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The California Department of Industrial Relations alleges that over a four-year period, ZipRealty paid its real estate agent employees less than the minimum wage and no premium for overtime hours worked because the real estate brokerage improperly classified its agents as outside contractors. The lawsuit requests at least $7.5 million in wages, $1.25 million in overtime and $9 million in penalties.
October 10
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The Obama Administration's efforts to expand a GSE refinancing program and reach a large number of underwater borrowers will depend on how far the Federal Housing Finance Agency will go in providing lenders relief from loan buy-backs, according to industry officials and analysts watching the effort.
October 7 -
Fearing that the megabanks might get off too easy in the multi-state mortgage settlement talks, Massachusetts Attorney General Martha Coakley is preparing to file lawsuits against the nation's largest servicers for wrongfully foreclosing on customers.
October 7 -
The Senate Banking Committee Thursday voted 12-10 to approve the nomination of Richard Cordray to be the first director of the Consumer Financial Protection Bureau.
October 6 -
Rep. Elijah Cummings, D., Md., ranking member of the House Oversight Committee, and other members of Congress are set to meet with GSE regulator Ed DeMarco Thursday afternoon to discuss President Obama's yet-to-be released refinancing plan.
October 6 -
The tax code may be broken, but now's not the time to fix it, at least as it pertains to the mortgage interest deduction and other write-offs afforded home owners, witnesses testified at a Senate hearing on tax reform options.
October 6 -
The Senate Banking Committee will vote Thursday morning on the nomination of Richard Corday to be the first director of the Consumer Financial Protection Bureau.
October 6 -
The Federal Housing Administration, facing a dramatic increase in technical defaults on reverse mortgages, will launch a major review of its program with a possible overhaul coming down the road.
October 6 -
Consumer lending experts urged a Senate panel on Tuesday to confirm a director of the Consumer Financial Protection Bureau this week.
October 5 -
A top Federal Reserve Board official is pressing for changes in mortgage servicing agreements to encourage more workouts of troubled loans.
October 5
