targeting orders (GTOs) were issued by the agency in January this year and went into effect on March 1. They require identification of high-end cash buyers to ensure luxury residences purchased with cash are not masking money laundering activities. Specifically, U.S. title insurance companies are temporarily required...
Wells Fargo was the top seller to the GSEs in the first quarter with $22.75 billion, followed by Quicken Loans ($11.33 billion) and JPMorgan Chase ($6.87 billion).
It’s expected that Blackstone/Finance of America will target borrowers who are self-employed and have a harder time qualifying for conventional mortgages.
Wells Fargo was the subject of more mortgage complaints than any other player in the sector. Then again, Wells is both the largest lender and servicer.