"The jury awarded $16 million but the judge still awarded $160,000 to someone who was not foreclosed on and that's significant," said plaintiff's attorney Stephen Foondos.
In a surprise victory for mortgage servicer PHH Corp., a California judge overturned a $16.2 million jury verdict awarded to a California homeowner in July for a botched loan modification.
Mortgage executives who have long decried new regulations as excessive are increasingly becoming resigned to the fact that changes are here to stay.
Partner Insights
The mortgage industry has to prepare for a new breed of sales person in millennials - that's if they can get them interested in the first place.
Making the GSEs out to be the villains of the mortgage crisis is an easy sell to a fearful and angry public, but doesn’t make it true. Partly due to this mindset, housing markets remain held hostage.
Most of the securitized single-family market is currently exempt, but only a tiny part of the commercial equivalent is. However, nonexempt commercial will get more expensive to issue, and the single-family exemption could change.
New York banking regulator Benjamin Lawsky's latest crackdown on Ocwen Financial may undo Ocwen's deal to buy billions of dollars of mortgage-servicing rights from Wells Fargo, and it could complicate similar deals involving other banks and servicers.
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