Federal regulators are expected to announce Wednesday that they have reached a settlement with the nation's largest subprime servicer, Fairbanks Capital Corp., MortgageWire has learned.The Federal Trade Commission and the Department of Housing and Urban Development launched an investigation of the Salt Lake City servicing shop in March in response to news reports that Fairbanks engaged in abusive servicing practices, including charging homeowners high fees and forcing them into foreclosure for failing to pay those fees. The two regulators have scheduled a news conference for Nov. 12 to announce a settlement, but they would not confirm that it involves Fairbanks. The PMI Group, a major shareholder of Fairbanks based in Walnut Creek, Calif., revealed on Oct. 22 that "FTC and HUD civil charges will require changes in Fairbanks' operations and the creation of a $40 million fund to benefit consumers allegedly harmed by Fairbanks."
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11