The national unemployment rate sank from 7.3 percent to 7.0 percent in November, with 203,000 new jobs added to employer payrolls, the U.S. Department of Labor reported Friday.
Read More »Settlement Servicers Fail to Measure Up to Compliance Tests
Joseph A. Smith, the monitor overseeing servicers' compliance with last year's National Mortgage Settlement, filed reports on how the institutions involved with the settlement are dealing with the agreement. "My testing confirmed six fails in the first quarter of 2013 and one in the second quarter of 2013," Smith said in a statement issued Wednesday, adding that the "banks are all taking action to address the failures through detailed corrective action plans."
Read More »Does the Senate’s ‘Nuclear Option’ Clear the Way for New FHFA Head?
Now that Senate Democrats have changed the chamber's rules to block filibusters of executive appointments, analysts anticipate a much easier path for Rep. Mel Watt.
Read More »JPMorgan, Feds Reach Record $13B Deal on RMBS Claims
After weeks of speculation from market watchers and analysts, JPMorgan Chase announced it has finalized a $ 13 billion deal with the Justice Department.
Read More »JPMorgan-Led Effort to Employ Military Veterans Nears Goal
A private-sector initiative launched by JPMorgan Chase in early 2011, the 100,000 Jobs Mission, is less than 8,000 positions from its goal. Member companies have collectively hired 92,869 U.S. military veterans through the third quarter of 2013, the organization recently reported.
Read More »JPMorgan, FHFA Settle on $5.1B Deal over Soured Loans
JPMorgan Chase announced it has come to agreements to close the book on claims surrounding mortgage-backed securities and rep and warranty repurchase claims from FHFA and the GSEs.
Read More »BofA, Mairone Found Liable in Mortgage Fraud Case
After hearing arguments for a month in a Manhattan federal court, a 10-person jury found Bank of American liable for one charge of fraud involving high-risk mortgages originated by Countrywide and then sold to the GSEs. Also found liable for fraud was Rebecca Mairone, who worked as COO for one of Countrywide's lending divisions and who was responsible for overseeing the company's "High Speed Swim Lane" program, often referred to as "the Hustle."
Read More »Settlement Monitor Releases Update on Servicers’ Progress
Joseph A. Smith, the monitor overseeing fulfillment efforts put forward by each servicer involved in the National Mortgage Settlement, has issued a report on their progress satisfying consumer relief obligations outlined in the agreement. Smith's report covers servicer activities through December 31, 2012, which have been vetted and verified by the Office of Mortgage Settlement Oversight. Each servicer's internal review group provided Smith with information on the servicers' crediting progress in February of this year.
Read More »Collateral Analytics Appoints SVP for Research and Development
Collateral Analytics, appointed James R. Follain, Ph.D. as its SVP of research and development. Dr. Follain is an economist with over 35 years' experience in the analysis of housing and mortgage markets, much of which involved the measurement and management of the risks associated with lending and investing as well as public policies.
Read More »SunTrust Squares Up Legacy Issues with GSEs, Federal Agencies
SunTrust announced Thursday that it has taken further steps to clear up its mortgage problems with the government and with the GSEs. On top of an agreement reached with Freddie Mac at the end of September, SunTrust has settled with HUD, the Department of Justice, and the Federal Reserve for allegedly unsound practices with respect to its servicing and origination operations. The Atlanta-based lender estimates its third-quarter earnings will take a $179 million hit as a result.
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