Wells Fargo & Co. decided to exit reverse mortgages after federal officials insisted it foreclose on elderly customers who were behind on property tax and insurance payments, a Wells executive wrote in an email to business contacts Friday.
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The recent uproar over regulators' "qualified residential mortgage" (QRM) proposal has obscured the importance of another underwriting standard in the Dodd-Frank Act, the similarly titled "qualified mortgage" (QM).
July 29 -
Chief executives from the country's largest banks sent a letter to the White House and Congress Thursday urging them to reach an agreement the week of July 25 to raise the debt ceiling.
July 29 -
The U.S. homeownership rate fell by less than half-a-point in the second quarter to 65.9% as foreclosures accelerated and consumers put off buying homes because of fears about prices and the economy.
July 29 -
Private equity firm Apollo Global Management is planning to raise a second publicly traded fund to invest in leveraged loans.
July 29 -
Bank of America over the past 10 days tried – and failed – to sell roughly $50 billion of 'legacy' mortgage servicing rights, according to servicing advisors familiar with the auction.
July 29
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The U.S. CMBS default rate jumped to 12.9% at the end of the second quarter of 2011, marking a 228 basis point increase since the end of 2010, according to Fitch Ratings.
July 29 -
A new report by Amherst Securities Group (ASG) examines how the recent Bank of America settlement has the potential to significantly impact Countrywide securities that comprise the Covered Trusts. Although the market seems to treat these securities in the same way, ASG said that the impact will vary from security to security.
July 29 -
Let's skip ahead to Aug. 3. The debt ceiling hasn't moved an inch and the United States no longer enjoys a coveted triple-A credit rating. Now what?
July 29 -
The slowly reviving CLO market is getting a boost from an unexpected source: one of the biggest financial blowups in history.
July 29 -
The Senate Banking Committee will hold a hearing next Thursday on the nomination of Richard Cordray to head the Consumer Financial Protection Bureau (CFPB).
July 29 -
The Office of the Comptroller of the Currency (OCC) received many comment letters strongly criticizing its May 26 preemption proposal. Unfortunately, the OCC largely ignored those criticisms and wrote final rules that blatantly violate the Dodd-Frank Act.
July 29 -
The heads of CMBS trading at Citigroup and Goldman Sachs departed this week according to a Bloomberg report.
July 28