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Risk Management

"I wish FHFA's IG would have called me because we could have explained a lot of this stuff away," said Ted Tozer, president of Ginnie Mae.
Ginnie Mae President Ted Tozer took issue with a government watchdog report that criticized both his agency and the government-sponsored enterprises for failing to catch the massive fraud at Taylor, Bean & Whitaker.
Lee Farkas, former chairman and CEO of Taylor, Bean & Whitaker, received a 30-year prison sentence for his role in the multibillion fraud scheme. Image: Bloomberg
Fannie Mae, Freddie Mac and Ginnie Mae all overlooked warning signs about Taylor, Bean & Whitaker that make them partly to blame for the mortgage lender's multibillion fraud scheme, according to a government watchdog report.

Brian Moynihan has been in charge of Bank of America for nearly five years, and he has spent most of that time in lawyer mode, overseeing settlements worth $48 billion. He is generally praised for taking the bank to this point, but now comes the hard part: getting B of A to grow again.

Image: Bloomberg News
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.

There was a time years ago when second liens were the toughest legacy home loan asset to find a buyer for in the secondary market.

"Banks and servicers are recognizing that homeowners need to be taken seriously," says plaintiff's attorney Stephen Foondos.
PHH is appealing one of the largest judgments ever awarded in a mortgage case. The dispute encapsulates many of the problems that have plagued the servicing industry in recent years.
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