Servicing executives take note: the former chief executive officer of Fairbanks Capital has agreed to pay $400,000 as part of the federal settlement over allegedly abusive loan servicing practices.Former CEO Thomas Basmajian's $400,000 payment is part of the firm's settlement with the Federal Trade Commission and the Department of Housing and Urban Development. During the news conference announcing the settlement, HUD Secretary Mel Martinez said the settlement also brings to an end a criminal investigation involving the allegedly abusive practices by Fairbanks.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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