JP Morgan Sued Over $3.6B of Bear Stearns MBS

The National Credit Union Administration (NCUA) has brought suit against J.P. Morgan Securities and Bear, Stern and Company over the failure of four corporate credit unions. The suit, filed in Federal District Court in Kansas alleges violations of federal and state securities laws in the sale by Bear, Stearns of $3.6 billion in mortgage-backed securities (MBS) to the failed institutions. NCUA charges that Bear, Stearns made numerous misrepresentations and omissions of material facts in the offering...

Servicing Retained or Released?; The CFPB and Credit Reports; CFPB's Guidance on Policies and Procedures Manual

A successful mortgage CEO once told me, "Your ego isn't always your amigo. It's amazing what you can accomplish when you don't care who receives the credit." Speaking of credit, although a slightly different kind, ever wonder how the credit reporting agencies "manage" yours? The CFPB is here to explain it. [READ: Everything You Wanted to Know About Credit Bureaus, Reports, Files and Scores ] And occasionally someone asks about a Policies and Procedure Manual, especially in preparation for a CFPB...

• The CFPB on QM and Auto Financing; ALTA on Risk Policy and Closing Policies
• Mortgage Rates Slightly Higher To Begin The Week
• MBS RECAP: Dragged Down By Treasury Sell-Off, Stock Rally
• Insurers, Servicers, Community Housing Groups Come Together to Aid Hurricane Sandy Victims
• MBS MID-DAY: Moderate Weakness Though Prices Relatively Contained
• The Week Ahead: Extra Economic Data and Fiscal Cliff Headline Potential

Micro News

Around the Web

• Five Housing Issues to Watch in 2013
• Lacker's Interview Should Boost Rate Doves
• Fed Stresses Bank Governance in Letter to Boards, Supervisors
• Federal Reserve Board issues supervision and regulation letter summarizing changes made to its program for consolidated supervision of large financial institutions
• Draghi Sees Euro-Area Recovery Fostered by ECB Policy, Reforms
• You May Regret Not Buying a House: Hovnanian CEO

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Today's Comments

	"Think about what he said: "that we knew the borrower could not pay." The operative word is KNEW. Did they know without a doubt that any given..."
	"Hi, if Countrywide was such a world class company, then why did they hurt borrowers with horrible mortgages? Aren't /weren't they smart enough..."
	"This disparate impact stuff is gonna be the death of me! It's not a charge based on whether they’re married or not – the problem is when they’re not..."

Today's Q&A