HSBC Holdings and Wells Fargo agreed to settle lawsuits by mortgage holders who alleged they were forced to pay for property insurance at inflated rates.
In the judicial foreclosure states of Ohio and Pennsylvania, savings for various stakeholders could amount to at least $24 million annually, researchers at the Cleveland Fed estimate.
A jump in lender-paid policies would come at an inopportune time for the industry, which faces new regulatory requirements for such insurance, underscoring the need to educate borrowers why it is necessary.
After halting an Ocwen deal to purchase mortgage-servicing rights from Wells Fargo, New York's Department of Financial Services is turning its attention to another nonbank servicer, Nationstar.
Google Capital, the growth capital fund of Google Inc., has made a $50 million equity investment in Auction.com.
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»FHA, Fannie and Freddie: What's Government's Role in Housing?
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»Tips for Choosing the Best REO Market
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»REO to Rental: Cultural Transitions
»Servicers Bringing REO Management In-House
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