Foreclosures

An agency report said servicing portfolios have shrunk by nearly half in 10 years as much of the mortgage market has shifted to nonbanks.

Wells Fargo will lay off 1,000 workers primarily from its mortgage unit in the first major round of a previously announced plan to cut the bank's workforce by as much as 10% over the next three years.

The bank recently notified an upstate New York man that he was wrongly denied a mortgage modification, and enclosed a $25,000 check. But details of what went wrong have been hard to come by.

The bank says a calculation error led it to deny help to distressed homeowners; a former U.S. deputy attorney general will help with in the 1MDB fraud scandal.

The Federal Housing Administration is making it easier for reverse mortgage servicers to submit insurance claims by expanding the types of supporting documentation it will accept on defaulted loans.

Fannie Mae and Freddie Mac issued new capital requirements for private mortgage insurers that will create big swings in carriers' asset reserves.

The new policy, meant to assist borrowers in Puerto Rico and the U.S. Virgin Islands, will let servicers evaluate borrowers using pre-disaster payment information.

Lending to problematic or serial evictors can cause people to be pushed out of their homes in the name of profits. Banks must adopt standards against this practice.

The bank continues to battle a series of negative headlines such as erroneous foreclosures, but public and investor reaction has been muted.

The Fed's order targets affidavits prepared by employees of CitiFinancial in connection with the company's exiting the mortgage servicing business.

Sen. Brian Schatz, D-Hawaii, said it is hard to imagine how Wells Fargo's $8 million remediation plan would correct a mistake that led to 400 wrongful foreclosures.

Wells Fargo estimates that in 400 instances, borrowers later went through foreclosure who were improperly denied or not offered a mortgage modification.

The bill aimed at helping struggling homeowners also requires documentation of servicer behavior and FHFA evaluation of the services provided to borrowers.

Former N.Y. Attorney General Eric Schneiderman had been a thorn in the side of financial institutions, using his state’s significant clout to affect national policy debate on a host of topics ranging from dark pools to cryptocurrencies. Here’s a look back at how Schneiderman made his mark on the ways financial institutions do business.

The group says Mulvaney, who also runs OMB, was not totally forthcoming with the Senate Budget Committee about the foreclosure of a property he owns in South Carolina.

With few foreclosed homes left to pick up on the cheap, the biggest landlords are buying, or building, new single-family homes to pad their portfolios; mortgages on these properties could show up as collateral in rental bonds.

The candidates being discussed lately to run the agency bring experience on consumer protection issues, and potential bipartisan appeal.

The payments resolve a number of cases that date back to 2011 and were among the largest coordinated U.S. enforcement efforts in the years following the crisis.

Sen. Sherrod Brown called on the Trump administration to support the Consumer Financial Protection Bureau's enforcement action against PHH Corp., which agreed to a $45 million settlement this week related to foreclosure abuses.

PHH Corp. agreed to a $45 million settlement to resolve allegations from 49 states and the District of Columbia that it engaged in "foreclosure process abuses" involving "inconsistent signatures" in its servicing business from 2009 to 2012. The settlement comes as the nonbank mortgage company continues its legal challenge to a separate regulatory action by the CFPB.