A final judgment against Bank of America in a mortgage-bond lawsuit by the Securities and Exchange Commission was signed by a federal judge, helping clear the way for the lender to complete a $16.7 billion global settlement of claims it misled investors about risk.
New initiatives meant to increase access to credit have rekindled the debate over whether housing counseling is the best and most cost-effective way for preparing consumers to become mortgage borrowers.
Lenders who make or buy non-qualified mortgages are learning how to get more of a handle on the risks, in part by ensuring they don't stray too far away from QM boundaries.
The U.S. Securities and Exchange Commission resolved an impasse over punishing Bank of America Corp. in a mortgage-bond case, clearing the way for the lender to complete a $16.7 billion global settlement, people familiar with the matter said.
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»The Other Fannie and Freddie Lawsuit
»Sticking Points Remain in Reverse Mortgage Reforms
»Mortgage Execs Give In to Regulatory Reality
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»What the DOJ Wants When It Comes Knocking
»Whatcha Gonna Do When the Market Shifts Again and Again?
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