The Federal Deposit Insurance Corp. has concluded that two banks engaged in discriminatory mortgage lending practices, and the agency has referred their cases to the Department of Justice for further action.In the fall of 2005, the FDIC targeted special examinations of 47 banks whose Home Mortgage Disclosure Act showed the largest loan pricing disparities. The agency has completed 33 of the HMDA "outliers" examinations, and two other institutions face possible referrals to the DOJ, according to an FDIC official. A DOJ official recently said the Civil Rights Division has received HMDA-related referrals from federal banking regulators. But he declined to say how many, or what agencies made the referrals. Skadden Arps attorney Andrew Sandler told a Consumer Bankers Association fair-lending conference that all federal banking regulators have ongoing HMDA-related investigations, but that the FDIC has been the most aggressive.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24