Tag Archives: Mortgages
New Rules Aim To Protect Widowed Homeowners From Foreclosure
by Andrew Khouri, Los Angeles Times
The rules, which expand and clarify existing guidance from the agency, were long awaited by consumer groups that are pushing similar regulations in a pending California Senate bill. Read More ›
Wells Fargo To Pay $1.2 Billion Over Bad Government-Backed Mortgages
by ff, Los Angeles Times
If approved by a federal judge, the settlement would close the books on a 2012 lawsuit that the government filed against the bank over bad loans backed by the Federal Housing Administration. … Between 2001 and 2005, prosecutors said, the bank issued thousands of FHA loans that did not meet the program’s requirements, which include minimum incomes and credit scores for borrowers. They also said that from 2002 to 2010, the bank violated federal reporting requirements by keeping problem loans under wraps and collecting insurance payouts when loans went bad. Read More ›
BofA ordered to pay $1.3 billion over Countrywide lending program
by E. Scott Reckard, Los Angeles Times
A New York judge ordered Bank of America to pay nearly $1.3 billion in penalties in a civil fraud case involving a mortgage program that Countrywide had nicknamed “the hustle,” which fast-tracked the processing of mortgage applications. After a monthlong trial, a jury decided last fall that BofA and Countrywide were liable for selling thousands of bad loans to Fannie Mae and Freddie Mac. The lending program fast-tracked mortgage applications from August 2007 through May 2008. Shortly thereafter, Bank of America bought Countrywide, the nation’s largest home lender at the time. Read More ›