Standard and Poor's Ratings Services has announced that it will continue to rate structured transactions containing loans originated by national banks governed by anti-predatory-lending laws in 11 states and in Oakland, Calif., because the lenders would not be subject to assignee liability.The 11 states are: Georgia, Illinois, Kentucky, Maine, Nevada, New Jersey, New Mexico, New York, North Carolina, Oklahoma, and South Carolina. The rating agency said it was unable to make the same determination about assignee liability for loans originated by national banks subject to predatory-lending laws in Arkansas and Los Angeles. The decision followed a review of a final rule issued by the Office of the Comptroller of the Currency that amends criteria regarding the OCC's pre-emption authority over national banks and their operating subsidiaries. S&P can be found online at http://www.standardandpoors.com.
-
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.
April 25 -
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.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
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.
April 25 -
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.
April 25