Loan brokers and correspondents that live in fear of mortgage buy back requests from secondary market investors may have a new nemesis to worry about: the Federal Deposit Insurance Corp (FDIC).

Wells Fargo & Co. will have to pay an $85 million civil penalty for misleading borrowers into costly subprime loans, the Federal Reserve Board said Wednesday.

The Federal Trade Commission (FTC) is mailing over 450,000 checks to former customers of Countrywide Home Loans (CHL) as part of a $108 million settlement involving allegations that CHL took advantage of delinquent borrowers and charged excessive servicing fees.

The loan modification process needs a reboot that uses technology to help borrowers understand the process and provide faster resolution to loan files, according to panelists speaking at the Best Practices in Loss Mitigation Conference that National Mortgage News' parent company SourceMedia sponsored this week in Dallas.

A closely watched appeals court case that could determine whether investors may sue firms over allegedly faulty disclosure for auction-rate securities has pitted the Securities and Exchange Commission (SEC) against a broker-dealer group.

Dollar Thrifty Automotive Group (DTAG) is in the market with a transaction called Rental Car Finance Corp., Asset Backed Notes, Series 2011-1. Rental Car Finance Corp. (RCFC), a wholly owned subsidiary of Dollar Thrifty, is the issuer.

Bank of America says all those rumors about it exiting the correspondent mortgage channel are just not true.

The American Securitization Forum (ASF) released a statement today applauding the House Financial Services Committee’s approval of legislation aimed at stabilizing the ABS market.

European Union leaders will meet tomorrow to discuss the future of Greece but it is likely that talks will extend into the long run as a consensus on what should happen next won't be easy to reach.

A new report by Lender Processing Services (LPS) reveals that the total U.S. loan delinquency rate climbed 2.4% in June to reach 8.15%, while the foreclosure pre-sale inventory rate also rose by 0.2% to 4.12%.

Hudson City Bancorp Inc. is looking for opportunities to increase its residential mortgage originations operations to take advantage of the upcoming drop in the conforming loan limits, its top executive said. The company reported net income of $96 million for the second quarter, down from $143 million one year prior.

The U.S. CMBS delinquency rate declined sixteen basis points in June to reach 9.02%, according to Moody’s Investors Service’s Delinquency Tracker (DQT). The rate of loans in special servicing dropped for the second straight month with a decrease of 27 basis points, settling at 12.35%.