Lower volume and improved processes are being credited for making mortgage lenders more efficient at getting loans through the origination process.
SIGNIFICANCE: "The size and scope of this multibillion-dollar agreement go far beyond the 'cost of doing business,'" says attorney general Eric Holder. Bank of America CEO Brian Moynihan says the deal "allows us to … focus on the future."
For Moynihan: Time to Look for Growth
Brian Moynihan is generally praised for taking the bank to this point, but now comes the hard part: getting B of A to grow again.

For the Industry: Brace for More FIRREA Claims
Bank of America's accord leaves questions about issues such as consumers' tax liability and other banks' legal exposure.
A recent research paper summarizes the advantages and costs of homeownership for neighborhoods and communities.
The Securities and Exchange Commission is preparing to serve Ocwen Financial Corp. with its second subpoena in as many months, adding to the already mounting regulatory pressure facing the country's largest nonbank servicer.
The hot-button topic of what Fannie Mae and Freddie Mac should charge for loan guarantees is emerging as a key issue in reviving a private-label securitization market.
The 14-term congressman was a dominating force as House Banking Committee chairman. But the savings and loan deregulation bearing his name tarnished his legislative record, and ethics allegations created a cloud of suspicion that led to his ouster.
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