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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Citigroup (NYSE: C) has agreed to pay nearly $25 million to settle claims that it misled investors about the risk of certain mortgage-backed securities, according to Reuters.
August 28 -
A controversial proposal to seize underwater mortgages through eminent domain faces significant legal challenges in California because the three municipalities do not have statutory authority to convey loans to a private company.
August 24 -
The five largest mortgage servicers are suddenly eager to provide relief to distressed homeowners, but after years refusing to modify loans or reduce principal, they are concerned that borrowers will ignore their solicitations.
August 22 -
In a surprising reversal, the Consumer Financial Protection Bureau proposed rules on Friday that will allow lenders to continue offering discount points and fees rather than a flat fee when originating home loans.
August 17 -
The Treasury Department on Friday said it is restructuring the terms of its investment in Fannie Mae and Freddie Mac, four years after the government bailout of the beleaguered housing behemoths.
August 17 -
The Department of Housing and Urban Development will sell a $1.7 billion portfolio of nonperforming Federal Housing Administration loans in September as part of a bulk sale program aimed at helping borrowers avoid foreclosure, the loan sale advisory firm DebtX said Thursday.
August 16 -
Over objections from residents and lenders, the county passed a resolution Thursday authorizing its staff to seek bids from private companies looking to buy up and restructure underwater mortgages.
August 16 -
New proposals would require appraisals for "higher-risk" mortgages, and compel lenders to notify borrowers of their right to an appraisal report. But loans meeting the special QM standard would enjoy a lighter touch.
August 15 -
The rules for mortgage servicing were written primarily for the largest players, but it is the smaller ones that will have the hardest time absorbing the costs.
August 15 -
Chicago Mayor Rahm Emanuel on Tuesday shot down the idea of using eminent domain to seize underwater mortgages, the Chicago Tribune reported.
August 14 -
Ginnie Mae is considering raising minimum net-worth requirements for issuers of its mortgage-backed securities after being deluged with applications from small mortgage banks. Disruptions in the mortgage market prompted the rush.
August 13 -
The Consumer Financial Protection Bureau issued a proposal Friday that would require mortgage servicers to provide clear monthly statements, earlier disclosures for interest rate adjustments and options to help borrowers avoid foreclosures and costly force-placed insurance.
August 10 -
The agency is desperately trying to avoid a bailout this year by settling disputes with major banks for cash, selling severely delinquent loans and raising insurance premiums for new borrowers.
August 9 -
The Federal Housing Finance Agency warned Wednesday it would take action, if necessary, to stop cities from using eminent domain to seize underwater mortgages and attorneys say they are likely to prevail.
August 8 -
The Office of Mortgage Settlement Oversight said Monday that it has hired secondary consulting firms to assist BDO Consulting in overseeing compliance of the five largest mortgage servicers with the $25 billion national servicing settlement.
August 6 -
After initially dragging their feet, the largest mortgage servicers have modified nearly 70% of loans from delinquent borrowers that qualify, thanks largely to government incentives.
August 2 -
Fannie Mae on Wednesday opened a mortgage help center in Ontario, Calif., and now operates a dozen centers nationwide that provide free education and counseling servicers to struggling homeowners.
August 1 -
The Consumer Financial Protection Bureau has taken its first civil action, suing and effectively stopping business at a Los Angeles law firm that charged homeowners for loan modifications that allegedly never happened.
August 1 -
Commercial and multifamily lending jumped 25% in the second quarter from a year earlier and 39% from the first quarter driven by strong loan demand for retail and hotel properties, according to figures released Tuesday by the Mortgage Bankers Association.
July 31 -
It's not too soon for CEOs to think about how they'll fill the profit hole sure to come when interest rates rise and the number of borrowers eligible to refinance ultimately drops.
July 30
