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Mortgage Crisis Watch Business and legal issues affecting: loan repurchases | mortgage-backed securities | mortgage insurance

Tag Archives: Ally Financial

Wells Fargo Settles Mortgage Claims With FHFA For Close To $1 Billion

Add another mega-settlement to the rapidly growing list of huge payouts by the nation’s largest banks to federal agencies. Wells Fargo reportedly has now agreed to pay the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, close to $1 billion. The settlement payment will resolve claims that Wells Fargo sold toxic mortgage-backed… Continue Reading

Big Banks Fail 2012 Fannie Mae Star Program

Fannie’s Star Program reveals big banks failed to meet minimum mortgage servicer performance requirements According to a report released Tuesday by Fannie Mae, the big banks who love to act like “injured innocents” when it comes to making mortgage repurchase and indemnification demands on loan originators had their own substantial problems servicing the loans that they… Continue Reading

SEC Investigating ResCap for Possible Mortgage Fraud

The U.S. Securities and Exchange Commission is investigating bankrupt Ally Financial mortgage unit Residential Capital, LLC, for possible misconduct and misrepresentation in its mortgage lending and underwriting practices. The SEC disclosed in court documents on Monday that it formerly commenced an investigation in February of this year to probe possible fraud in the offer and… Continue Reading