The Supreme Court of the U.S. heard oral arguments this week in a case involving novel lawsuits filed by the city of Miami seeking to recover damages from lenders. Questions and comments by Supreme Court justices indicated some disagreement but perhaps a willingness to let the city pursue its controversial lawsuit. In Bank of America v. City of Miami, BofA and Wells Fargo are challenging lawsuits brought by Miami under the Fair Housing Act. The city is seeking millions of dollars in damages, claiming that mortgages originated by the banks in the run-up to the financial crisis were predatory and counteracted the city’s efforts on fair housing, causing the city to lose the benefits of social, professional and business opportunities that come with an integrated community free from housing discrimination. Neal Katyal, a partner at the law firm of Hogan Lovells and former acting solicitor general of the U.S., argued...
Don’t expect any rapid changes to the charters of Fannie Mae and Freddie Mac. After all, GSE reform is hard. At least that’s the message of some market watchers.
The attorney for the lenders faced scrutiny from some of the liberal-leaning justices on the Supreme Court, including Justices Ruth Bader Ginsberg, Elena Kagan and Sonia Sotomayor
Deutsche Bank Securities said there’s been no new information to alter its view that the MIP would be cut this year. “However, we seem to be in the minority,” said research analyst Jeana Curro.
Almost six years after the initial foreclosure complaint was filed, the same borrower was facing a subsequent foreclosure action due to another default on the mortgage…
The CFPB did not like the idea of some lenders using an Internet-based tool that aggregates employer data and estimates income based upon each consumer’s zip code, job title, and years worked…
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