Kate Berry has covered the Consumer Financial Protection Bureau for American Banker since 2016. She joined the publication in 2006 covering mortgage lending and the financial crisis. Berry also has covered big banks including Bank of America, J.P. Morgan Chase and Wells Fargo. She has won five awards from the Society of American Business Writers and Editors, and has worked at several news organizations including the Orange County Register, the Los Angeles Business Journal and the Associated Press. Berry began her career as a clerk at the New York Times.
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The Justice Department's Clifford White is putting all mortgage servicers on notice that they too will be punished if they flout bankruptcy rules.
March 25 -
Investors punished Nationstar Mortgage, sending shares down more than 10% Wednesday, down $3.15 a share to $27.96 a share, after the nonbank servicer announced a capital raise of roughly $500 million that will dilute existing shareholders.
March 25 -
Ocwen Financial is fighting back against a group of large bondholders that have accused the Atlanta mortgage servicer of improper servicing practices and an alleged breach of trust.
March 23 -
The agency's interpretation of a Respa rule could put an end to the long-standing practice of mortgage lenders paying real estate agents and homebuilders to send business their way.
March 19 -
Ocwen Financial has delayed filing its 2014 results and announced the sale of more servicing rights.
March 18 -
There is no guarantee that Fannie Mae and Freddie Mac will remain profitable in the years ahead, raising the possibility of further draws from Treasury, according to a report from the Federal Housing Finance Agency's inspector general.
March 18 -
An expected rush of refinancings of Federal Housing Administration loans could force some mortgage servicers to take writedowns in the first and second quarters, but they have more incentive than ever to keep borrowers in the FHA program instead of letting rivals lure away their customers.
March 13 -
Two activist groups are urging the Fed and OCC to investigate whether OneWest used donations and other sweeteners to buy community support for its sale to CIT.
March 6 -
Some newcomers to mortgage servicing did not hedge because hedging would have increased costs. Had rates moved up, the strategy would have paid off handsomely. Instead, it worked against them.
March 4 -
JPMorgan Chase has agreed to a $50.4 million settlement with the Justice Department for robo-signing documents sent to homeowners in bankruptcy and for related abuses.
March 3 -
JPMorgan Chase has agreed to a $50.4 million settlement with the Justice Department for robo-signing documents sent to homeowners in bankruptcy and for related abuses.
March 3 -
Embattled mortgage servicer Ocwen Financial faces up to $26 billion in damage claims by bondholders and a greater risk of being fired as a mortgage servicer on thousands of small, private-label trusts.
February 27 -
Amid heartbreaking tales told by distressed homeowners and reverse mortgage holders, many community groups praised OneWest CEO Joseph Otting for spending time speaking to them and hearing their communities' concerns.
February 26 -
CIT's John Thain and OneWest's James Otting, scheduled to speak today at a public hearing on their $3.4 billion M&A deal, will face complaints from community activists that they owe the public more after receiving substantial government help during the financial crisis.
February 26 -
One in three struggling homeowners who received a loan modification through the Home Affordable Modification Program ultimately redefaulted on those loan.Meanwhile, the program that was supposed to help some 4 million families avoid foreclosure has helped only a fraction of that amount, according to a report presented to Congress.
February 25 -
It's not quite too big to fail, but Ocwen is the country's largest servicer of subprime mortgages. So if it were forced to sell itself, or even failed, the transfer of some $410 billion in servicing rights could create havoc in the mortgage market, industry experts said.
February 23 -
Auto lending surged to an all-time high in the fourth quarter yet delinquencies remained low, Experian said in a report issued Thursday.
February 19 -
Foreclosures and delinquencies may seem like problems from the past, but servicers are still struggling with a massive backlog of distressed loans and a return to normalcy is at least two years away, if not longer.
February 18 -
Just three years ago, CEO David Nelms heralded the purchase of LendingTree Loans as a milestone in Discover's evolution from a strict credit-card company to a broad-based consumer lender. Now he is hinting that it might exit the mortgage business.
February 13 -
The expiration of the federal Protecting Tenants at Foreclosure Act leaves servicers dealing with a patchwork of state laws and investor rules, while renters living in REO properties are at a greater risk of eviction.
February 5
