Government Files Opposition to Bank of America’s Appeal of ‘Hustle’ Case Verdict


first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News, Secondary Market Servicers Navigate the Post-Pandemic World 2 days ago Previous: Fannie Mae Upwardly Revises Economic Growth Estimate for Q2 Next: HUD Puts $39 Million Toward Fighting Discrimination in Housing About Author: Brian Honea Tagged with: Bank of America Countrywide Lawsuits Mortgage-Backed Securities Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Share Save Demand Propels Home Prices Upward 2 days ago Government Files Opposition to Bank of America’s Appeal of ‘Hustle’ Case Verdict Servicers Navigate the Post-Pandemic World 2 days ago July 23, 2015 1,434 Views The U.S. government has filed an opposition to Bank of America’s appeal to dismiss a $1.27 billion penalty in a mortgage fraud case, according to media reports.Bank of America was ordered to pay a $1.27 billion civil penalty by Judge Jed Rakoff of the U.S. District Court of the Southern District of New York in July 2014 as a result of the bank’s alleged role in selling toxic mortgage-backed securities to Fannie Mae and Freddie Mac before the crisis. The U.S. Department of Justice sued Bank of America in August 2013, accusing the bank’s Countrywide division of misrepresenting the mortgage-backed securities it sold to the GSEs through a program known as the High Speed Swim Lane (HSSL, commonly known as “Hustle”).The government said the Hustle program emphasized speed over quality of the loans sold, and staff members were rewarded according to sales volume. In October 2013, a jury found Countrywide liable for selling toxic MBS to Fannie Mae and Freddie Mac under the Hustle program. Bank of America has fought to have the verdict and the penalty dismissed, claiming not only that the Hustle program ended prior the bank’s 2008 acquisition of Countrywide, but that the government’s accusations in the case amount only to breach of contract and not fraud.In February, Rakoff denied the bank’s request to overturn the verdict and the request for a new trial. In April, Bank of America asked court to either reverse the judgment in the Hustle case or vacate the judgment and remand the case. If it is remanded, the bank asked Rakoff be removed from the case based on alleged partial public statements he made while the case was pending. When filing the appeal in April, Bank of America claimed that “the trial itself was riddled with errors at both the liability and penalty phases.” The bank also claims the federal law under which the government made the claim comes with a penalty of no more than $1.1 million.In Wednesday’s filing, the government reaffirmed its assertion that Countrywide committed fraud by knowingly selling poor-quality mortgage backed securities to the GSEs and misrepresenting the quality of those securities sold.Also charged in the case was former Countywide executive Rebecca Mairone, who was accused by the government of pushing the Hustle program against evidence that the loans being made were low-quality. Mairone was found liable by the jury and ordered to pay $1 million. She is appealing the decision; her attorneys contend that there was “insufficient evidence” for the jury to conclude that she knew about the low quality of the loans.The government’s lawsuit against Bank of America was a whistleblower suit originated from former Countrywide executive Edward O’Donnell, who is collecting $57 million for filing the whistleblower suit.In a separate case, Bank of America agreed to a record $16.65 billion settlement with the Department of Justice in August 2014 over the packaging and selling of toxic residential mortgage-backed securities before the crisis. Bank of America Countrywide Lawsuits Mortgage-Backed Securities 2015-07-23 Brian Honea  Print This Post Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Related Articles The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Government Files Opposition to Bank of America’s Appeal of ‘Hustle’ Case Verdict The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Bettering the Future of Online Lending


first_img Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] OCC 2017-09-25 Nicole Casperson Home / Daily Dose / Bettering the Future of Online Lending The Best Markets For Residential Property Investors 2 days ago Tagged with: OCC September 25, 2017 1,727 Views in Daily Dose, Featured, Government, Headlines, News Share Save Previous: Late Taxpayers Beware: You Could Be Foreclosed on in This County Next: Equifax CEO Explains Reasons for Retirement Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Demand Propels Home Prices Upward 2 days agocenter_img  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Bettering the Future of Online Lending About Author: Nicole Casperson On Monday, Acting Comptroller of the Currency Keith A. Noreika spoke at the second annual Online Lending Policy Summit, which allows industry participants to exchange insights, propose standards, and provide regulators and policymakers with perspectives on the regulation of online lending.In his speech, Noreika explained that he wanted to focus on promoting economic opportunity and growth, a theme of his time as Acting Comptroller of the Currency (OCC).“Some say that if the industry had been sufficiently agile and fully met the need for lending, alternative lenders would not have grown so rapidly. I do not share that view,” Noreika said. “I see the growth of online lending and marketplace lenders as the natural evolution of banking itself.”Noreika updated the Summit on what the OCC has accomplished and doing to promote economic opportunity and responsible innovation.The OCC launched its responsible innovation effort in the summer of 2015. Since then, it has, “published practical guiding principles, held a public forum, and established a framework for supporting responsible innovation,” Noreika said.To implement that framework, the agency established an Office of Innovation that has been up and running since January 2017 to make certain that institutions with federal charters have a regulatory framework.Noreika also touched on current challenges that online lenders are facing including companies believing that regulators—and specifically the OCC is the reason behind the difficulty of, “banks terminating business accounts and other banking services of online lenders and Fintech companies without providing sufficient reason.”Noreika addressed this issue head-on, stating that the OCC’s policy is not to direct banks to open or close individual accounts, nor to encourage banks to terminate entire categories of accounts without assessing the risks presented by individual customer’s.“When banks fail to provide fair access and fair treatment, they cut off economic opportunity for bank customers, whether those customers are individuals or businesses,” he said. “If the system fails to provide fairness to all, it cannot be a source of strength to any.”Noreika concluded his speech by sharing his overall optimism for the industry, and the power of innovation to improve banking, expand access, and deliver better products and services in more affordable and sustainable ways.To read his full speech, click here. Subscribelast_img read more

Gen Z’s Thoughts on Renting vs. Buying


first_img Previous: Investment Update: Rents on the Rise Next: New York HPD Tracks Over 3K ‘Zombie Homes’ The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. November 29, 2019 3,799 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Home / Daily Dose / Gen Z’s Thoughts on Renting vs. Buying Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Gen Z’s Thoughts on Renting vs. Buying Homeownership Renting 2019-11-29 Mike Albanese  Print This Postcenter_img Demand Propels Home Prices Upward 2 days ago Freddie Mac states that Generation Z homeowners have a more positive view of homeownership than millennials of the same age. Prospective Generation Z homebuyers believe they will attain homeownership by the time they turn 30, which is three years younger than the current homebuying age (33). “The data show that while members of Gen Z clearly aspire to homeownership, they are realistic about potential barriers and understand the potential benefits of renting,” said David Brickman, CEO, Freddie Mac. “Although these results are good news for the housing markets, they also highlight the challenges many in Gen Z will face as they enter the market to rent or buy.”Data from the survey shows that 77% of Generation Z homeowners would choose to live in a single-family home over other types of homes, which is more than half (59%) report their ideal home would be medium-sized. Also, 35% would choose to live in a suburb of a big or medium-sized city, with another 30% preferring to live in a rural area or small town. Freddie Mac also says that fewer 18-23-year-olds of Generation Z see renting as more appealing than buying a home versus millennials at the same age — 19% compared to 30%. Fewer also believe renting makes you feel like part of a community (33% to 39%) and less perceive that is costs less to rent a home than to own a home (40% to 51%). “One of the biggest challenges Millennials face today is the lack of affordable starter homes,” said Sam Khater, Freddie Mac’s Chief Economist. “Given Gen Z’s desire for suburban medium-sized homes close to urban areas with amenities, demand for entry-level homes will intensify.”For first-time buyers, AEI Housing Center reported that Pittsburgh, Pennsylvania, was the most affordable metro for the first-time homebuyers in 2018, with a first-time buyer (FTB) ratio of 2.4. The FTB uses the ratio of home prices to income for each individual buyer. San Jose, California, was the least affordable metro with a ratio of 5.3. Both metros have occupied the top and bottom rank since 2014.  The report states that across the 50 metros studied, the average FTB ratio was 3.3, which means first-time buyers spent 3.3 times the household income to purchase a home.  Subscribe in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Homeownership Rentinglast_img read more

The Week Ahead: Industry Braces for the Forbearance Exodus


first_img The Week Ahead: Industry Braces for the Forbearance Exodus Tagged with: Brent Potter Community Loan Servicing LLC Deborah J. Grissom Ellen Rose Forbearance Homepoint Financial John Dunnery Robert Caruso ServiceMac Treliant Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago March 26, 2021 1,340 Views About Author: Eric C. Peck Sign up for DS News Daily This week, DS News will be presenting the latest in its webinar series, The Forbearance Factor: Upcoming Mortgage Servicing Challenges, set for Wednesday, March 31 from 2:00 p.m.-3:00 p.m. EDT.Presented by Treliant, the webinar will discuss how mortgage servicers are preparing for the surge of homeowners who will be coming out of forbearance plans after the pandemic gripped the nation the past year.Industry experts joining in the discussion include:Robert Caruso, President & CEO of ServiceMacJohn Dunnery, VP of Government Loan Servicing for Community Loan Servicing LLCDeborah J. Grissom, Senior Director of Treliant LLCBrent Potter, Senior Managing Director–Customer Contact and Default Operations for Homepoint FinancialEllen Rose, Senior Director for Treliant LLCClick here to register for the DS News Webinar, The Forbearance Factor: Upcoming Mortgage Servicing Challenges.Here’s what else is happening in The Week Ahead:MBA Forbearance and Call Volume Survey (Monday)NAR February Pending Home Sales Index (Wednesday)MBA Weekly Applications Survey (Wednesday)Realtor.com Weekly Housing Market Recap (Wednesday)U.S. Census Bureau New Residential Sales report (Wednesday)Realtor.com’s Housing Market Recovery Index (Thursday)Realtor.com’s Weekly Housing Trends View (Thursday)Freddie Mac Primary Mortgage Market Survey (Thursday)U.S. Department of Labor’s Unemployment Insurance Weekly Claims Report (Thursday)Black Knight weekly forbearance data (Friday) The Best Markets For Residential Property Investors 2 days ago Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / The Week Ahead: Industry Braces for the Forbearance Exodus in Daily Dose, Featured, Journal, Newscenter_img Related Articles Share Save The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: 10 Most-Threatened Metros Based on FHA Delinquency Rates Next: House Hunters Face Fierce Bidding Wars Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Brent Potter Community Loan Servicing LLC Deborah J. Grissom Ellen Rose Forbearance Homepoint Financial John Dunnery Robert Caruso ServiceMac Treliant 2021-03-26 Eric C. Peck  Print This Postlast_img read more

No bail for Derryman accussed of involvement in Strand Road bomb


first_imgNews Help sought in search for missing 27 year old in Letterkenny Google+ By News Highland – September 18, 2010 RELATED ARTICLESMORE FROM AUTHOR Guidelines for reopening of hospitality sector published Previous articleHSE must employ more nurses in Letterkenny after INMO wins caseNext articleDerry Judge expresses astonishment that cannabis seeds can be legally sold News Highland Pinterest Twitter Facebook 448 new cases of Covid 19 reported today Pinterestcenter_img Facebook WhatsApp Google+ Three factors driving Donegal housing market – Robinson Twitter WhatsApp A man accused of possessing a “terrorist arsenal” following a bomb attack on Strand Road PSNI station in Derry last month has been refused bail in the High Court in Belfast.Thomas Christopher Nash from Iveagh Park in Derry is charged with possessing a rifle with intent, having eight rounds of ammunition, 33 rounds of Magnum ammunition, and 100 rounds of Luger ammunition.The 53 year old is also accused of possessing a CS spray canister, an imitation AK47 rifle and fake handgun. He denies the offences. No bail for Derryman accussed of involvement in Strand Road bomb NPHET ‘positive’ on easing restrictions – Donnelly Calls for maternity restrictions to be lifted at LUH last_img read more

FF Justice Spokesperson calls for external garda enquiry into Gweedore abuse


first_imgNews Facebook Previous articleMedical Council concerned that the competence of EU doctors cannot be assessedNext articleColaiste Colmcille asked to withdraw from representitive body News Highland LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Pinterest Calls for maternity restrictions to be lifted at LUH Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey WhatsApp FF Justice Spokesperson calls for external garda enquiry into Gweedore abuse Google+ By News Highland – July 20, 2011 Almost 10,000 appointments cancelled in Saolta Hospital Group this week center_img Google+ WhatsApp Pinterest RELATED ARTICLESMORE FROM AUTHOR Need for issues with Mica redress scheme to be addressed raised in Seanad also Twitter Guidelines for reopening of hospitality sector published Fianna Fáil Justice Spokesperson has called for an urgent external investigation into child sexual abuse allegations in Gweedore.Deputy Dara Calleary says every facet of this story must be thoroughly investigated as a matter of urgency.He is calling on the Minister for Justice and the Garda Commissioner to appoint a Garda team from outside Co Donegal to carry out a full and swift investigation into all allegations of child abuse and sexual assault in the Gweedore area.He also wants a full inquiry into how the then North Western Health Board handled Garda concerns relating to Michael Ferry in order to determine if appropriate action was taken. Twitter Facebooklast_img read more

The Sinn Fein Ard Comhairle meeting in Dublin this afternoon


first_img The Sinn Fein Ard Comhairle (Cor-la) is meeting in Dublin this afternoon.Party leadership will discuss the reports into the banking crisis, the drop in confidence in Government and the upcoming report from the Saville Inquiry into the Bloody Sunday killings.And Donegal Senator Pearse Doherty, says Donegal will feature prominemtly today.[podcast]http://www.highlandradio.com/wp-content/uploads/2010/06/pearse.mp3[/podcast] RELATED ARTICLESMORE FROM AUTHOR WhatsApp Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Need for issues with Mica redress scheme to be addressed raised in Seanad also Google+ Twitter Google+ Previous articleBoxing – Bronze For Tyrone Mc CullaghNext articleGAA – Donegal to face Armagh in Qualifiers News Highland By News Highland – June 12, 2010 WhatsApp Twittercenter_img Facebook Pinterest Almost 10,000 appointments cancelled in Saolta Hospital Group this week Facebook Calls for maternity restrictions to be lifted at LUH The Sinn Fein Ard Comhairle meeting in Dublin this afternoon Pinterest News Guidelines for reopening of hospitality sector published LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton last_img read more

26-year-old woman killed in crash outside Donegal Town


first_imgNews A woman has died in a two-car collision this on the road out of Donegal Town leading to BallyshannonA 26-year-old woman was pronounced dead at the scene in the accident shortly before 10 o clock this morning.The accident happened at 940am this morning on the Old Road out of Donegal Town leading to Ballyshannon.The road is closed and diversions are currently in place.The 26-year-old woman who died, was the only passenger in her car.The two females in the other car were injured and taken to Letterkenny General Hospital, their injuries are not believed to be life threatening.Garda Sergeant Tony Kernan from Donegal Town has been explaining what happened..[podcast]http://www.highlandradio.com/wp-content/uploads/2011/07/tonyc.mp3[/podcast] PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Man arrested on suspicion of drugs and criminal property offences in Derry Google+ Twitter Pinterest WhatsApp Google+ WhatsApp Twitter Previous articleVolunteers urged to take care as Swilly shoreline search gets underwayNext articleLast surviving parent of Bloody Sunday parents passes away News Highland center_img RELATED ARTICLESMORE FROM AUTHOR HSE warns of ‘widespread cancellations’ of appointments next week Dail hears questions over design, funding and operation of Mica redress scheme Dail to vote later on extending emergency Covid powers Facebook Man arrested in Derry on suspicion of drugs and criminal property offences released Facebook Pinterest 26-year-old woman killed in crash outside Donegal Town By News Highland – July 18, 2011 last_img read more

€13m Gweedore sewerage scheme finally gets the go ahead


first_imgNews WhatsApp Previous articleDrop in usage of Ask.fm website welcomed by Childrens MinisterNext articleUpdate: Ballintra Road Traffic victim named News Highland Further drop in people receiving PUP in Donegal The Minister of the Environment has announced the commencement of the €13m Gweedore sewerage scheme.The long anticipated works will go to tender at the beginning of next year.Over the years the lack of progress on the scheme had been a major issue of concern with residents in the area.Minister Hogan exclusively made the announcement to Highland Radio News:[podcast]http://www.highlandradio.com/wp-content/uploads/2013/11/hog530.mp3[/podcast]Meanwhile, Junior Minister Dinny McGinley, said this was a great day for his local parish.He said the people of Gweedore had been campaigning for this for a very long time:[podcast]http://www.highlandradio.com/wp-content/uploads/2013/11/dinny530.mp3[/podcast] Pinterest RELATED ARTICLESMORE FROM AUTHOR Man arrested on suspicion of drugs and criminal property offences in Derry Facebook Facebook 75 positive cases of Covid confirmed in North Main Evening News, Sport and Obituaries Tuesday May 25th center_img Twitter WhatsApp 365 additional cases of Covid-19 in Republic Pinterest €13m Gweedore sewerage scheme finally gets the go ahead Google+ By News Highland – November 8, 2013 Google+ Twitter Gardai continue to investigate Kilmacrennan firelast_img read more

Councillors squable over Twin Towns leisure centre


first_img By News Highland – January 25, 2010 Pinterest News Google+ RELATED ARTICLESMORE FROM AUTHOR WhatsApp Twitter Councillors squable over Twin Towns leisure centre Gardai continue to investigate Kilmacrennan fire Twitter 75 positive cases of Covid confirmed in North Previous articleGAA – Dr Mc Kenna Cup Semi Final line up confirmedNext articleGovernment looking to withdraw from Greencastle Harbour Project News Highland center_img Google+ Main Evening News, Sport and Obituaries Tuesday May 25th Man arrested on suspicion of drugs and criminal property offences in Derry 365 additional cases of Covid-19 in Republic Facebook Pinterest Facebook Further drop in people receiving PUP in Donegal WhatsApp There were heated exchanges in the council chamber this afternoon when the issue of the Stranorlar Leisure Centre was raised. Councillor Martin Harley raised the subject calling on the local authority to increase efforts to progress the project – however the ensuing debate soon turned to farce when a round of name calling erupted.Commenting on the progress to date Councillor Frank McBrearty accused Fianna Fail of using the leisure centre as a political football. This brought an angry response from Councillor Patrick McGowen who accused Councillor McBrearty of not caring about anything except himself and his election to the Dail.Councillor McGowen called Councillor McBrearty a ‘clown’, he later withdrew the comment however in the mean time Councillor McBrearty took issue with Mayor Byrne’s handling of the situation saying that he would ‘get him in the long grass’. The issue was closed when the county manager said he would deal with all the issues raised at a meeting with local councillors ahead of the capital budget meeting in March.last_img read more