Kroll Bond Rating Agency late this week released proposed criteria for rating non-QMs, making it the second rating service to formally seek comments on such criteria.
“Our estimate of legal and rep and warrant reserves for the largest banks is a total of roughly $60 billion,” S&P writes in a new report. “We estimate that the largest banks may need to pay out an additional $55 billion to $105 billion to settle mortgage-related issues, some of which is already accounted for in these reserves.”
Ed DeMarco might possibly name a chairman for the CSP platform and let Mel Watt have the final say on the CEO slot. Two mortgage executives interviewed for the CEO job include Peter Carroll and Luke Hayden.
A Manhattan federal court this week approved a proposed settlement between Residential Capital and the Federal Housing Finance Agency that both clears the way for the former conduit to exit bankruptcy and brings the FHFA one step closer to completing its massive legal action against some of the nation’s top financial institutions.Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York approved the agreement, which is tied to a settlement the FHFA reached with Ally Financial, ResCap’s former parent, in late October.
In its fundraising pitch for its lawsuit against the CFPB, the NAIHP states that, “Neither Congress nor the executive branch holds any authority to curb CFPB’s behavior. Only the courts can stop them.”
The HUD NPL auction features 5,000 delinquent single-family loans totaling $1 billion in unpaid principal balances with representations and warranties.
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