Morgan Stanley closing in on $400 million in consumer relief for mortgage bond settlement

Morgan Stanley is nearing the end of its $400 million consumer relief obligation that is part of the $3.2 billion mortgage bond settlement it reached last year. The settlement covers Morgan Stanley’s “deceptive” mortgage bond practices in the run-up to the financial crisis and requires the company to provide $400 million in consumer relief.
Source: HousingWire Magazine

Court of Appeals denies Nomura, RBS attempt to duck $839 million MBS settlement

A federal court of appeals handed Nomura Holdings and The Royal Bank of Scotland a defeat recently, denying the companies’ bid to avoid a $839 million settlement over the sale of mortgage-backed securities to Fannie Mae and Freddie Mac in the run-up to the housing crisis.
Source: HousingWire Magazine

Residential Home Mortgage Corp. admits to FHA mortgage fraud; agrees to pay $1.67 million

Residential Home Mortgage Corp., a mortgage lender based in New Jersey, committed Federal Housing Administration mortgage fraud by falsely certifying that certain loans qualified for FHA mortgage insurance, the company admitted in court this week. Residential Home Mortgage’s admittance came as part of a settlement with the Department of Justice, which will see the lender pay a fine of $1.67 million for its actions.
Source: HousingWire Magazine

Matic Insurance Services announces partnership with LendingQB

Matic Insurance Services, a digital homeowners insurance agency for mortgage borrowers, partnered with LendingQB, a provider of loan origination technology, to further digitalize the mortgage process. This marks the second partnership Matic has announced in September.
Source: HousingWire Magazine

Former Fed Governor Kevin Warsh added to Fed chair shortlist

The list continues to grow of people in the running to be the next Federal Reserve chair. The most recent name on the list of possibilities is former Federal Reserve governor Kevin Warsh. Does this mean Gary Cohn is no longer in the running?
Source: HousingWire Magazine

OCC claims proof CFPB wrong on arbitration rule data

The Office of the Comptroller of the Currency decided to fact check some of the Consumer Financial Protection Bureau’s data on the controversial arbitration rule. They now claim some of the data wasn’t quite adding up. Unlike what the CFPB reported, the OCC said the rule is likely to cause a significant increase in credit costs to consumers.
Source: HousingWire Magazine

Ocwen settles with more states to relax mortgage servicing restrictions

The states of Illinois and Montana both announced an agreement with Ocwen Financial to remove some restrictions placed on the nonbank’s mortgage business as part of a multi-state regulatory action. As it turns out, Illinois and Montana are just the tip of the iceberg.
Source: HousingWire Magazine

Americans remain economically confident despite recent hurricane damage

While consumer confidence showed a slight drop from August to September, the latest Survey of Consumers shows their concern over the recent hurricanes in quickly fading. In fact, for the past year, although several issues arose that could have derailed the overall confidence level, Americans remain economically hopeful.
Source: HousingWire Magazine

Senate rejects private flood insurance reform

Despite a push in the House of Representatives to reform the private flood insurance market, the provision failed to make it through Senate for approval that same day. But it wasn’t the flood provision that some Senators had a problem with as much as the timing of trying to get it through Congress.
Source: HousingWire Magazine

Ten-X: Home sales were falling even before the hurricanes

While it might seem easy, or even logical, to blame the hurricanes for the slow down in home sales, Ten-X says home sales were slowing down even before the hurricanes hit. Now, the company says the housing market is likely to suffer over the next few months as the economic disruption caused by the hurricanes exacerbates the dual problems of low inventory and escalating home prices.
Source: HousingWire Magazine