Seven banks, including JPMorgan Chase & Co. and Deutsche Bank AG, agreed to pay a total of nearly $8 billion last year to settle claims that they sold faulty mortgage bonds to Fannie Mae and Freddie Mac, the Federal Housing Finance Agency said.
Fannie Mae and Freddie Mac, the U.S.-owned mortgage-finance companies, will raise the fees they charge lenders to guarantee loans as part of an effort to shrink their presence in the mortgage market, the Federal Housing Finance Agency said.
In a victory for Wall Street, regulators won’t require chief executives to guarantee that their firms are complying with the Volcker rule, only that they have set up proper procedures to assure the proprietary trading ban is being followed, said people familiar with the rule.
The risk of a terrorist attack against the U.S. hasn’t diminished as groups affiliated with al- Qaeda have proliferated and are developing explosive devices designed to elude detection, Senator Dianne Feinstein said.
U.S. lenders would be required to offer the option of home loans without points or fees under a proposal by the Consumer Financial Protection Bureau designed to allow borrowers to better compare prices.