Tag Archives: Settlement

WFG National Title a Portland-based company specializing in national title, settlement, valuation, and technology services, announced that Matt Slonaker is joining the company as SVP of national business development.

Bank of America announced this week that it has settled mortgage-related complaints with a Federal Home Loan Bank, the bank stated in a filing with the Securities and Exchange Commission.

Since 2012, Wells Fargo has been battling the U.S. government regarding allegations that it was "reckless" in certifying the credit and underwriting quality of FHA loans it originated, but the legal issues could soon be over.

Nationstar Mortgage has agreed to pay $77 million to settle class-action suits filed by homeowners over the alleged inflating of homeowner insurance rates.

Two former Fannie Mae executives have agreed to settle with the Securities and Exchange Commission to resolve claims of fraud regarding Fannie Mae's subprime exposure before the financial crisis, according to media reports.

HUD's Mortgagee Review Board announced settlement agreements of two Texas mortgage lenders on Monday, following allegations that they were allegedly in violation with the Federal Housing Administration rules.

Deutsche Bank‘s and BNP Paribas‘s mortgage units were investors in notes issued by Taylor Bean’s Ocala Funding unit, a mortgage conduit. The two banks sued Bank of America, which acted as middleman between the investors and Ocala, for $1.75 billion in 2009 over their losses on the notes.

Independent monitor Joseph A.Smith verified Chase's claim made in December that the bank had provided $2.24 billion in consumer relief credit to 111,924 borrowers as of the end of the third quarter (September 30, 2014). Chase has until December 31, 2017 – nearly three full years – to pay the approximate remaining amount of nearly $1.8 billion of its obligation toward consumer relief under the settlement.

U.S. District Judge Katherine Forrest approved the settlement, which resolves allegations from investors that the banks failed in their role as trustees for mortgage-backed securities trusts containing sloppy loans that were issued by Washington Mutual Inc. before the 2008 financial crisis.

MetLife admitted that from September 2008 through March 2012, it repeatedly certified for FHA insurance mortgage loans that did not meet HUD underwriting requirements. The bank admitted it was aware that a substantial percentage of these loans were not eligible for FHA mortgage insurance due to its own internal quality control findings.