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

Woman dies trying to save dogs from burning house

first_imgArson investigators ruled the cause of the fire as “electrical.” Firefighters managed to quell the blaze at around 6:47 a.m. They later found Mirasol’s remains inside the bathroom. The victim’s remains were not burned. Firefighters said she died from suffocation in the smoke. BY DOMINIQUE GABRIEL BAÑAGA Bureau of Fire Protection-Bacolod fire marshal, Chief Inspector Publio Ploteña, said the fire started at around 6:18 a.m. Authorities identified the fatality as 36-year-old Michelle Grace Mirasol, a resident of #8 Lomboy Street in the said subdivision. It was reported that Mirasol managed to save at least three of their nine dogs were trapped in their cages.center_img The occupants at first managed to get out, however, Mirasol reportedly rushed back inside the burning house to save her pets. She failed to get out. BACOLOD City – A woman perished in a fire yesterday morning while trying to rescue her dogs trapped inside their burning house at Capitol Heights Phase 1, Barangay Villamonte in this city. The estimated property damage reached P80,000./PN Based on a statement given by Mirasol’s father Zacheo, the fire started at the ceiling of the living room.last_img read more

First female Speaker of the Iowa House, Linda Upmeyer of Clear Lake, reflects on her tenure

first_imgDES MOINES — Linda Upmeyer of Clear Lake closed out her tenure as Speaker of the Iowa House Monday morning. Last fall, Upmeyer announced she would not seek re-election to the House in November of 2020 and would immediately step down as the leader of House Republicans for the 2020 legislative session. In October, House Republicans selected Pat Grassley as Upmeyer’s successor and he was installed after a vote in the full House Monday morning. Upmeyer, though, was able to give one last speech from the speaker’s chair.  “As the first woman to serve as speaker of the Iowa House, I hope that my time has inspired girls and young women,” Upmeyer said. “When you dream big and work hard, nothing is unattainable.” Upmeyer’s late father, Del Stromer of Garner, was speaker of the Iowa House in the early 1980s. “Someday, God willing, I’ll have an opportunity to have a discussion with my dad. I’m sure he will be very proud of what we’ve accomplished on behalf of Iowans,” Upmeyer says. “I’m also sure that there will be a couple of things where he’ll say: ‘Girl, what were you thinking?’” Upmeyer, who is still a voting member of the House in 2020, told reporters she hasn’t lost any sleep about her decision to resign as House speaker. “From time to time I’ll think of a bill, perhaps, that I was interested in and say: ‘Oh, we didn’t get that passed,’” Upmeyer said, snapping her fingers. “But, you know, I still have this year.” Upmeyer says it feels nice to have a reduced workload now that she’s not in charge of raising money and recruiting candidates for House races.  “I traded cars because I wouldn’t have to put 25,000 miles on my car every year,” Upmeyer told reporters Monday. Upmeyer is completing her tenth term in the Iowa House.last_img read more

Baffert to be Honored by Edwin J. Gregson Foundation

first_imgARCADIA, Calif. (June 8, 2016) – The Triple Crown winning Hall of Fame trainer Bob Baffert will be honored this summer by the Edwin J. Gregson Foundation at its annual fund-raising and awards dinner.The event will take place on Monday, Aug. 15, at the Fairmont Grand Del Mar Resort, located just a few miles south of Del Mar Racetrack.“I’m honored to be recognized by the Gregson Foundation and to stand alongside past honorees who are truly a Who’s Who of California racing,” said Baffert.Among the Gregson Foundation’s past honorees are Baffert’s fellow trainers Jack Van Berg, Ron McAnally, Mel Stute, and the late Warren Stute, in addition to such industry leaders as Ann and Jerry Moss, Mace and Samantha Siegel, Dr. Jack Robbins, and Joe and Barbara Harper. Last summer, the Foundation saluted jockeys Mike Smith and Gary Stevens while raising money to provide college scholarships to the children of California’s backstretch community.“It’s pretty remarkable to see how the Gregson Foundation’s scholarship program has grown through the years and to know what a difference it has made in the lives of not only the kids, but entire families,” Baffert said. “Backstretch workers are the backbone of our industry, and this is a wonderful way to let them know they are appreciated and supported.” Tickets for the event are $300 per person. This annual event has proven to sell out each year, and the Edwin J. Gregson Foundation encourages early purchase of tickets to assure attendance. Please contact Angie Carmona at (626) 447-2339 for further information or go to www.gregsonfoundation.com.last_img read more

Celebrating Tourism Month in Qatar

first_imgSouth Africa is one of the world’s top tourism destinations owing to its diverse offering, world class infrastructure and positive global reputation. The country’s unique offering is that it boasts a range of exciting experiences including active outdoor adventure, wildlife safari, city lifestyle, scenic outdoors, cultural and heritage sites and beaches. This contributes to the global attractiveness of the tourism sector which creates important opportunities for economic growth and job creation in the country.As part of the Tourism Month 2019 awareness programmes, on 19 September 2019, Brand South Africa joined the South African Embassy in Qatar, South African Tourism and Qatar Airways at the South African Tourism Trade Workshop in Doha, Qatar, to unpack ways in which the Qatar tourism trade can contribute to the growth, development and continued success of the South African tourism sector.Speaking at the workshop, South African Ambassador to Qatar, His Excellency Faizel Moosa said “Tourism is one of the key drivers of the economy and it can increase the gross domestic product significantly.”“Tourism is a big contributor to South Africa’s Gross Domestic Product. Every tourist that visits South Africa, sustains twelve jobs” added Sadiq Dindar, Manager: Middle East and Turkey, South African Tourism.          The success of the tourism sector depends on the positioning of the Nation Brand as a globally competitive destination that is welcoming and culturally diverse. One of the ways that the country can ensure this, is by enhancing the ease of access for international partners seeking to visit South Africa. In light of this, in August 2019, South Africa announced that Qatar passport holders were visa exempted and could stay in the country for up to 30 days. Likewise, Qatar relaxed its immigration laws and South Africa became one of 80 visa free countries. This facilitation of easier travel will enhance cooperation and trade between South Africa and Qatar.In conclusion, Jimmy Ranamane, Programme Manager: Global Markets at Brand South Africa said “Connecting with global markets and diversifying the country’s global collaborations creates opportunities to showcase the country to a wider range of strategic potential investors and tourists.”last_img read more

Giannis Antetokounmpo, Bucks beat Raptors for third time this NBA season

first_imgPH underwater hockey team aims to make waves in SEA Games PLAY LIST 02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss Grace Poe files bill to protect govt teachers from malicious accusations Milwaukee Bucks forward Giannis Antetokounmpo (34) dunks as Toronto Raptors forwards OG Anunoby (3) and Norman Powell (24) latch during first -half NBA basketball action in Toronto, Thursday Jan. 31, 2019. (Frank Gunn/The Canadian Press via AP)TORONTO — Giannis Antetokounmpo and the Milwaukee Bucks have gotten the best of the Raptors so far this season. Even though the season series is over, he knows they haven’t seen the last of Toronto.Antetokounmpo scored 19 points, Khris Middleton had 18 and the Bucks beat the Raptors 105-92 on Thursday night, ending Toronto’s season-best home winning streak at 10 games.ADVERTISEMENT “I don’t think we played well tonight,” coach Nick Nurse said.Trailing by 24 points midway through the third, the Raptors cut it to 98-92 on a driving layup by Leonard at 1:59 of the fourth. Toronto might have got even closer, but Leonard couldn’t convert a fast break on the next possession and was blocked by Lopez and Antetokounmpo.Toronto came in having made at least 12 3-pointers in a season-high five straight games but missed 12 of their first 13 attempts. The Raptors shot 7 for 27 from 3-point rangeTIP-INSBucks: Middleton was named an All-Star reserve, his first selection. … Brogdon returned to the starting lineup after missing Tuesday’s win at Detroit because of a bruised sternum, while G Sterling Brown returned after missing one game because of a sore right wrist. … Eight of Milwaukee’s first 10 points came off Toronto turnovers. … The Bucks matched a season-high with 13 steals.Raptors: G Kyle Lowry was named an All-Star reserve, his fifth selection. … Lowry had missed 19 consecutive 3-point attempts against Milwaukee this season before connecting in the third. … G Malachi Richardson (right knee) was inactive.SMILEY FACEAntetokounmpo got a kick out of Middleton’s reaction to his All-Star nod.“I’ve been teammates with Khris for six years,” Antetokounmpo said. “I’ve never seen a smile on him that bright.”END OF THE LINE LATEST STORIES “It’s a great honor,” Budenholzer said. “It says a lot about our team. The players are the ones who put the coaching staff in that position. I’m incredibly grateful to our entire roster.”Milwaukee, which has won eight of nine, had not won the season series against Toronto since 2012-13.“We came in here and played our style of ball,” Bucks guard Malcolm Brogdon said. “I thought we played an excellent game.”Pascal Siakam scored 28 points and Kawhi Leonard had 16 for the Raptors, who had not lost at home since Dec. 9 to the Bucks. Toronto’s franchise record for consecutive home victories is 12, done twice.Serge Ibaka had 12 points and 10 rebounds for Toronto, which has lost three of four. The Raptors made only seven of 28 shots attempts in the fourth.ADVERTISEMENT US judge bars Trump’s health insurance rule for immigrants SEA Games hosting troubles anger Duterte Oil plant explodes in Pampanga town Joel Embiid, 76ers spoil DeMarcus Cousins’ home Warriors debut Don’t miss out on the latest news and information. Leonard failed to extend his career-high 22-game streak of scoring at least 20 points.“He’s a tough cover,” Budenholzer said. “Our guys made everything hard for him.”UNDER THE WEATHERRaptors guard Danny Green left after five minutes because of flu-like symptoms and did not return until the start of the third quarter. He went scoreless in 13 minutes.UP NEXTBucks: Visit Washington on Saturday night.Raptors: Host the Los Angeles Clippers on Sunday afternoon.Sports Related Videospowered by AdSparcRead Next “It’s big for us but we’ve got to stay humble, keep working hard, keep working on our game and keep moving forward,” Antetokounmpo said. “We know we’re going to be back here eventually.”D.J. Wilson scored a career-high 16 points and Eric Bledsoe had 14 as Milwaukee (37-13) clinched the season series with its third victory in four meetings with Toronto. The Bucks stayed atop the NBA, 1 1/2 games ahead of the Raptors (37-16) in the Eastern Conference.FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSUrgent reply from Philippine ‍football chiefSPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption charges“It was a great playoff atmosphere, a very good test for us,” Milwaukee center Brook Lopez said.The victory ensures the Bucks will have the best winning percentage in the East through Feb. 3, meaning Bucks coach Mike Budenholzer will represent the conference at next month’s NBA All-Star Game in Charlotte, North Carolina. Private companies step in to help SEA Games hosting ‘We are too hospitable,’ says Sotto amid SEA Games woes View comments PDEA chief backs Robredo in revealing ‘discoveries’ on drug war MOST READ ‘We are too hospitable,’ says Sotto amid SEA Games woeslast_img read more

a month agoMan City boss Guardiola dismisses 5-point Liverpool lead

first_imgAbout the authorPaul VegasShare the loveHave your say Man City boss Guardiola dismisses 5-point Liverpool leadby Paul Vegasa month agoSend to a friendShare the loveManchester City boss Pep Guardiola has dismissed concerns about Liverpool’s five-point lead at the top of the table.Last week’s shock defeat to Norwich has left City playing catch up in the opening weeks of the season.”We accept it,” he said. “It doesn’t happen many times in the big moments. I’m relaxed. It’s going to happen.“There are 99 points to play for. We’re five behind, but let’s see how many we get. I lost many times as a player and a manager, the only way to survive here is to win games and we’ve won a lot.“Many times we look to improve. You have to understand what we have done in the past.”I’ve said many times, the strongest opponent we’ve had in Liverpool. I said when they were in front (last season) they have everything in their game, set pieces, transitions. I know how difficult it is and was and will be. That’s the challenge.” last_img read more

23 days agoBVB chief Watzke mocks Aubameyang over Arsenal move: Champions League on TV!

first_imgBVB chief Watzke mocks Aubameyang over Arsenal move: Champions League on TV!by Freddie Taylor23 days agoSend to a friendShare the loveBorussia Dortmund CEO Hans-Joachim Watzke has taken aim at Pierre-Emerick Aubameyang.The Gabon international left Dortmund in January 2018 for a lucrative move to Arsenal. And Watzke has laughed at Aubameyang spending the last two seasons watching the Champions League on television.”Of course it is hard to keep a player in the face of such sums,” Watzke told Suddeutsche Zeitung. “Some go to clubs because of this money, where they have not played Champions League for years.”Pierre-Emerick Aubameyang, who plays great at Arsenal, will probably be warm-hearted when he looks at his bank account, but on Wednesdays, will be saddened when he has to watch the Champions League on television.” About the authorFreddie TaylorShare the loveHave your saylast_img read more

11 days ago​West Ham move to consolidate their esports presence

first_imgTagsPremiership NewsAbout the authorIan FerrisShare the loveHave your say ​West Ham move to consolidate their esports presenceby Ian Ferris11 days agoSend to a friendShare the loveWest Ham United have signed a two-year partnership with esports agency Bundled as the club bid to grow their presence in the competitive gaming sector, reports, www.sportspromedia.com/.The Premier League team were the first soccer club in the UK to sign a professional gamer after employing Sean ‘Dragoon’ Allen in 2016 to compete in EA Sports’ FIFA tournaments. They also held their own competition for the soccer simulation at their London Stadium home in a collaboration with investment partner Basset & Gold, with the winner taking home UK£10,000 (US$12,600) last November.Now the East London outfit are stepping up their esports efforts with Bundled. The agency provides various services in the industry, from organising gaming events, to creating innovative digital content, coaching and performance management of professional esports players. The company also represents the interests of more than 30 professional FIFA esports players.As part of the agreement, West Ham unveiled two new FIFA players; ‘Yago’ Gabriel Fernandez and ‘Jas’ Singh. Both will join current Hammers player Jamie ‘Jamboo’ Rigden for the 2019/20 FIFA season.Karim Virani, West Ham’s digital and commercial director, said: “The club has always been proactive and one of the pioneers in the esports arena, and this partnership is another step on our journey.”Bundled is a forward-thinking, dynamic company who are passionate about the esports space, and will help us to continue to grow and be one of the leading Premier League clubs going into this FIFA season and beyond.” last_img read more

2016 ACC Tournament Bracket, Schedule, Analysis

first_imgMalcolm Brogdon brings the ball up the floor during ACC Tournament.GREENSBORO, NC – MARCH 16: Malcolm Brogdon #15 of the Virginia Cavaliers bring the ball up court against Tyler Thornton #3 of the Duke Blue Devils during the championship game of the 2014 Men’s ACC Basketball Tournament at Greensboro Coliseum on March 16, 2014 in Greensboro, North Carolina. (Photo by Streeter Lecka/Getty Images)The Madness is almost here! After Saturday’s regular season finale, the bracket for the ACC Tournament has officially been set. The event kicks off at noon on Tuesday, March 8, with 12-seed N.C. State vs. 13-seed Wake Forest. North Carolina claims the No. 1 seed, and will face the winner of Pittsburgh and Syracuse on Thursday, while Virginia is the No. 2 seed, and will take on the Clemson-Georgia Tech winner. The Tar Heels and Cavaliers are both in contention for No. 1 seeds in the NCAA Tournament. Ticket information is available here.Here is the full bracket:2016 acc tournament bracket Every ACC Tournament game will be available on either ESPN or ESPN2, as well as the ACC Network.Favorite: North Carolinaunc logoThe Tar Heels captured the ACC regular season title, beating Duke at Cameron Indoor Stadium on Saturday night. Roy Williams’ squad has a talented assemblage of frontcourt talent, led by ACC Player of the Year candidate Brice Johnson, who averages 16.8 points and 10.8 rebounds per game. He is joined by Kennedy Meeks and Isaiah Hicks, to make up one of the deepest forward rotations in the country. Marcus Paige leads the way for UNC’s guards. He’s taken a bit of a backseat this season, averaging just 12 points a game after scoring over 17 per game in 2013-14, and over 14 last season. He provides excellent leadership, and is a clutch performer. The Tar Heels haven’t been perfect this season, and have had some close calls in ACC play, but with their depth and talent, they are the definite favorite in this year’s tournament.Sleeper: DukedukeCalling Duke a “sleeper” is probably a tough sell, but this year’s edition of the Blue Devils is definitely not a vintage Mike Krzyzewski team. The team hit a real swoon at mid-season, and fellow out of the Top 25 altogether, but in recent weeks it has rebounded to become a very dangerous outfit. Guard Grayson Allen is the latest in a long line of classic Duke heels, and he backs it up with his play. He averages 21.5 points per game this season. Rangy freshman forward Brandon Ingram is a dynamic player, who is a likely Top 5 pick in this year’s NBA Draft. With the loss of Amile Jefferson for the season, the Blue Devils don’t have much depth, which is the team’s main issue. However, if Allen, Ingram, and the rest of the team gets hot, it can absolutely make a run in the post-season.last_img read more