In the News
After 30 years of following the roller coaster ups and downs of the mortgage business, I'm finally feeling sick to the stomach.
Booms and busts are exciting, and they're good content for the news media as well, which is probably why I haven’t objected to them until now. But a lot of people get hurt every time the trick cigar blows up in their faces—and not just industry people. This last time, borrowers got burned, too, big time....
New York's banking regulator Benjamin Lawsky unleashed a verbal assault on nonbank servicer Ocwen Financial Wednesday, saying the company's explosive growth "raises red flags," and that its use of technology to better handle distressed loans is "too good to be true."
Speaking at the annual meeting of the New York Bankers Association, Lawsky said...
Call it the loophole that destroyed the world. It's 1999, the tail end of the Clinton years. While the rest of America obsesses over Monica Lewinsky, Columbine and Mark McGwire's biceps, Congress is feverishly crafting what could yet prove to be one of the most transformative laws in the history of our economy – a law that would make possible a broader concentration of financial and industrial power than we've seen in more than a century.
But the crazy thing is, nobody at the time quite knew it. Most observers on the Hill thought the Financial Services Modernization Act of 1999 – also known as the Gramm-Leach-Bliley Act – was just the latest and boldest in a long line of deregulatory handouts to Wall Street that had begun in the Reagan years....
Charlotte Business Journal
Bank of America
Staff Tampa Bay Business Journal
A Tampa resident is taking on some of the biggest banks in the country, claiming that delays in processing mortgage payments allow the banks to earn extra interest from customers....
- Attorney Glenn Russell Body Slams MERS Harmon Law In Front Of The Mass Supreme Court — MFI-Miami
- Former FTC Head Says CFPB Poses 'Mortal Threat'
- Courthouse Rocket Dockets Give Debt Collectors Edge Over Debtors
- Reform Group Challenges JPM's $13B Mortgage Settlement in Court
- Lawsky s Move Raises Tough Questions for Ocwen, Servicing Market
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