Wells Fargo estimates that a settlement could cost the bank at least $950 million.

As IMFnews went to press, the share price of Altisource was getting slammed, down 20 percent on the day.

Will former Long Beach Mortgage executive Jon Daurio finally launch a new nonprime venture?

On the other hand, examiners cited violations based on policies and procedures reviewed at other servicers.

Lenders are fearful the HMDA proposal does not adequately ensure consumer privacy and that additional costs will be passed onto borrowers.

Are investors in Ocwen jumping for joy now that word is out that NYDFS chief Benjamin Lawsky might be leaving next year?

Stock analysts have claimed that Lawsky has been aggressively investigating Ocwen so he can make headlines, paving the way for an eventual run for public office.

Disparate Impact Theory of Legal Liability Struck Down. Last week, the U.S. District Court for the District of Columbia dealt a heavy blow to the position of the Department of Housing and Urban Development – as well as the CFPB – that disparate impact claims are cognizable under the Fair Housing Act. In American Insurance Association v. U.S. Department of Housing and Urban Development, the judge struck down HUD’s disparate impact rule, determining that the Fair Housing Act prohibits “disparate treatment only.” In promulgating its disparate impact rule, the court said HUD exceeded its authority under the Administrative Procedures Act. “The ruling is in line with what we have long believed the law to be and consistent with what we argued in ...

Castle & Cooke Mortgage late last month filed a motion to dismiss a putative class-action brought by one of the aggrieved parties who had already been compensated under the terms of the settlement the lender reached late last year with the CFPB. In Luis Cabrales v. Castle & Cooke Mortgage LLC, plaintiff Luis Cabrales contends that the lender improperly compensated its loan officers by giving them bonuses for putting customers in more expensive loans than what they qualified for. The plaintiff sued for violation of the Truth in Lending Act – a claim that Castle & Cooke is not challenging at this point. However, Cabrales also brought other causes of action: violation of Section 8 of the Real Estate Settlement Practices ...

Last month, the long-running dispute between the CFPB and Morgan Drexen, a debt settlement firm, took another turn – this time with the bureau filing a motion for summary judgment in which it seeks an injunction permanently barring the firm and its owner and CEO, Walter Ledda, from providing debt relief services in the future. The bureau also is pushing for $90.7 million from the defendants in restitution, as well as a civil money penalty in an unspecified amount. The CFPB said it brought this action to stop a nationwide debt settlement “scheme that preys on financially distressed consumers who are in debt.”Defendants Morgan Drexen and Ledda and the attorneys with whom they are affiliated promise consumers that they will ...