Ocwen to Pay $3.7 Million to Massachusetts Over Failure to Provide Notices to Homeowners, Unlawful Foreclosures<br/>http://www.mass.gov/ago/news-and-updates/press-releases/2014/2014-06-16-ocwen-aod.html

Marc Patterson On June 12, the CFPB announced that it has issued a Consent Order under which a New Jersey title services company, Stonebridge Title Services Inc., agreed to pay a $30,000 civil money penalty for paying illegal kickbacks for referrals in violation of RESPA Section 8. According to the CFPB’s press release, Stonebridge paid commissions to... More >

Mention affordable housing and too often it conjures up the thought of failed housing programs from the '50s and '60s. Not only does this fly in the face of reality of what's happening in our cities today but it does a disservice to the residents of recently built affordable homes. Simply stated, affordable housing means bringing income diversity to neighborhoods, rather than isolating communities from one another. Traditionally, affordable housing was something that was only built in certain areas -- typically less desirable -- of most cities. However, it's important that all residents, including working families, enjoy the opportunity to live throughout city neighborhoods. Let's remember, cities across the country have reversed decades of population decline and are now growing. Once places people couldn't wait to leave, cities are now where more and more people want to live, work, and play. This isn't an accident. The high-rise apartments and closely located brownstones that represent many American cities are now recognized as integral to community living. What's more, long drives from remote suburbs to offices in cities have taken a toll on commuters. Urban dwellers are finding there is a correlation between shorter commutes and happiness, and this realization is helping to make cities across the United States a focus for growth. Populations in cities have reversed decades of loss by growing in the last 10 years. Coming out of the Great Recession, the number of urban residents has rapidly increased. And these residents are likely to have a better of quality of life. In fact, a recent book by Charles Montgomery, Happy City: Transforming Our Lives Through Urban Design , argues the way cities are built powerfully influences moods and behavior and, done correctly, will lead to happier lives. And in rebuilding our cities, they must be not just for the wealthy but for working families as well. This new urbanism must be inclusive. That's...

The House Financial Services Oversight and Investigations Subcommittee voted today to authorize subpoenas for two more whistleblowers who have come forward alleging discrimination and retaliation at the CFPB. The whistleblowers -- CFPB Examiner Ali Naraghi and former Bureau employee Kevin Williams - asked to be subpoenaed in order to protect their interests and guard against further retaliation by the Bureau The latest round of subpoenas is part of the Subcommittee's ongoing investigation into what a previous CFPB whistleblower testified is "a pervasive culture of retaliation and intimidation that silences employees and chills the workforce from exposing wrongdoing." "When allegations of discrimination at the CFPB were first uncovered, my subcommittee committed to investigating these claims and providing all affected Bureau employees a forum to share their stories of mistreatment by agency leaders," said Oversight and Investigations Subcommittee Chairman Patrick McHenry (R-NC). "We are continuing these important efforts by subpoenaing two more employees who have experienced both discrimination and retaliation while at the Bureau. This behavior has no place in our government and my subcommittee will not rest until we have exposed those CFPB leaders responsible," McHenry added. The Subcommittee has already held two hearings on employee allegations, which were first chronicled in a March 6 article in the American Banker. At the Subcommittee's April 2 hearing, CFPB attorney and whistleblower Angela Martin testified about the Bureau's "pervasive culture of retaliation and intimidation," saying she and her colleagues "have suffered and are suffering at the hands of inexperienced, unaccountable managers." At that same hearing, the Subcommittee heard testimony from Misty Raucci, an outside investigator hired by the CFPB to examine Martin's claims. Raucci's investigation concluded that Martin's claims of...

NEW YORK (Reuters) - JPMorgan Chase & Co has been sued by the city of Miami, accusing the bank of predatory mortgage lending in minority neighborhoods that allegedly caused a wave of foreclosures during the last decade's housing crisis.

Irene Dormer, president and CEO of HSBC U.S. is retiring after 32 years at the bank, to be succeeded by Pat Burke.

In a year when banks' performance has been lackluster at best, Wells Fargo has been anything but.

WASHINGTON (Reuters) - U.S. manufacturing output rose solidly in May as production increased across the board, bolstering expectations that economic growth would rebound strongly this quarter.

Make sure you understand the ways that buying a home could have a negative impact on your credit. Read More The post 5 Ways That Buying a Home Can Hurt Your Credit appeared first on Redfin Real Estate Blog .

ECB Said Likely to Refrain From New Measures for Next Few Months Bloomberg European Central Bank President Mario Draghi's policies have encouraged investors to bid up European assets from bonds to stocks and avoid cash. Close. European Central Bank President Mario Draghi's policies have encouraged investors to... Read ... and more »

Intense compounding of leverage-fueled rates of return on seemingly safe hard assets led many Gen Xers into part-time landlord gigs that then failed.