Amy Bonitatibus News
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Wells Fargo & Co., the biggest U.S. home lender, halted some foreclosure sales until it can understand new federal guidelines on seizures sent to the nation’s large and mid-sized banks.
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Fannie Mae , the largest provider of mortgage financing in the U.S., said it halted referrals to a Florida foreclosure-processing law firm that’s being investigated by the state attorney general.
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U.S. banks that have been earning record profits from home loans are adding or transferring thousands of staff to catch up with demand for refinancing after shortages blocked homeowners from getting lower rates.
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The first sign of what would ultimately become a $3 billion fraud surfaced Jan. 11, 2000, when Fannie Mae executive Samuel Smith discovered Taylor, Bean & Whitaker Mortgage Corp. sold him a loan owned by someone else.
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The cost of protecting bank bonds from default has fallen to the lowest level in as much as 20 months, pushed down at the same time regulators are loosening reserve rules and measures aimed at staving off another credit seizure.
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Banks that agreed to help troubled borrowers as part of a settlement with regulators over foreclosure misdeeds are spending most of the promised aid on sales that displace homeowners and forgiveness that erases home equity loans from their books.
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Bank of America Corp.’s Merrill Lynch unit will pay $1 million to resolve claims that supervisory failures enabled a Texas-based representative to operate a Ponzi scheme using a company account.
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New York Attorney General Andrew Cuomo asked a judge to rule without trial that Ezra Merkin and his Gabriel Capital Corp. engaged in fraud by secretly placing client funds with swindler Bernard Madoff.
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In spite of differences between Democrats and Republicans on reforming housing finance, both sides back proposals that would make mortgages more expensive and difficult to obtain.
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U.S. regulators led by the Office of the Comptroller of the Currency will replace a largely fruitless effort to find victims of botched foreclosures at the 14 biggest mortgage servicers with flat penalties, five people briefed on the talks said.
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