Quicken Loans

Banks To Pay $123 Million for Unlawful Foreclosures Against Servicemembers

Banks Were Committing Unlawful Foreclosures Against Servicemembers While They Were Busy Defending Our Freedom    The Justice Department announced today that under its settlements with five of the nation’s largest mortgage servicers, 952 service members and their co-borrowers are eligible to receive over $123 million for non-judicial foreclosures that violated the Servicemembers Civil Relief Act […]

Ally selling collection rights on mortgages

Jessica Toonkel and Rick Rothacker, Washington Post Ocwen Financial is in the lead to buy a portfolio of mortgage-collection rights from Ally Bank worth about $1 billion, three people familiar with the situation said Thursday. The deal would help Ally, the bailed-out auto lender that is 74 percent owned by the U.S. government, raise money […]

New York regulator yet to approve Ocwen’s two recent deals

Reuters New York’s top state bank regulator is yet to approve Ocwen Financial Corp’s recent agreements to buy two mortgage servicing firms as a result of concerns about what it says are unfair loan practices, the Wall Street Journal reported. Ocwen recently struck deals to buy Homeward Residential Holdings Inc and the mortgage servicing unit […]

U.S. Objects to Ocwen Buy of ResCap Loan

Dow Jones Newswires The U.S. is worried Ocwen Financial Corp. (OCN) won’t abide by a home-lending industry overhaul that was “designed to protect homeowners from future occurrences of mortgage-related abuse and fraud” when it takes over Residential Capital LLC’s servicing platform as part of a $3 billion deal. Papers filed in advance of a Nov. 19 […]

Fed releases Ally foreclosure review plan

Jon Prior, Housing Wire The Federal Reserve released a plan between Ally Financial and third-party consultant PricewaterhouseCoopers, hired to conduct the independent foreclosure review. The release also included an action plan from Citigroup ($26.60-0.06%), updating the Fed on its implementation of consent order requirements agreed to in April 2011. The Fed also included a letterfrom HSBC ($40.25 -0.27%) covering how the bank plans to implement single-point-of-contact requirements under the […]

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