April 2016

Ocwen Foreclosures Frozen after Compliance Failures

April 30, 2016 Lynn Szymoniak

From Ben Lane at Housing Wire:

As it turns out, it can get worse for Ocwen Financial.

Less than one day after posting a massive loss for the first quarter of 2016, the nonbank has run afoul of the terms of the National Mortgage Settlement and is now forbidden from taking foreclosure actions on more than 17,000 loans.

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Hard Times for Forgers and Scammers?

April 29, 2016 Lynn Szymoniak

From Deon Roberts at The Charlotte Observer:

Wells Fargo said Thursday it is laying off nearly 100 mortgage employees in Fort Mill, S.C., the bank’s latest job cuts to the operation.

In announcing the 91 layoffs, the San Francisco-based bank cited drops in delinquency and foreclosure rates and slumping demand to refinance mortgages – reasons the bank has cited for previous rounds of layoffs in recent years.

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Wells Fargo Pays $1.2 Billion for Bad Loans

April 27, 2016 Lynn Szymoniak

Wells Fargo has agreed to pay the U.S. Government 1.2 billion dollars for hiding bad loans before the 2008 housing market crash.

From KRISTtv.com:

Wells Fargo has agreed to pay the U.S. Government 1.2 billion dollars for hiding bad loans before the 2008 housing market crash.

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