Wells Fargo has appointed Avid Modjtabai as senior executive vice president and head of its new Wells Fargo Consumer Lending (WFCL) group.

A report by the Securities and Exchange Commission (SEC) revealed some mispractices by broker-dealers in selling structured securities products. For the study, the SEC looked closely at eleven broker-dealers.

A federal regulator on Wednesday filed a lawsuit against UBS, asserting that the investment bank made false statements when selling $4.5 billion in MBS to Fannie Mae and Freddie Mac.

Cognizant has acquired CoreLogic’s Global Services Private, the India-based captive operations of CoreLogic, in a move that transfers some operations used for U.S. mortgage industry outsourcing to the former company.

Freddie Mac's issuance of mortgage-backed securities rose 10% in June after falling nearly 9% in May, according to the government-sponsored enterprise.

Only 30% of U.S. publicly traded single-bank holding companies are on track to post higher Tier 1 capital and the rest will likely experience capital erosion, according to a study by Invictus Group.

Mohamed El-Erian, chief executive officer and co-chief investment officer of Pacific Investment Management Co. (PIMCO), said there will be massive consequences if the U.S. is downgraded. El-Erain made these remarks in an interview on Bloomberg radio.

Trepp released a report on bank loan delinquencies for 2Q11 ahead of the final Federal Deposit Insurance Corp. (FDIC) figures.

Elizabeth Warren will step down Aug. 1 from her post as special advisor to the Treasury secretary at the Consumer Financial Protection Bureau (CFPB) and Raj Date, a high-ranking official at the new bureau, will replace her.

Domino's Pizza plans to refinance its outstanding securitization debt.

Fannie Mae and Freddie Mac could continue to operate even if the U.S. debt ceiling is not raised by Aug. 2. But raising the ceiling alone, without a budget deal, would leave them — and a mortgage market that relies on their guarantees — vulnerable.Despite improvements in their financial results, the government-sponsored enterprises need continued capital injections from the Treasury Department to avoid being unwound by their conservator, the Federal Housing Finance Agency (FHFA), according to the rating agency Fitch Ratings. On average, the GSEs have been drawing $2 billion to $3 billion a quarter since 2010, said analysts at Barclays Capital.

Mortgage application eased back 5% in the week ending July 22 with both refinancing and purchase activity slipping.