Two Harbors wants UWM to return its $25 million termination fee
The REIT accused the wholesale leader of hiding its massive market gamble during the negotiations, which resulted in $741 million in losses.
Law and legal issues
Another judge rejects Trump’s attempt to halt CFPB funding
A federal judge ruled that the Trump administration's attempt last year to halt funding for the Consumer Financial Protection Bureau was unlawful and unconstitutional. Two other judges have issued similar decisions.
Lawsuit accuses Bowman, Fed of ‘rigging’ comment process
Consumer advocacy group Better Markets filed a lawsuit in federal district court Thursday claiming the Federal Reserve's top regulator coached bankers on how to comment on proposed capital rules in "secret meetings."
FDIC won’t have to return $1.71 billion to SVB creditors
A federal judge found SVB Financial's management negligently prioritized yield over safety, allowing the Federal Deposit Insurance Corp. to retain the deposits after the bank's 2023 collapse.
CDFIs file lawsuit against Treasury to release funding
A group of community development financial institutions are asking a federal court in California to compel Treasury to disburse funds from the CDFI Fund before they expire in September.
Two Harbors fires back at UWM, calling lawsuit frivolous
In the latest round of posturing between the one-time merger partners, Two Harbors said the filing was part of a "familiar refrain" by UWM to blame others.
Twenty Reed Smith attorneys stage mass exodus to Benesch
The group is planting a flag for a new structured finance platform and real estate finance team in Miami and is expected to also strengthen Benesch's New York presence with two partners.
Rocket Mortgage refutes the latest consumer TCPA lawsuit
Lenders are still frequent targets of the class action complaints over unwanted mortgage solicitations, violations that have netted litigants big paydays.
Maine introduces bill to ‘effectively ban’ HEI contracts
The new law adds rules, including counseling requirements, which would put severe constraints on originations of HEIs, an industry representative said.
CFPB hiring litigation attorneys while cutting enforcement
The Consumer Financial Protection Bureau, which has dismissed scores of enforcement attorneys early in President Donald Trump's second term, is staffing up its litigation arm in anticipation of defending its rules in court.
CFPB firing line: DOJ moves to axe half the bureau’s staff
The Department of Justice is seeking court approval to immediately fire more than 600 employees, slashing the CFPB's workforce by 53%.
Supreme Court won’t hear mortgage firm’s appeal in CFPB case
The long-defunct Nationwide Biweekly Administration, accused in 2015 of deceptive marketing, has been ordered to pay a $7.93 million civil money penalty.
Fed Chair Powell to stay on until DOJ concludes probe
Federal Reserve Chair Jerome Powell, in a post-FOMC meeting Wednesday, said he intends to stay at his post until a successor has been confirmed, adding that he will remain on the Fed board until a Justice Department investigation into him is concluded.
Federal court rules against CFPB in funding lawsuit
A federal judge ruled that acting Consumer Financial Protection Bureau Director Russell Vought unlawfully refused to request agency funding from the Federal Reserve Board, dealing a procedural blow to a legal argument that the Fed can only fund the CFPB when it turns a profit.
Can Trump fire nearly all CFPB staff? Appeals court isn’t sure
Judges on the U.S. Court of Appeals for the District of Columbia struggled to find a resolution to an injunction issued last year that halted reductions-in-force by the Consumer Financial Protection Bureau.
CFPB shutdown battle reaches crucial D.C. Circuit hearing
The CFPB is in an existential legal brawl against it's own acting director, Russell Vought, and President Donald Trump, whose confirmed goal is to kill the agency.
M&T says Tricolor-related lawsuit could lead to losses
The Buffalo-based bank didn't specify the size of potential losses from a suit that grew out of the collapse of subprime auto lender Tricolor Holdings. M&T said its trust subsidiary will "vigorously defend itself" against claims by investors who allege that it should have protected them from alleged fraud.
Goldman’s top lawyer Ruemmler to leave over Epstein ties
The Wall Street investment bank had staunchly defended Kathy Ruemmler over her previous association with Jeffrey Epstein.
CFPB blocks GAO investigators in layoff report
The Government Accountability Office was tasked with investigating the Consumer Financial Protection Bureau's stop-work order, but CFPB officials refused to meet with or provide information to Congress' investigative arm.
FAT brands lenders say CEO ‘looted’ firm to fund trips, jets
The company allegedly made more than $200 million in "improper payments" before filing Chapter 11 earlier this week, lenders claimed, citing dividends and bonuses to corporate insiders.
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