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UNOFFICIAL END? Benjamin Lawsky, superintendent of New York's Department of Financial Services, has not made a formal decision on Wells Fargo's sale of mortgage-servicing rights to Ocwen, but observers said his latest crackdown on Ocwen could spell doom for the deal.
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.
The GSE regulator's second attempt to stimulate the mortgage market is receiving a lukewarm reception from lenders, who remain gun-shy after being forced by Fannie and Freddie to repurchase billions of dollars in soured loans since 2008.
Partner Insights
A wide swath of banks, from Fifth Third to SunTrust to Huntington, report big increases in refinance applications in the past few days as mortgage rates have dipped. Will it last?
Many lenders think home loans are off-limits for undocumented immigrants because they lack Social Security numbers, but higher-cost loans using borrowers' individual taxpayer identification numbers are available and being made by a handful of firms.
There has been a major shift from last summer when investor interest was so high it was outpacing inventory and blocking out other buyers.
Bank of America reported disappointing third quarter results amid questions regarding whether the bank will be able to reduce expenses in its legacy mortgage business as quickly as expected.
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