In regard to underwriting shortcuts, loanDepot said it did nothing wrong, but the nation’s sixth-largest home lender’s counterparties may need some reassurances. One observer called a lawsuit filed against the company a legal “nightmare.”
The nation’s fourth-largest mortgage servicer is being hit on the legal front over a “processing issue” that caused unauthorized withdrawals of monthly mortgage payments.
The latest $22 million settlement brings to an end a lawsuit accusing Wells Fargo of wrongfully denying loan modifications to borrowers who eventually lost their homes to foreclosure.
The Supreme Court dealt GSE shareholders a blow in Collins, but cases before a DC district court and the U.S. Court of Federal Claims may finally get before a jury.
The Supreme Court’s decision in the long-delayed Collins case sets the stage for a swift change in leadership at FHFA but it may not end the shareholder lawsuits over the GSEs and the net worth sweep.
Democrats on the Senate Banking Committee are putting pressure on FHFA to answer whether the GSEs’ NPL sales impact homeowners’ access to foreclosure and forbearance protections under the CARES Act.