Couple sues Newrez for OK’ing fraudulent HELOC wire transfer
Newrez's servicing arm approved an "obviously counterfeit" HELOC request from a bad actor totaling almost $500,000, a complaint claims.
Industry News
Georgia CU-bank deal unravels; another pops up in Michigan
A record 22 credit unions announced plans to acquire banks in 2024, though the year ended on a discordant note as regulatory concerns appear to have derailed a planned CU-bank deal in Georgia.
Turnaround artist Parsons ‘left everything better than he found it’
Richard "Dick" Parsons, the former Citigroup chairman who died Thursday, is credited with helping the New York megabank survive the financial crisis. Earlier in his career, he led Dime Savings Bank out of the savings-and-loan crisis.
HomeStreet agrees to sell nearly $1 billion in multifamily loans
The Seattle-based company's deal with Bank of America comes five weeks after the termination of its planned sale to FirstSun Capital Bancorp in Denver.
CFPB sues Rocket Homes, brokerage over kickback scheme
The watchdog accuses Rocket Homes and The Mitchell Group brokerage of initiating a plan to generate origination business for Rocket Mortgage.
BNPL lender Affirm inks fresh forward-flow deal with Sixth Street
Affirm partners with Sixth Street to sell its buy now/pay later loans to the investment firm; Associated Banc-Corp promotes Steven Zandpour to deputy head of consumer and business banking; Visa Direct speeds up its money transfers; and more in this week's banking news roundup.
Private credit should trade at premium, Franklin’s Johnson says
Franklin Templeton Investments Chief Executive Officer Jenny Johnson said she's concerned that some investment- and non-investment-grade private credit assets are trading at the same spreads as traditional fixed-income investments like corporate bonds.
Fiscal debt binge is biggest threat to global stability, BIS says
Public-finance repair should be prioritized before alarm among bond investors takes hold, the Bank for International Settlements said.
Home equity sharing fintech Easyknock goes out of business
The company's closure comes in a year when it touted successful capital investments but also faced growing legal scrutiny.
Rocket Mortgage challenges HUD, DOJ appraisal bias accusations
Rocket argues it was unfairly tied to discrimination accusations, arguing the government aimed for "headline-grabbing claims" to bolster its case.
UWM suit dismissal appealed by Okavage Group
The Florida-based brokerage The Okavage Group is challenging the dismissal of its antitrust suit against UWM, filing an appeal on Oct. 17 in the U.S. Court of Appeals for the Eleventh Circuit.
DOJ accuses Rocket Mortgage, appraisers of bias in refi
According to the litigation, a homeowner's Denver property was valued 25% less because of her race.
FICO predicted to hike costs for mortgage credit scores by up to 50%
The cost of a credit score is $3.25, but could balloon to the $5 range in 2025.
NYCB’s Flagstar cuts 700 staff with more to depart in unit sale
The company expects that a previously announced sale of its residential mortgage servicing business will reduce its workforce by an additional 1,200 employees when the transaction is completed this quarter.
Home equity investment products gain steam amid growing legal scrutiny
Companies announced new product rollouts and capital raises last month, but some are also facing lawsuits as the industry encounters heightened attention to the lack of consumer protections.
How the US port strike affects banks
Coordinated strikes by dock workers along the Eastern Seaboard and the Gulf Coast could cause issues for banks that provide credit to foreign shipping groups and domestic trucking companies.
Fed governor: Regulators just ‘don’t understand’ implications of new rules
Federal Reserve Gov. Michelle Bowman said a lack of banking experience among regulatory officials has led to unintended consequences. She flagged mergers, fintech partnerships and liquidity proposals as prime examples.
Philadelphia Fed president Harker to step down next year
Patrick Harker, the longest serving regional reserve bank president, will leave office in June 2025. Directors at the Fed bank have started the search for his replacement.
Credit union-bank mergers approach all-time high
REV Federal Credit Union in suburban Charleston, South Carolina, plans to acquire First Neighborhood Bank in West Virginia. It marks the 15th deal this year involving a credit union buying a bank, closing in on 2022's record of 16 deals.
Citadel Securities, Jane Street on track for record revenue haul
First-half net trading revenue rose 81% to $4.9 billion from the same period a year earlier at Citadel Securities, and gained 78% to $8.4 billion at Jane Street.
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