NEWS

An international banking giant will fork over nearly $5 billion to settle a federal probe into its sale of mortgage-backed securities during the run-up to the 2008 financial meltdown. Royal Bank of Scotland has agreed to pay $4.9 billion to settle Justice Department claims that it misled investors who bought the securities, according to a report by The Los Angeles Times. This is the second time this year that RBS has written a massive check […]

by Francis Monfort17 May 2018 President Donald Trump intends to nominate Michael Bright to be the president of the Government National Mortgage Association (Ginnie Mae) under the Department of Housing and Urban Development, the White House has announced. Bright is currently acting president of the company. He joined Ginnie Mae in July 2017 as executive vice president and COO. In that role, he manages all operations for Ginnie Mae’s $1.8 trillion portfolio of mortgage-backed securities.

by Ryan Smith17 May 2018 One of the nation’s largest banks will be handing about 260 mortgage professionals their walking papers in July. U.S. Bank – the nation’s fifth-largest bank, with $462 billion in assets – will eliminate the jobs starting in July as it closes a mortgage and consumer banking office in Bedford, Ohio. The bank announced the job cuts in a notice to the state of Ohio, according to a report by Cleveland.com.

Another week, another reason for Wells Fargo execs to reach for the antacid. In the latest in a series of scandals for the embattled bank, an internal investigation found that some Wells Fargo employees were altering documents about business customers – raising concerns about the effectiveness of the banks’ internal checks. The alterations took place in 2017 and early 2018, according to CNN Money. It was brought to light when multiple Wells Fargo employees alerted

by Francis Monfort22 May 2018 A $57 billion increases in mortgage balances drove the first-quarter increases in total household debt, according to the Quarterly Report on Household Debt and Credit released by the Federal Reserve Bank of New York. Household debt totaled $13.21 trillion in the first quarter, an increase of $63 billion, or 0.5%, from the previous quarter. The quarter is the 15th consecutive quarter with an increase. Meanwhile, mortgage debt totaled $8.94 trillion