Tag Archives: Investors

Even as fewer banks fail nationally, the FDIC recently filed suit against former 11 directors and officers of the institution for which it now serves as receiver, with the goal to collect $23.92 million in damages from the defendants. Citing negligence and oversight failure, the federal agency filed suit against Alpha Bank & Trust, an Alpharetta, Georgia-based bank closed by state regulators in 2008. The FDIC claimed $214.5 million in approximate costs to the Deposit Insurance Fund.

A case over unearned mortgage fees reached the desk of the nation's highest judicial authority Tuesday, as the Supreme Court accepted to hear a suit over unearned fees that mortgage lenders allegedly charged their borrowers. The defendant: Detroit-based QuickenLoans, which an amicus curae brief, filed by borrowers in Louisiana, accuses the lender of failing to abide by the Real Estate Settlement Procedures Act, the 1974 law responsible for banning financial benefits for lenders and servicers involved in federal loans.

Stocks and shares for mortgage lenders and homebuilding companies got swept into a market updraft following news reports that major European economies had agreed to bail out their Mediterranean counterparts. Several weeks of speculation trail the news, with investors fleeing, then returning to shares and stocks on wobbly notions that Europe├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós two biggest economies, France and Germany, will pull debt-ridden laggards Greece, Italy, and potentially others away from a default scenario.

A recently leaked memo outlining the proposed Volcker rule sent market watchers and industry insiders into a tizzy, according to multiple news outlets. The tentative rule itself ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô required by the Dodd-Frank Act and named after former Fed chief Paul Volcker ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô remains in development at federal regulatory agencies like the Federal Reserve, FDIC, and Office of the Comptroller of the Currency. The proposed rule defines short- and long-term proprietary trading and rules out third-party brokers, agents, and custodians.

NewDay Financial has another reason to celebrate, announcing that the company's servicing portfolio has ballooned to more than $500 million in government loans. News of the entity's growth within its servicing sector directly follows NewDay's recent honor from the National Coalition for Homeless Veterans, which named NewDay as the recipient of its annual Corporate Partner award.

Risk management and loss mitigation company zIngenuity, Inc., has hired a new vice president of business development, with the recent addition of Bob Voll. Charged with handling all sales and marketing activities, Voll will also work with zIngenuity├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós leadership team as the company prepares new product initiatives.

Shareholders in Municipal Mortgage & Equity, LLC, can now take a look at all proxy paperwork in preparation for the company's annual meeting. Better known as MuniMae, the entity has filed its proxy materials with the U.S. Securities Exchange Commission in advance of the 2011 Annual Meeting of Shareholders, which will take place on November 9. Listed among the OTC's collection of companies, better known as the riskier "Pink Sheets," MuniMae is part of the entity's OTCQB tier.

The U.S. economy bucked low expectations Friday with news that it added over 100,000 jobs over September, masking other figures that continued to confirm the rising appeal of rental properties alongside a decline in homeownership. Nonfarm payroll employment tacked on 137,000 new faces in the private sector, alongside 103,000 for the nonfarm jobs payroll overall ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a solid forward step in lieu of pale figures from August, which saw the number of lost jobs eclipsing new ones.

Total Mortgage Services, LLC, is seeking new talent to add to its wholesale residential lending channel, TMS Funding. The company recently announced that it would hire new account executives in more than 21 states and Washington, D.C., as part of its continued expansion.

NewDay Financial has a worthy reason to celebrate, with the announcement that it would receive a Corporate Partners award from the National Coalition for Homeless Veterans (NCHV). The company and its CEO, Rob Posner, is being honored for its strong provisional assistance to veterans in need of housing.