Wells Fargo agrees to record-breaking $1.2bn FHA settlement

Wells Fargo set a new record when it agreed to pay the federal government $1.2 billion in settlement fees for the Federal Housing Administration.

FHFA Announces Two Winning Bidders, With Plans To Continue Bulk REO Sales

FHFA has released some information concerning the results of the bidding for bulk sales of Fannie Mae owned properties. The qualifying process began in the spring, for investment groups that could meet specific FHFA guidelines for capital assets, management capability and other criteria.

Short Sales to Speed Up

Following a recent settlement with the state attorneys general, new short sale requirements are to be adopted by the largest five mortgage servicers in the US, in the expectation that these will speed up what has become quite a lengthy process.

Citigroup Hit With $158 Million Mortgage Fraud Settlement

Citigroup has suffered its second setback in two weeks, with the news that the bank will have to pay out $158.3 million in settlement fees, coming hot on the heels of last week’s $25 billion foreclosure settlement that was agreed between states and America’s five largest banks.

ZipRealty Agree Settlement Over Agent’s Pay

Four real estate agents in California who claimed that their employer paid them less than the state’s minimum wage while also refusing to pay overtime have a reached a settlement with the company, Bakersfield reports. Their employer, ZipRealty, agreed a total payout of $586,068 for the four employees. Discussing the background to the case, Christine […]

iStar Plans to Open Miami Paramount Bay Luxury Condos Soon

Investment firm iStar Financial hopes to finally open the troubled downtown Miami condo tower Paramount Bay this year, adding ST Residential to the property’s title.  The 47-story waterfront tower is difficult to miss, but it has remained vacant and unfinished for nearly six years.   When Royal Palm Miami Holdings began construction in 2005, there […]

Investors Want H&R Block’s Subprime Lender to Pay Up

Several mortgage bond investors are seeking assistance to force a subprime lending unit of H&R Block Inc. to buy back billions of dollars worth of faulty loans.  The company, called Option One back when it did its dirty work, is now known by the name Sand Canyon Corp (SCC).  H&R Block sold off the servicing […]

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