Chuck Klein, managing director for Mortgage Banking Solutions, agrees that most of the coming M&A activity will center on small- and medium-sized shops.
A federal appeals court in Chicago has set aside a $2.46 billion judgment against HSBC’s Household International unit and three of its top executives and ordered a new trial. Investors won the judgment in 2009 based on charges that the bank and its top executives misled them about its mortgage lending practices. The price of the stocks subsequently collapsed as the subprime mortgage market unraveled, causing huge investor losses. The class-action lawsuit alleged...
Since the Consumer Financial Protection Bureau’s ability-to-repay rule was implemented in January 2014, bank mortgage operations have grown as a whole, according to a new analysis of call-report data by Inside Nonconforming Markets. Retail originations, mortgage banking income and portfolio holdings at banks and thrifts have all increased since the first quarter of 2014, suggesting the ATR rule has done little to crimp mortgage activity by banks. Banks had $93.06 billion in retail originations ...