Wells Fargo Settles for $1.2 Billion Over ‘Shoddy’ Mortgage Practices

first_img The Best Markets For Residential Property Investors 2 days ago Subscribe Share Save Department of Justice FHA HUD Settlements Wells Fargo 2016-04-08 Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Texas Courts Validate MERS Assignments Next: The Week Ahead: Here Come the Q1 Earnings Statements Sign up for DS News Daily Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Newscenter_img Wells Fargo has agreed to pay $1.2 billion to settle civil mortgage fraud claims against the bank and Wells Fargo executive Kurt Lofrano, according to an announcement from the Department of Justice on Friday.According to the announcement, Wells Fargo agreed to pay $1.2 billion and admitted, acknowledged, and accepted responsibility for certifying that certain residential home mortgage loans were eligible for FHA insurance when they were not. As a result, according to the announcement, when some of those loans defaulted, the government had to pay the FHA insurance claims.“This Administration remains committed to holding lenders accountable for their lending practices,” HUD Secretary Julián Castro said. “The $1.2 billion settlement with Wells Fargo is the largest recovery for loan origination violations in FHA’s history. Yet, this monetary figure can never truly make up for the countless families that lost homes as a result of poor lending practices.”The settlement stems from Wells Fargo’s participation in the Direct Endorsement Lender program, a federal program administered by the Federal Housing Administration. Wells Fargo has the authority to originate, underwrite, and certify mortgages for FHA insurance based on the bank’s status as a Direct Endorsement Lender. If a loan that has been approved for FHA insurance later defaults, the mortgagee may submit an insurance claim to HUD for the balance of the loan, which HUD must pay.The DOJ said that between May 2001 and October 2005, Wells Fargo—the largest HUD-approved residential mortgage lender— engaged in a “regular practice of reckless origination and underwriting of its FHA retail loans, all the while knowing that it would not be responsible when the defective loans went into default.” The DOJ said that the bank hired temporary staff that was not properly trained in order to increase the volume of these loans and also applied pressure on its underwriters to approve more FHA loans.“Predictably, as a result, Wells Fargo’s loan volume and profits soared, but the quality of its loans declined significantly,” the DOJ said.“Wells Fargo has helped millions of people buy homes and we will continue to meet the financing needs of the customers and communities the FHA program is intended to serve.”Franklin Codel, Wells FargoAccording to the DOJ, Wells Fargo then failed to self-report to HUD the bad loans that it was originating. The DOJ said that Lofrano, in his capacity as VP of Credit Risk-Quality Assurance, executed annual certifications required by HUD for the bank’s participation in the Direct Endorsement Lender program on Wells Fargo’s behalf for the years in question.“Today, Wells Fargo, one of the biggest mortgage lenders in the world, has been held responsible for years of reckless underwriting, while relying on government insurance to deal with the damage,” said U.S. Attorney Preet Bharara for the Southern District of New York. “Wells Fargo has long taken advantage of the FHA mortgage insurance program, designed to help millions of Americans realize the dream of home ownership, to write thousands and thousands of faulty loans. Driven to maximize profits, Wells Fargo employed shoddy underwriting practices to drive up loan volume, at the expense of loan quality. Even though Wells Fargo identified through internal quality assurance reviews thousands of problematic loans, the bank decided not to report them to HUD. As a result, while Wells Fargo enjoyed huge profits from its FHA loan business, the government was left holding the bag when the bad loans went bust. With today’s settlement, Wells Fargo has finally resolved the years-long litigation, adding to the list of large financial institutions against which this office has successfully pursued civil fraud prosecutions.”In a press release, President of Wells Fargo Home Lending Franklin Codel said, “Today’s court filing details a previously announced agreement in principle that resolves not only the pending lawsuit filed by the U.S. Attorney for the Southern District of New York, but also a number of other potential claims going back as far as 15 years in some cases. It allows us to put the legal process behind us, and to focus our resources and energy on what we do best—serving the needs of the nation’s homeowners.”Codel continued, “We are dedicated to providing access to credit to a broad range of customers through offerings that exist today as well as new products and programs on the horizon. Wells Fargo has helped millions of people buy homes and we will continue to meet the financing needs of the customers and communities the FHA program is intended to serve.”Click here to view the announcement from the Department of Justice. Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Department of Justice FHA HUD Settlements Wells Fargo Home / Daily Dose / Wells Fargo Settles for $1.2 Billion Over ‘Shoddy’ Mortgage Practices Wells Fargo Settles for $1.2 Billion Over ‘Shoddy’ Mortgage Practices About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago April 8, 2016 1,303 Views last_img read more

People don’t buy products, they buy benefits

first_imgYou want to show off your financial products, but how you do so makes a big difference. All marketing copy is not created equal, and there’s more to it than just making sure you avoid pesky grammar issues and spelling mistakes. In particular, the copy on your credit union site has a big impact on your public perception. Your website is the face of your credit union. You need stellar copy there that reflects the true value your credit union has to offer.What’s the best way to talk about the value you offer? In this post, we’ll discuss the difference between features, advantages, and benefits. First, we’ll break down what we mean by each of these terms. Then we’ll explain why benefits are superior than features and advantages when it comes to writing copy that converts. continue reading » 25SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Angels’ Andrew Heaney set for simulated game Monday

first_imgCLEVELAND — The Angels are planning to bring Andrew Heaney back without first having him go through the formality of pitching in a minor league game.That suits Heaney just fine.“I don’t necessarily believe in the whole game-speed thing,” Heaney said Saturday. “If you do a sim game, it’s in a big-league stadium against big-league hitters in front of nobody. If you do a minor league game, it’s to minor league hitters in a minor league stadium in front of nobody. So it’s not that much of a difference.”Heaney, who has been out since July 16 with shoulder inflammation, is scheduled to throw about 60 pitches over the equivalent of four innings in a simulated game Monday in Cincinnati. Newsroom GuidelinesNews TipsContact UsReport an Error Angels’ Shohei Ohtani spending downtime working in outfield Angels offense breaks out to split doubleheader with Astros If that goes well, Heaney could return to the Angels rotation as soon as next weekend in Boston.Heaney is eager to get back on a mound and finish strong after what has been a forgettable season for him so far.In spring training, he tried to pitch through elbow discomfort for too long and ended up missing nearly two months of the season. Then he returned and posted a 5.09 ERA over nine starts before going on the injured list with a shoulder issue.The season got even worse for Heaney and his teammates about a month ago with the stunning death of Tyler Skaggs, whom Heaney called his best friend.“Obviously, it’s been a very (bad) season, a nightmare season for me and some other guys in general,” Heaney said. “When we came to spring training, this is not what we envisioned. But from a team standpoint, we’re still right there. Obviously we have not played well at all in the last week. I want to finish strong. I think everyone wants to finish strong.” Angels’ Mike Trout working on his defense, thanks to Twitter center_img MIDDLETON UPDATEKeynan Middleton, who had a setback in his rehab from Tommy John surgery a couple weeks ago, is getting closer to being ready to return to a mound, Manager Brad Ausmus said.“The report on him yesterday was extremely positive,” Ausmus said Saturday. “I can’t tell you when he’s going to be off the mound, but he has been throwing. Yesterday was probably his best day from a strength perspective.”Ausmus said Middleton would probably need a couple bullpen sessions and then he could resume his rehab assignment. Middleton had pitched in four minor league games, including one at Triple-A, before his setback.RAMIREZ DROPS APPEALNoé Ramírez plans to drop the appeal of his three-game suspension, Ausmus said. The suspension, which stemmed from Ramírez hitting Houston’s Jake Marisnick with a pitch, will begin as soon as Ramírez is ready to return to the active roster.Ramírez is on the injured list after he came down with a stomach virus. Ausmus said Ramírez lost weight while he was sick, and now he’s got his appetite back and he’s trying to regain his weight and strength.Related Articles Jose Suarez’s rocky start sinks Angels in loss to Astros When Ramírez is activated, he’ll begin the suspension. The Angels will have to play with a 24-man roster for those three games.ALSOAndrelton Simmons was scratched from Saturday’s lineup with left foot soreness…Dustin Garneau, who was designated for assignment by the Angels earlier this week, was claimed on waivers by the Oakland A’s…On Friday night, Dillon Peters gave up three runs in 7 2/3 innings, the Angels longest outing by a pitcher this season, but he is still expected to pitch after an opener when he has his next turn Thursday in Boston. Ausmus said it’s likely they’ll still use the opener because the game is after an off day, and they’ll have all their relievers available.UP NEXTAngels (RHP Jaime Barría, 4-4, 6.28) at Indians (RHP Shane Bieber, 10-4, 3.30), 10:10 a.m., Fox Sports West Angels’ poor pitching spoils an Albert Pujols milestone last_img read more

Strickland leads England U16s to convincing win

first_img28 Sep 2015 Strickland leads England U16s to convincing win England’s U16 boys scored a convincing 16-9 win in their annual autumn international against Scotland. They won each of the three sessions at Dalmahoy and add this success to their earlier win over Wales. They will complete the series when they play Ireland at Templepatrick on the weekend of 10 and 11 October. England’s lead scorer in the Scotland match was Charlie Strickland from Ham Manor in Sussex, who won all three of his games – helped by a hole in one in the final session of yesterday’s singles matchplay. He used a wedge for his 120-yard shot on the third on the West course. Steve Burnett, the England Golf Men’s Performance Manager, said: “This was a great result for the guys. The team had good strength in depth, they gelled well and played well overall, it was a deserved victory. “Now we’re looking forward to Ireland and the boys will be desperate to make it a clean sweep. A big thank you also to team manager Nick Over for giving up another weekend of his time to support the team.” The team was: Jack Ainscough (Hartlepool), Jake Benson (Beeston Fields), Toby Briggs (Dunston Hall), Barclay Brown (Hallamshire), Alex Fitzpatrick (Hallamshire), Angus Flanagan (St George’s Hill), Harry Goddard  (Hanbury Manor), Ben Jones (Brampton Heath), Luke Kelly  (Ashton-under-Lyne), Charlie Strickland (Ham Manor). Results West Course (Par 68), Marriott Dalmahoy Hotel & Country Club Scotland names first Individual medal matchplay Jamie Stewart 62 beat Toby Briggs 68 Callum Bruce 74 lost to Charlie Strickland 70 Darren Howie 65 halved with Jake Benson 65 Kyle Reid 69 lost to Alex Fitzpatrick 67 Callum Burns 73 lost to Barclay Brown 67 Rowan Carey 67 beat Ben Jones 70 Marc Watt 70 lost to Jack Ainscough 67 Aidan Smith 75 lost to Harry Goddard 63 Ross Callan 74 lost to Angus Flanagan 65 Eric McIntosh 68 beat Luke Kelly 70 Scotland 3.5 England 6.5      Foursomes Jamie Stewart & Darren Howie lost to Toby Briggs & Jake Benson 1 down Callum Bruce & Kyle Reid lost to Charlie Strickland & Harry Goddard 4&3 Callum Burns & Rowan Carey beat Alex Fitzpatrick & Barclay Brown 4&2 Marc Watt & Aidan Smith beat Ben Jones & Jack Ainscough 3&2 Ross Callan & Eric McIntosh lost to Angus Flanagan & Luke Kelly 4&3 Scotland 2 England 3    Singles matchplay Jamie Stewart beat Toby Briggs 6&5 Darren Howie beat Harry Goddard 3&2 Rowan Carey lost to Charlie Strickland 5&4 Marc Watt lost to Jake Benson 7&6 Callum Burns lost to Alex Fitzpatrick 6&5  Callum Bruce lost to Barclay Brown 2&1 Eric McIntosh lost to Angus Flanagan 1 down Aidan Smith halved with Luke Kelly Ross Callan lost to Jack Ainscough 1 down Kyle Reid lost to Ben Jones 1 down Scotland 3.5 England 6.5last_img read more

Satsop Business Park Offering Walking Tours

first_imgSubmitted by The Port Of Grays Harbor – Satsop Business ParkWant to get an up-close and personal look at the unique business assets Satsop Business Park has to offer?  Here is your chance.    The Satsop Business Park is pleased to announce it will be hosting walking tours this August.The on-foot tours will lead participants in and around facilities such as the cooling towers, the new tunnel training facility and various buildings and warehouses.  “We are excited to show the public all the Park has to offer, and what better way than a walking tour in our nicest summer month,” announced Alissa Thurman, Manager of Business Development at Satsop Business Park.The tours will be offered on Wednesday, August 21st at 3:00pm and again on Wednesday, August 28th at 6:00pm.  Reservations are required, and comfortable, close-toed shoes are highly recommended.   To reserve your spot, or for more information, call 360-482-1600, or toll free 866-572-8767.Satsop Business Park, a facility of the Port of Grays Harbor, is less than 2 hours southwest of Seattle and 2 hours north of Portland.  Located in scenic Grays Harbor County in Elma, Washington the 1,800 acre mixed-use business and industrial park is approximately 30 minutes from Olympia and the I-5 Corridor. A part of the Grays Harbor Innovation Partnership Zone, it is home to more than 30 businesses, offers 600 acres of developed, pad-ready land and buildings supported by super-sized infrastructure, surrounded by 1,200 acres of sustainable managed forestland. Facebook0Tweet0Pin0last_img read more

Meet The Clerk of Scales, Steve Sousonis

first_imgAt time former Monmouth Park jockey Steve Sousonis feels like a hotel concierge or club manager, at others a fitness trainer and advisor/mentor and even, occasionally, like the fix-it guy.After a 14-year riding career, Sousonis moved to the Jockeys’ Room he knew well and worked as the assistant clerk of scales for 11 seasons. In 2013, Sousonis took over the head job and, despite the occasional frat house humor and ribbing he takes from riders and valets, he keeps everyone on their toes and ready to answer the call for the next race.The jockeys’ room is the home of Monmouth Park’s thoroughbred riders on race days and during the week when they train. It is a club with locker room, fitness equipment, a sleep room, pool and ping-pong tables, as well as a lounge with large screen TVs and a small restaurant that serves salads and other jockey-friendly meals.For many years, Monmouth Park was one of the few tracks that had a swimming pool for riders hidden behind privacy bushes next to the jockeys’ room. The pool was filled and the land used for tents as part of entertainment space needed during the 2007 Breeders’ Cup event at the track. “I cried when I saw the bulldozer filling the pool in with dirt,” Sousonis says. “It was something special and we all miss it.”Although Sousonis’ key job is confirming riders’ weights, he also gets the call when the AC doesn’t work, a toilet is clogged or there is a problem in the kitchen. He rolls his eyes when he says, “It’s just all part of the job.”But the tool for his real job sits front and center in the jockey’s room. It is a large Toledo scale calibrated often to read weights correctly. The scale will record weights in excess of what is needed because for riders, if the needle passes 114, they, and Sousonis, aren’t happy.As Clerk of Scales, Sousonis must verify riders’ weights to conform with what is allowed in a particular race and listed in the entries. Jockeys are weighed before they mount a horse in the paddock and as they leave the track after the race. “The weight a horse will carry as listed in the program,” Sousonis says, “is the combined weight of the rider, his silks and boots, saddle and cloth.”Weights vary by type of race but usually are between 117-122 pounds so it isn’t unusual on any given morning to see one or more jockeys in the steam room (called the box,) sweating off 
an extra pound, two or even three. “I know what they go through,” Sousonis says,” as I did it too. It isn’t easy. The scale doesn’t lie.”If a jockey is over weight on race day, Sousonis calls the trainer who has to OK the horse carrying the extra weight. And then the track announcer is called and he will relay the over weight or equipment changes to fans before each race.Sousonis tries to be proactive with all riders and looks at the entries two days before each racing day to see if there might be an issue. He knows every jockey’s weight – it’s written down as well as tattooed in his brain, he smiles. “I can see,” he says, “if the allowed weight for a particular race will be tough for a rider to make and I’ll make a point to say to him, ‘Are you going to be all right?’ If he says OK,” Sousonis stresses, “it’s his responsibility to meet that weight when he gets on the scale on race day.”Jockeys can be fined if they don’t meet their posted weights and if they are more than 5 pounds over the limit, pulled off their horse. That is an embarrassment for the rider and a hassle for trainers and agents who need to find a last-minute replacement, Sousonis explains. “Nobody wants that to happen but, unfortunately, at times, it does.”Many times a rider will not even face the scale but hop on and wait for an OK from Sousonis that he’s fine.The jockeys’ locker room at Monmouth Park. Photo: Art PetrosemoloOn race days as the time for the first race approaches, it gets very serious and busy in the jockeys’ room. Jockeys, valets and staff are moving from scales to bathrooms to lockers in a controlled rush. Louie Perricelli, the room’s color man, has already pulled the owners colored silks for all the horses racing that day and has given them to the jockeys’ valets. Valets many former jockeys – keep jockeys on schedule and in the right colors for each race. At times, riders will have mounts in seven, eight, nine races or more in one day.Jockeys have what is called “room time,” Sousonis explains, meaning they have to check in with the Clerk of Scales or his assistant Marland Suckie two hours before their scheduled race. “I need to know they are onsite,” he says, “but that’s not to say, I don’t get calls from riders on their way from out-of-state who get caught in beach traffic on Route 36 and are struggling to get here.”With only 20 minutes give or take between races, the pace can be hectic to say the least. The side door to the jockeys’ room opens onto the saddling area of the paddock when jockeys meet trainers and talk about strategy as they move to the walking ring a few yards away. There, jockeys get a leg up as they mount their ride and exit out the tunnel to the main track.Colorful silks are worn by jockeys to identify a thoroughbred’sowner. Photo: Art PetrosemoloBy the end of race day, there are piles of towels and laundry that need washing, silks to be re-hung, shoulder ID number re-hung and everything put back in place for another day. It’s what you’d expect in any pro sports locker room.“I really enjoy coming to work,” Sousonis says, “it keeps me close to the sport I love now that my riding days are over. I wouldn’t trade it for a job on Wall Street.”WHAT ABOUT THE WOMEN JOCKEYS?Since Kathy Kusner received her jockey’s license in 1968 in Maryland, there have been a growing number of successful female riders on the thoroughbred circuit including Julie Krone (the first woman to win a Triple Crown race) who raced frequently at Monmouth Park. Recently Rosie Napranvik has been the face of women riders as she is the ladies leader in wins and earnings.At Monmouth, at the end of the paddock saddling area is a small room with a bath and a shower that was built exclusively for Krone when she raced at Monmouth and needed a place to dress.Thoroughbred tracks have had to adjust to accommodate the influx of female jockeys. At Monmouth Park, there is a separate dressing room for female riders equipped with lockers, showers, and a steam room. The women exit the facility through the door in the jockeys lounge and are weighed by Sousonis on a scale in Julie Krone’s former dressing room which now serves as the office for the Paddock Judge Cookie Jones.last_img read more