Lindsay's Feed
Mar 3, 2015

JPMorgan to pay $50 mln over improper mortgage practices

By Lindsay Dunsmuir

(Reuters) – JPMorgan Chase will pay $50 million as
part of a national settlement agreement to compensate homeowners
in bankruptcy over the use of robo-signing and other improper
practices, the Department of Justice said on Tuesday.

The settlement includes cash payments, mortgage loan credits
and loan forgiveness to more than 25,000 homeowners, the
department said in a statement.

Mar 2, 2015

White House task force urges closer scrutiny of police

WASHINGTON (Reuters) – A White House-commissioned task force recommended independent outside investigations of police use of deadly force on Monday, in a report following the fatal shooting by a policeman in Ferguson, Missouri of an unarmed black teenager.

The task force recommendation, coupled with a call for police departments to submit data to the federal government on officer-involved shootings of civilians, was made in a review of policing practices across the United States.

Feb 26, 2015

U.S. Senate panel backs Loretta Lynch as attorney general

By Lindsay Dunsmuir

(Reuters) – The U.S. Senate Judiciary Committee on Thursday
voted to back Loretta Lynch as President Barack Obama’s next
attorney general, clearing way for her expected confirmation in
the full Senate.

The 20-member panel voted 12-8 in favor of Lynch, 55, a
career prosecutor who is currently the U.S. attorney in
Brooklyn.

Feb 25, 2015

MetLife unit to pay $123.5 mln for alleged mortgage fraud

WASHINGTON (Reuters) – MetLife Home Loans LLC will pay
$123.5 million to resolve alleged Federal Housing Administration
mortgage lending violations, the U.S. Department of Justice said
on Wednesday.

The unit, a subsidiary of MetLife Inc, knowingly
violated the False Claims Act between September 2008 and March
2012 by originating and underwriting mortgage loans insured by
FHA, a “substantial percentage” of which it already knew did not
meet the underwriting requirements, the department said in a
statement.

Feb 25, 2015

Santander Consumer USA to pay $9.35 mln settlement over repossessed cars

WASHINGTON, Feb 25 (Reuters) – Santander Consumer USA
Holdings Inc will pay at least $9.35 million to resolve
charges that it improperly repossessed the cars of members of
the U.S. military, the U.S. Department of Justice said on
Wednesday.

The settlement covers the repossessions of 1,112 motor
vehicles SCUSA carried out between January 2008 and February
2013 without obtaining a court order, in violation of the
Servicemembers Civil Relief Act.

Feb 11, 2015

U.S. housing secretary defends reduction in mortgage insurance fees

WASHINGTON, Feb 11 (Reuters) – The Federal Housing
Administration is not putting its finances at risk by reducing
insurance fees it charges lower-income home buyers, the top U.S.
housing official said on Wednesday.

Last month the government mortgage insurer announced it
would cut annual mortgage insurance premiums by half a
percentage point to 0.85 percent from 1.35 percent, despite
having a capital buffer below its statutory
minimum.

Feb 4, 2015

U.S. housing regulator downbeat on prospects for principal reductions

WASHINGTON, Feb 4 (Reuters) – The top U.S. regulator of
Fannie Mae and Freddie Mac on Wednesday played down the
likelihood of reducing the loan size of homeowners still under
water, saying such a move would also have to be a “win” for
taxpayers.

Any program to help those whose mortgage loan balance is
more than their house is worth would be “substantially narrower”
than a lot of people want, Federal Housing Finance Agency
director Mel Watt said during a roundtable with reporters.

Feb 4, 2015

U.S. housing regulator downbeat on principal reductions

WASHINGTON, Feb 4 (Reuters) – The top U.S. regulator of
Fannie Mae and Freddie Mac on Wednesday played down the
likelihood of reducing the size of loans of homeowners still
under water, saying such a move would also have to be a win for
taxpayers.

Federal Housing Finance Agency director Mel Watt, a former
20-year Democratic Congressman who has been at the helm of the
agency for just over a year, came under fire from Democratic
lawmakers in November for not taking a more aggressive approach
to principal reductions.

Jan 27, 2015

U.S. housing regulator signals guarantee fee decision this quarter

WASHINGTON, Jan 27 (Reuters) – The top U.S. housing
regulator on Tuesday said his agency would make a decision by
the end of this quarter on fees Fannie Mae and Freddie
Mac charge lenders for guaranteeing mortgages.

The mortgage industry has been awaiting a final decision by
Federal Housing Finance Agency Director Mel Watt. Lenders
usually pass on guarantee fees to borrowers by raising the
overall cost of mortgage products.

Jan 23, 2015

U.S. existing home sales rise in December, down for 2014

WASHINGTON, Jan 23 (Reuters) – U.S. home resales rose
slightly in December but fell overall for the year, the first
annual drop since 2010 and another sign that the housing market
recovery remains uneven amid expectations of a pick-up in 2015.

The National Association of Realtors said on Friday existing
home sales increased 2.4 percent to an annual rate of 5.04
million units last month.