Nationwide Biweekly Administration, Inc., Loan Payment Administration LLC, and the company’s owner, Daniel Lipsky, are being sued by the Consumer Financial Bureau (CFPB) in federal district court. The CFPB claims that Nationwide falsely advertises the interest savings consumers will achieve through a biweekly mortgage payment program called the “Interest Minimizer” and deceives consumers about the price of the program.
Read More »Nomura Found Liable For Selling Toxic Mortgage-Backed Securities to GSEs
The nearly two-month long court battle between the Federal Housing Finance Agency (FHFA) and Nomura Holdings came to an end Monday when a federal judge found the bank liable for selling shoddy mortgages to Fannie Mae and Freddie Mac prior to the 2008 financial crisis.
Read More »DOJ, Treasury, and New York Fed Receive Subpoenas from House Committee
The House Financial Services Committee has issued subpoenas to two federal government agencies and a branch of the central bank requesting information and documents regarding the government's "too big to fail" designation and the Obama Administration's debt ceiling, according to an announcement Monday on the Committee's website.
Read More »Lack of Housing Affordability Impacts Economic Growth
According to the National Bureau of Economic Research’s (NBER’s) new working paper “Why Do Cities Matter? Local Growth and Aggregate Growth”, high-productivity markets are not the main contributors to economic growth due to limited housing affordability options.
Read More »FDIC Director Submits Resignation Effective June 5
Federal Deposit Insurance Corporation (FDIC) Director Jeremiah O. Norton has resigned from that position effective June 5, according to an announcement from the FDIC. Norton has served as FDIC director since April 2012.
Read More »Metro Areas Facing Growing Inequality
According to a National Association of Realtors (NAR) recent study, rising prices of homes have helped homeowners build housing wealth, but the research found a worsening inequality in homeownership gains in metro areas.
Read More »Freddie Mac Posts Upward Trending Mortgage Rates
In their Mortgage Market Survey (PMMS), Freddie Mac found that mortgage rates inched to the highest levels seen in nearly a month for the week ending May 7, 2015. Len Kiefer, deputy chief economist at Freddie Mac, attributes the rise in part to a selloff in German bonds that drove U.S. Treasury yields above 2.2 percent.
Read More »BLS Data Shows Employment Holding Steady
The Bureau of Labor Statistics (BLS) released their “Employment Situation—April 2015” report today, showing that the total number of non-farm payroll employment has increased by 223,000 in April, while the unemployment rate remained unchanged from the previous month at 5.4 percent.
Read More »Mark Mackey Promoted to CEO for IDS
International Document Services (IDS) Inc., a mortgage document preparation vendor, recently announced the internal promotion of their former EVP Mark Mackey to CEO for the company. IDS is a nationwide provider of mortgage documents and compliance. Their services include closing documents, initial disclosures, and fulfillment. The company was founded in 1986 in Salt Lake City, Utah.
Read More »ARMCO Selects Phil McCall to be New COO
ACES Risk Management (ARMCO) has hired mortgage quality control expert Phil McCall as its new COO. ARMCO provides Web-based audit technology as well as data and analytics to ...
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