Citibank, N.A. has asked a federal district court to bless its $23 million settlement in a class action lawsuit alleging a wide-ranging conspiracy among banks to fix yen-denominated London Interbank Offered Rates (LIBOR)...more
Concerned about “increasing uncertainty surrounding regulatory oversight of these types of arrangements,” Wells Fargo is ending all of its roughly 200 mortgage marketing services and desk rental agreements with builders and...more
8/11/2015
/ Banking Sector ,
Banks ,
Borrowers ,
Construction Industry ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Home Buyer ,
HUD ,
Kickbacks ,
Lenders ,
Loans ,
Mortgage Servicers ,
Mortgages ,
Real Estate Brokers ,
Real Estate Market ,
Regulatory Oversight ,
RESPA ,
Wells Fargo
The House of Representatives passed legislation that could loosen some of the restrictions imposed by Dodd-Frank on big banks. The bill, Promoting Job Creation and Reducing Small Businesses Burden Act, passed by a margin of...more
After meeting behind closed doors a few weeks ago, the Federal Reserve announced its latest monetary policy. Not surprisingly, Fed Chair Janet Yellen’s remarks included a statement on the future (or lack thereof) of the...more
The Federal Reserve is expected to require the biggest U.S. banks to increase reserves in an effort to prevent the possibility of another financial crisis. Federal Reserve Governor Daniel K. Tarullo is scheduled to testify...more
In a regulatory filing filed with the U.S. Securities and Exchange Commission and released on Monday, August 4, J.P. Morgan Chase & Co. announced that it has $4.6 billion in legal reserves. Believe it or not, this massive...more
On Friday, May 30, 2014, asserting that “[i]t is axiomatic that banks should not make discriminatory loans”, the City of Los Angeles filed a two-count complaint against JPMorgan Chase & Co. in Federal Court for the Central...more
6/4/2014
/ Banks ,
City of Los Angeles ,
Discrimination ,
Fair Housing Act (FHA) ,
Fair Lending ,
JPMorgan Chase ,
Mortgages ,
Popular ,
Predatory Lending ,
Property Tax ,
Restitution
From my work defending mortgage loan originators, including many homebuilder captives, against mortgage repurchase and indemnification claims, as well in my role as an editor of Bilzin Sumberg’s Mortgage Crisis Watch, I have...more
The civil division of the Justice Department has preliminarily concluded that JPMorgan broke federal laws in connection with its sale from 2005 to 2007 of subprime and Alt-A residential mortgage securities, and the bank is...more