Law and regulation

FTC Investigating Bear's EMC

Published January 03, 2006, 3:00 p.m. EST

1 Min Read

The Federal Trade Commission has launched a preliminary investigation into the residential servicing practices of Bear Stearns' servicing affiliate to see whether the company is violating consumer protection laws.The investment banker disclosed that it has received a civil investigative demand from the FTC "seeking documents and data relating to EMC Mortgage Corp.'s business and servicing practices." Based in Irving, Texas, EMC Mortgage services $51.8 billion in first and second mortgage loans, according to the Quarterly Data Report, a MortgageWire affiliate. The company is known in the industry as a "scratch-and-dent" servicer, specializing in troubled mortgages. The FTC confirmed the investigation, and Bear Stearns said EMC Mortgage is cooperating with the government. Bear disclosed the inquiry in a mortgage securitization filing with the Securities and Exchange Commission.

Processing Content

For reprint and licensing requests for this article, click here.

Law and regulation

MORE FROM NATIONAL MORTGAGE NEWS

Fraud

Mortgage fraud case shows AI's fake-document risk

Though the crimes occurred earlier this decade, they highlight how much easier it has become to create false documents today, given the rise of artificial intelligence.

By Spencer Lee
Technology Reporter

5h ago
Home equity loans

Home equity surge offsets slumping mortgage volume

The "stay-put" economy, along with higher mortgage rates, is responsible for this shift where home equity and seconds have a 17.5% market share, Benutech found.

By Brad Finkelstein
Originations Editor

5h ago
Originations

Price gains accelerate despite 6.5%+ rates

ICE data reveals home value growth hit a 15-month high, prompting originators to target resilient markets like upstate New York and pivot focus toward single-family inventory.

By Colin McNamara
Reporter

July 23
Servicing

Altisource in the red for Q2, looks to diversify clientele

The company reported a nearly $600,000 loss as it navigates the loss of Rithm-related business and pushes for a more diversified revenue model.

By Nazeefa Ahmed

July 23
Trump administration

CFPB pick Johnson eludes Democrats in confirmation hearing

Brian Johnson, President Trump's nominee to lead the Consumer Financial Protection Bureau, navigated a somewhat contentious Senate Banking Committee hearing dominated by Democratic opposition but without giving away specific plans he has for the agency.

By Kate Berry
Reporter

July 23
Mortgage rates

Mortgage rates edging closer to the 7% mark

Originators need to keep an eye on the 10-year Treasury yield used in pricing mortgages, which not only broke through 4.6%, climbed above 4.7% on Thursday.

By Brad Finkelstein
Originations Editor

July 23

Load More