Issuers of non-agency MBS won two key court battles against federal agencies because the regulators suits to recover losses suffered by failed institutions came too late. Last week, the U.S. District Court for the Central District of California rejected all claims the Federal Deposit Insurance Corp. brought against Countrywide Financial related to 10 MBS certificates sold to the failed Colonial Bank. All of the FDICs claims are time-barred, the court said. In FDIC v. Countrywide, the court said...
Although all of Bank of America earned $2.6 billion in the first quarter, its mortgage business lost money thanks to legacy problems. Also, it appears the bank is addicted to refis.
The CFPB is a tough cop on the beat, no doubt. But is the agency and its rules causing certain banks in Oklahoma to exit the residential lending sector?
Rep. Maxine Waters, the ranking minority member of the House Financial Services Committee, believes that now is "precisely the time to think about how we can reshape the secondary mortgage market."