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Loan Servicer Sanctions Levied. Penalties Pending

Skin in the Game: Risk Retention Proposal Published

Reduced Loan Loss Provisions Drive Banker Profitability in Q3

FDIC: More Attention Must Be Given To Affordable Housing and...

FDIC's Bair Says Some U.S. Banks Could be Beyond Help

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Loan Servicer Sanctions Levied. Penalties Pending

The Federal Reserve, Office of Comptroller of the Currency (OCC), FDIC, and Office of Thrift Supervision (OTC) have issued formal enforcement actions against 14 banking and two loan servicing related organizations which they found had demonstrated a "pattern of misconduct and negligence related to deficient practices in residential mortgage loan servicing and foreclosure processing." The Fed said that these deficiencies represent significant and pervasive compliance failures and unsafe and unsound...

Published Wed, Apr 04 2011 2:02 PM by Jann Swanson

Filed under: Federal Reserve, FDIC, OCC, foreclosure, loss mitigation, FHFA, metlife, Loan Servicer, LPS, MERS, STAR, Servicer Total Achievement and Rewards, State Attorneys, Servicer Settlment, Loan Servicer Reform, Servicer Compensation, U.S. Bancorp, HSBC North America Holdings, SunTrust Banks, Aurora Bank, EverBank, JPMorgan Chase & Co., Wells Fargo & Company, Ally Financial Inc., Sovereign Bank, Citigroup Inc., OneWest Bank, The PNC Financial Services Group, Inc., Bank of America Corporation
Skin in the Game: Risk Retention Proposal Published

The Office of the Comptroller of the Currency, Treasury, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC), U.S.Securities and Exchange Commission; Federal Housing Finance Agency (FHFA) and Department of Housing and Urban Development (HUD) have released a proposal to define Qualified Residential Mortgages (QRM). QRMs are home loans that will be exempt from the requirement that mortgage lenders retain a 5 percent share of each loan they originate that is...

Published Tue, Mar 03 2011 12:57 PM by Adam Quinones

Filed under: FDIC, Risk Retention, QRM
Reduced Loan Loss Provisions Drive Banker Profitability in Q3

The FDIC reported today that its insured depository institutions increased profitability to over $14 billion in the third quarter, a seven-fold increase over profit figures in the same quarter of 2009....

Published Fri, Nov 11 2010 12:39 PM by Jann Swanson

Filed under: FDIC, loan loss provisions, banker profile, reserves
FDIC: More Attention Must Be Given To Affordable Housing and Borrower Education

FDIC Chairperson Sheila Barr told a group of non-profit housing developers Monday that the government needs to temper its focus on home ownership to allow for more emphasis on affordable rental rental housing and the borrower education process....

Published Wed, Jun 06 2010 11:29 AM by Jann Swanson

Filed under: FDIC, affordable housing, rental housing, community reinvestment act, CRA, Borrower Education, Low income borrowers
FDIC's Bair Says Some U.S. Banks Could be Beyond Help

Federal Deposit and Insurance Corporation (FDIC) head Sheila Bair said Monday that some U.S. financial institutions may be beyond help from U.S. government agencies, and some banks will close. In a conference call with reporters, Bair touted the U.S....

Published Mon, Mar 03 2009 3:39 PM by CEP News Feed

Filed under: FDIC, sheila bair
FDIC & Fed Want Systemic Regulator in U.S.

The Federal Reserve and Federal Deposit Insurance Corporation want to create systemic regulator in the United States and overhaul the financial system to prevent and limit impacts from financial crises, according to officials from both bodies. "It...

Published Thu, Mar 03 2009 10:07 AM by CEP News Feed

Filed under: Federal Reserve, FDIC, sheila bair
FDIC Extends Deadlines for Government-Guaranteed Debt Program

The Federal Deposit Insurance Corporation extended a program that allows bank holding companies to issue government-backed debt on Tuesday. The FDIC extended the deadlines to issue debt and for the debt to expire by six months each for the Temporary Liquidity...

Published Tue, Mar 03 2009 12:18 PM by CEP News Feed

Filed under: FDIC, Federal Deposit Insurance Corporation, sheila bair
FDIC Raises Fees but Does Not Extend Loan Guarantee Program

Rising bank failures forced the U.S. to raise premiums and implement a one-time fee in order to cover the cost of deposit insurance. There were rumours of changes to a debt guarantee program but only minor changes were announced. The Federal Deposit Insurance...

Published Fri, Feb 02 2009 12:08 PM by CEP News Feed

Filed under: FDIC, sheila bair
Banking Industry Posts First Loss Since 1990, FDIC Says

The Federal Deposit Insurance Corporation ( FDIC ) announced the first quarterly loss in U.S. banks since 1990 in the fourth quarter. Although the FDIC does not name the banks, they said, in total, U.S. banks lost 26.2 billion in Q4. In 1990, losses totalled...

Published Thu, Feb 02 2009 2:34 PM by CEP News Feed

Filed under: FDIC
FDIC's Bair Defends Community Reinvestment, Supports Loan Modification

FDIC chairman Sheila Bair said the government has been behind the curve when it comes to preventing foreclosures, and she called for regulators to use their authority in creating flexible rules for making free loan modifications a top priority. She also...

Published Thu, Dec 12 2008 9:45 AM by CEP News Feed

Filed under: FDIC, loan modification, sheila bair, community reinvestment act
Paulson Says More TARP Programs on the Way

Treasury Secretary Henry Paulson said on Monday the Treasury is developing new programs under the Troubled Asset Relief Program (TARP) and that he's confident the Treasury is pursuing the right strategy. "We are actively engaged in developing...

Published Mon, Dec 12 2008 3:36 PM by CEP News Feed

Filed under: FDIC, hank paulson, recession, treasury department, tarp
FDIC Says Bank Earnings Fell 94% in Q3 Versus One Year Ago

Net income from U.S. banks totalled $1.7 billion in the third quarter, according to the Federal Deposit Insurance Corporation on Tuesday, who added that the figure represents a 94% decline in banking income compared to twelve months ago. The report cited...

Published Tue, Nov 11 2008 10:35 AM by CEP News Feed

Filed under: FDIC, banks, sheila bair
Fed, FDIC and Treasury Issue Joint Statement on Bank Practices

The Department of the Treasury, the Federal Deposit Insurance Corporation, and the Federal Reserve issued a joint statement highlighting recent measures taken to bolster the financial system, making recommendations for financial institutions on how to...

Published Wed, Nov 11 2008 10:14 AM by CEP News Feed

Filed under: FDIC, treasury department, financial crisis
Another Big Bank Moves to Assist Homeowners and Itself

Citigroup has joined Morgan Stanley Chase, the Federal Deposit Insurance Corporation (FDIC,) and a few other large banks in initiating an aggressive program to mitigate foreclosures of single family homes. The bank said on Monday that it is putting a moratorium on both initiating new foreclosures and on completing the legal process against homeowners who are currently moving toward foreclosure. The moratorium will be available to homeowners if they meet several criteria; they must want to stay in...

Published Tue, Nov 11 2008 9:18 AM by Jann Swanson

Filed under: FDIC, citigroup, foreclosures, loan modification, foreclosures, fdic, loan modification, citigroup
FDIC Extends Opt-Out Deadline For Banks Participating in Guarantee Program

The Federal Deposit Insurance Corporation ( FDIC ) announced the deadline for banks to opt-out of their Temporary Liquidity Guarantee Program (TGLP) has been extended to Dec. 5 from Nov. 12. Any banks opting out of the program before Dec. 5 will not be...

Published Mon, Nov 11 2008 6:58 PM by CEP News Feed

Filed under: FDIC, Temporary Liquidity Guarantee Program, tlgp

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