Tag Archives: Settlements

Royal Bank of Scotland (RBS) may have to pay additional penalties to settle claims that it sold faulty U.S. mortgage-backed securities in the years leading up to the housing market crash, according to a report from Reuters.

The Great Neck, New York-based Golden First agreed to pay $36 million to settle a complaint originally filed by the United States in April 2013 and amended in August 2013. In the complaint, the government accuses Golden First of violating the False Claims Act through years of misconduct relating to the mortgage company's participation in the Federal Housing Administration (FHA)'s Direct Endorsement Lender Program.

A day after Ocwen Financial Corp. announced a multi-million dollar agreement to resolve investigations by New York's top regulator, investors and market watchers remain skeptical that the company's problems are settled.

Ocwen's year-long difficulties with New York's Department of Financial Services (DFS) has ended with a $150 million settlement and the departure of its executive chairman, the company announced Monday.

The internal review group for the New York-based megabank asserted in the third Chase Consumer Relief Update, compiled by monitor Joseph A. Smith Jr., that Chase has earned $2.2 billion in consumer relief credit from the period of October 1, 2013, to September 30, 2014.

Lawmakers are asking why the Justice Department is requiring the lenders to donate money to certain housing counseling agencies approved by HUD as part of their settlements.

The U.S. Securities and Exchange Commission (SEC) agreed to partially waive the additional sanctions that could have been imposed on Bank of America following a record settlement in August over the sale of residential mortgage-backed securities, according to sources familiar with the case in a report from Bloomberg News.

According to a report from Bloomberg, lawyers for both sides told a judge on Tuesday they’re doubtful about the chances of reaching an agreement on a suit alleging the bank fraudulently submitted loans for insurance through the Federal Housing Administration (FHA).

According to a motion filed with New York's Southern District Court, Bank of America and US Bancorp agreed to pay $69 million to a number of state and local pension funds that lost millions from their investment in MBS purchased from Washington Mutual before its collapse in 2008.

Bank of America's record $16.65 billion settlement with several government agencies over the sale of toxic residential mortgage-backed securities (RMBS) has been stalled by an internal disagreement within the U.S. Securities and Exchange Commission (SEC), according to sources familiar with the case in a report from Bloomberg.