Ocwen Financial Completes Acquisition of PHH Corporation; Glen Messina Becomes President and Chief Executive Officer

Ocwen Financial Completes Acquisition of PHH Corporation; Glen Messina Becomes President and Chief Executive Officer WEST PALM BEACH, Fla., Oct. 04, 2018 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (NYSE:OCN) (“Ocwen” or the “Company”), a leading financial services holding company, today announced the completion of its acquisition of PHH Corporation (“PHH”), a mortgage platform with established … Read more

Reuters Fail: Robo-Signing – A CAUSE of the U.S. Housing Crisis Last Decade

Reuters Fail: Robo-Signing – A CAUSE of the U.S. Housing Crisis Last Decade From a recent article by Jonathan Stempel of Reuters… “Robo-signing involves the systematic approval of documents that have not been read. The practice was a cause of the U.S. housing crisis last decade, enabling marginal borrowers to obtain loans they did not … Read more

Restoration of the Protecting Tenants at Foreclosure Act 2018

Restoration of the Protecting Tenants at Foreclosure Act 2018 Congress Permanently Authorizes the Protecting Tenants at Foreclosure Act President Trump signed into law a permanent extension of the “Protecting Tenants at Foreclosure Act” (PTFA) on May 24. The PTFA was included in a larger deregulation bill (S. 2155) passed by the House on May 22. … Read more

Retrospectives of the Financial Crisis Are Leaving Out the Most Important Part—Its Victims

Retrospectives of the Financial Crisis Are Leaving Out the Most Important Part—Its Victims BY David Dayen Because I’m a masochist, I’ve read as many retrospectives as I could about the 10th anniversary of the fateful failure of Lehman Brothers, the emblematic event of the financial crisis. And I can’t help but notice a gaping hole … Read more

RMBS: SEC Charges Moody’s With Internal Controls Failures and Ratings Symbols Deficiencies

SEC Charges Moody’s With Internal Controls Failures and Ratings Symbols Deficiencies FOR IMMEDIATE RELEASE 2018-169 Washington D.C., Aug. 28, 2018 — The Securities and Exchange Commission today announced that Moody’s Investors Service Inc., one of the nation’s largest credit ratings agencies, has agreed to pay a total of $16.25 million in penalties to settle charges … Read more

Mass Layoffs At Wells Fargo As A Result Of Slumping Housing Market

Mass Layoffs At Wells Fargo As A Result Of Slumping Housing Market Whether due to the collapse of its “reputable” public image following a relentless barrage of client scandals, the Fed’s recent historic crackdown on the company due to its culture of fraud, or simply because the US housing market has sharply rolled over, last … Read more