Standard & Poor's Ratings Services has decided to rate structured finance transactions that include Cleveland loans governed by the city's anti-predatory-lending ordinance.The rating agency said it will not apply any special criteria to the loans, because the law does not impose liability on purchasers or assignees of predatory loans. Penalties are imposed only on lenders who violate the ordinance provisions, all of which relate to the making of the loan. The penalties are either criminal in nature or prohibit doing business with the city of Cleveland. S&P can be found online at http://www.standardandpoors.com.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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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.
April 24 -
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.
April 24