The CHOICE Act also would make changes to the structure of the Consumer Financial Protection Bureau, including replacing the single directorship with a five-member board or commission.
It’s not clear how many of the consumers with unauthorized accounts had mortgages with Wells, though the megabank and its peers have put an emphasis on cross-selling financial products to jumbo customers.
The GSE conundrum in perspective: "The mortgage finance system is working so consumers are somnambulant; media occasionally write about it, but don’t get fired up; courts don’t seem to be upset over unprecedented Treasury bullying and revenue abuse..."
Tennessee Lender Agrees to $70 million Settlement to Resolve Alleged FHA Violations. Franklin American Mortgage of Franklin, TN, has agreed to pay the federal government $70 million to resolve allegations of failing to comply with FHA requirements. Specifically, the direct endorsement lender allegedly engaged in improper underwriting of FHA loans between Jan. 1, 2006, and Dec. 31, 2012, which later resulted in submission of claims and substantial losses to the FHA insurance fund. Franklin entered into a settlement agreement with the Department of Justice and the Department of Housing and Urban Development’s Inspector General. As part of the settlement, Franklin acknowledged “it engaged in certain conduct in connection with its origination, underwriting, and quality control of certain single-family residential mortgage loans insured by FHA.” The settlement was neither an admission of ...
With Ginnie Mae MBS issuance at record levels these days, agency officials continue to worry about the growing proliferation of nonbanks in the sector and the fact that they control so much of the business now. But don’t get Ginnie Mae wrong. The government-backed MBS guarantor likes nonbanks – it just wishes they had more capital and liquidity. At least that’s the view of agency Senior Vice President of Issuer and Portfolio Management Michael Drayne. “We’re...
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