A 2013 march through the streets to the Department of Justice during a rally against big banks and home foreclosures. Ten years ago, a simmering financial crisis finally bubbled over. Foreclosure News
The number of nonbank mortgage lenders and servicers that did not comply with the California Residential Mortgage Lending Act Annual Report requirements grew this year, prompting a reprimand and warning of penalties from the commissioner of the state's Department of Business Oversight. There were 418 licensed lenders and servicers at the end of 2017, but […]
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Trump announced late Monday he is naming Joseph Otting as comptroller of the currency, heading a Treasury Department agency that is the chief overseer for federally chartered banks. If confirmed by the Senate, Otting will play a role in the Trump administration's efforts to ease rules written under the Dodd-Frank law that stiffened financial regulation […]
The U.S. regulator for mortgage servicers on Wednesday loosened the timing requirements for communicating with struggling borrowers under new rules that take effect later this month to help prevent wrongful home foreclosures. The Consumer Financial Protection Bureau said last year it would begin requiring servicers, the conduits for mortgage payments, to grant certain foreclosure protections […]
President Donald Trump's choice to lead a key bank regulation agency spent the first half of this decade running a bank that illegally foreclosed on hundreds of thousands of Americans, often using forged and fraudulent documents. In 2013, halfway through Joseph Otting's time running OneWest Bank, Otting purchased a Las Vegas ” resort lifestyle home […]
Senate Democrats on Thursday criticized the financial industry backgrounds of President Trump 's nominees for two key banking regulatory positions, arguing they would not protect the interests of average Americans. Sens. Sherrod Brown , Elizabeth Warren and others sharply questioned Joseph Otting, the former chief executive of Pasadena's OneWest Bank, and investment fund manager Randal […]
He's one of the few U.S. government officials that President Donald Trump can't fire on a whim. And that independence might help explain why Richard Cordray, 58, director of the Consumer Financial Protection Bureau, or CFPB, has been so aggressive — and successful — in cracking down on illegal debt-collection practices, improper mortgage-foreclosure tactics and […]
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The North Carolina Supreme Court has agreed to decide whether a judge already reprimanded by the Judicial Standards Commission can be disciplined by the state… ABA Journal Daily News