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Archive for January, 2013

NCUA Sues JPMorgan over $2.2B in WaMu Securities

The National Credit Union Administration (NCUA) filed its 10th action against a major Wall Street investment firm–this time, the defendant is JPMorgan Securities. NCUA’s suit revolves around mortgage-backed securities (MBS) underwritten and sold by Washington Mutual Bank (WaMu), which was acquired by JPMorgan in 2008 following its collapse. The complaint alleges that underwriting guidelines described in the offering documents for the MBS sales were “systematically abandoned.”

Read more by clicking the link below.
http://www.themreport.com/articles/ncua-sues-jpmorgan-over-22b-in-wamu-securities-2013-01-07

BofA, Fannie Mae Resolve Repurchase Claims

Bank of America and Fannie Mae reached a $10.3 billion agreement Monday to resolve repurchase claims on loans originated from 2000 through 2008. The agreement also requires BofA to pay the GSE $1.3 billion in compensatory fee obligations. Fannie Mae claimed Monday’s agreement as a victory for taxpayers, with Bradley Lerman, EVP and general counsel stating, “A favorable resolution of this long-standing dispute between Fannie Mae and Bank of America is in the best interest of taxpayers.”
For the rest of this article, please click on the link below.
http://www.themreport.com/articles/bofa-fannie-mae-resolve-repurchase-claims-2013-01-07

GAO Report Examines Post-Recession Bank Collapses

From 2008 through 2011, 414 banks failed across the nation, resulting in estimated costs to the Deposit Insurance Fund (DIF) of about $42.8 billion, according to a recent report by the Government Accountability Office (GOA). When examining the cause of bank failures from 2008 through 2011, GOA found banks with less than $1 billion in assets were especially vulnerable to commercial real estate losses. GOA also found instances of “nontraditional, riskier funding sources” in many failed banks. For the Rest of this article please click on the link below.
http://www.themreport.com/articles/gao-report-examines-post-recession-bank-collapses-2013-01-04

CFPB Raises Exemption Threshold for Disclosure Act

The Consumer Financial Protection Bureau (CFPB) announced it has finalized a rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).

For the rest of this article please click on the link below.

http://www.themreport.com/articles/cfpb-raises-exemption-threshold-for-disclosure-requirements-2013-01-03

What to Know About California’s Homeowner Bill of Rights

The Homeowner Bill of Rights went into effect January 1, 2013. How does it affect you?
To learn more click on the link below.
What you need to know about California’s Homeowner Bill of Rights