Emily's Feed
Jan 9, 2014

Analysis: Housing experts warn of hiccups as new U.S. mortgage rules go live

WASHINGTON (Reuters) – U.S. banks and housing groups are bracing for paperwork headaches and delays as major post-crisis mortgage reforms take effect later this week, but experts say prior warnings of a blow to the housing recovery will not be proven right.

On Friday, lenders must be prepared to verify that borrowers can repay their home loans, under rules written by the Consumer Financial Protection Bureau and required by the 2010 Dodd-Frank Wall Street oversight law.

Dec 22, 2013

Insight: U.S. early warning system for financial crises gets low marks

WASHINGTON (Reuters) – In June 2009, a small group of academics sent an envoy to a Washington, D.C., think tank to pitch their vision for a research office to help the nation avoid the next financial crisis.

The idea was to create a premier U.S. data powerhouse that would be a National Weather Service for financial storms, with up-to-the-minute information on transactions and the analytical juice to anticipate where systemic risks were quietly growing.

Dec 22, 2013

U.S. early warning system for financial crises gets low marks

WASHINGTON, Dec 22 (Reuters) – In June 2009, a small group
of academics sent an envoy to a Washington, D.C., think tank to
pitch their vision for a research office to help the nation
avoid the next financial crisis.

The idea was to create a premier U.S. data powerhouse that
would be a National Weather Service for financial storms, with
up-to-the-minute information on transactions and the analytical
juice to anticipate where systemic risks were quietly growing.

Dec 19, 2013

U.S. orders mortgage servicer Ocwen to help borrowers with $2 billion

WASHINGTON (Reuters) – U.S. officials on Thursday ordered the largest nonbank mortgage servicer to provide $2 billion in help to underwater borrowers to resolve allegations of misconduct that led to thousands of people losing their homes.

Ocwen Financial Corp must reduce loan balances for struggling homeowners and refund $125 million to foreclosed borrowers under an agreement with the U.S. Consumer Financial Protection Bureau and officials from 49 states and the District of Columbia.

Dec 19, 2013

US orders mortgage servicer Ocwen to help borrowers with $2 bln

WASHINGTON, Dec 19 (Reuters) – U.S. officials on Thursday
ordered the largest nonbank mortgage servicer to provide $2
billion in help to underwater borrowers to resolve allegations
of misconduct that led to thousands of people losing their
homes.

Ocwen Financial Corp must reduce loan balances for
struggling homeowners and refund $125 million to foreclosed
borrowers under an agreement with the U.S. Consumer Financial
Protection Bureau and officials from 49 states and the District
of Columbia.

Dec 16, 2013

U.S. consumer bureau sues loan servicer CashCall

WASHINGTON (Reuters) – The U.S. consumer watchdog and several state attorneys general on Monday sued a California-based servicer of online loans, accusing the company of wrongly collecting on loans that were made in violation of state laws.

CashCall Inc. serviced online loans that broke consumer protection laws in at least eight states and collected money that borrowers should not have had to repay, the U.S. Consumer Financial Protection Bureau said.

Dec 12, 2013

U.S. Treasury calls for more federal insurance oversight

WASHINGTON (Reuters) – The U.S. Treasury Department’s insurance office called for a bigger federal government role in insurance regulation, including new standards for mortgage insurers, and said state officials should improve oversight of the entire industry.

The Federal Insurance Office’s report to Congress on Thursday on ways to revamp U.S. insurance regulation was required by the Dodd-Frank Act of 2010 after taxpayers bailed out massive insurer American International Group during the financial crisis.

Dec 11, 2013

U.S. finalizes Volcker rule, curbing Wall Street’s risky trades

WASHINGTON (Reuters) – U.S. banks will no longer be able to make big trading bets with their own money after regulators finalized on Tuesday a rule shutting down what was a hugely profitable business for Wall Street before the credit crisis.

The measure known as the Volcker rule was a late addition to the 2010 Dodd-Frank Wall Street reform law and seeks to ensure that banks can’t make speculative trades that are so large and risky that they threaten individual firms or the wider financial system.

Dec 10, 2013

U.S. regulators seek to curb Wall St trades with Volcker rule

WASHINGTON (Reuters) – U.S. regulators toughened key sections of the Volcker rule’s crackdown on Wall Street’s risky trades on Tuesday as they finalized one of the harshest reforms after the credit meltdown.

The rule – named after former Federal Reserve Chairman Paul Volcker, who championed the reform – generally bans banks from proprietary trading, or speculative trading for their own profits.

Dec 10, 2013

Volcker rule to curb Wall Street bank trading bets

WASHINGTON (Reuters) – Wall Street banks will need to prove to regulators their trades are done on behalf of clients or to protect against market risks and are not speculative bets for their own profit, under the final version of the Volcker rule released by U.S. officials on Tuesday.

The rule – which five regulatory agencies are expected to adopt later in the day – appears to more sharply crack down on so-called proprietary trading than when it was proposed two years ago, likely disappointing banks hoping for more leeway.