All posts tagged toxic mortgage


Department of Justice sues Bank of America for $850 million in investor fraud case

The United States has filed a civil lawsuit against Bank of America for investor fraud. The complaint alleges that BofA lied to investors about the relative riskiness of the mortgage loans backing the securities and falsified statements about the investments, among other charges.

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CFPB busts Castle & Cooke Mortgage for violating new mortgage rules

The nation's consumer watchdog took a bite out of an alleged new mortgage rules violator in a recent federal district court filing. The filing seeks to force the mortgage


CFPB proposes modifying mortgage reform rules

CONSUMER FINANCIAL PROTECTION BUREAU — Final public comments on the Consumer Financial Protection Bureau's (CFPB) proposed clarifications, and some narrow revisions to its January 2013 mortgage reform rules,


National Mortgage Settlement compliance failures laced with 60,000 consumer complaints

Consumer advocates already knew banks were failing to comply with provisions of the $25 billion National Mortgage Settlement, an agreement between mortgage lenders, states and the federal government


DeadlineNews.Com’s offsite National Mortgage Settlement coverage

DEADLINE NEWSROOM - DeadlineNews.Com is committed to following the National Mortgage Settlement with stories appearing here and elsewhere. Our National Mortgage Settlement coverage here, on DeadlineNews.Com, is bolstered by


4.2 million Independent Foreclosure Review-related payments up to $125,000 begin today

FEDERAL RESERVE BOARD - Payments to 4.2 million borrowers are scheduled to begin today April 12 following an agreement reached by the Office of the Comptroller of the


Mortgage reform targets incentives to sell toxic loans

On mortgage reform: "One of the reasons for the collapse was that mortgage borrowers were steered towards high-cost and risky loans they had no real chance of paying


Lingering economic fallout, mortgage servicing violations prolong housing recovery for many Americans

It should come as no surprise that nearly 80 percent of Americans aren't buying the housing recovery and many of them think the worst is still yet to


$1 million grant to put more teeth into enforcing California’s ‘Homeowner Bill of Rights’

CALIFORNIA ATTORNEY GENERAL - Attorney General Kamala D. Harris recently announced a $1 million California Homeowner Bill of Rights (HBOR) implementation grant to The National Housing Law Project. This


Mortgage reform targets high-cost mortgages

The Ability to Repay rule and Qualified Mortgages (QM) aren't the only mortgage reform rules coming down the pike. The landmark overhaul of federal mortgage regulations also includes protections


Ability to repay ‘Qualified Mortgages’ centerpiece of landmark mortgage reform

A landmark overhaul of federal mortgage regulations is on its way to help prevent the kind of abusive mortgage practices that contributed to bringing down the housing market


California, U.S., 12 states sue S&P for using ‘magic numbers’ to inflate mortgage-backed securities’ ratings

CALIFORNIA OFFICE OF THE ATTORNEY GENERAL - Attorney General Kamala D. Harris on Feb. 5, filed a lawsuit against one of the nation’s major credit rating companies for


Independent Foreclosure Review gets another do-over

Perhaps the real news would be the answer to this question: "Why won't mortgage servicers simply abide by the original Independent Foreclosure Review order, give borrowers their due


Civil penalties warning in federal report on ‘significant’ regulatory violations by mortgage lenders, credit card companies, other financial firms

Perhaps the financial services industry doesn't get it, doesn't want to get it, or just sees paying hundreds of millions of dollars in consumer restitutions and fines as


Federal consumer watchdog’s bark deemed worst than its bite on proposed mortgage servicing rules

Dozens of consumer advocacy groups are complaining the nation's consumer watchdog doesn't have the teeth to take a bite out of abusive mortgage servicer behavior other regulators consider

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