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FDIC Announces New Strategy for Failing Banks

5/16/2012 7:00 PM

The Federal Deposit Insurance Corporation will implement a new strategy for handling large banks that are failing, FDIC Acting Chairman Martin Gruenberg announced at the Federal Reserve Bank of Chicago Conference May 10, USA Today reported. The FDIC’s new strategy would involve taking over the failing bank’s parent company while allowing healthy su...Read More

Bernanke: No Issue with Bank Examiners

5/16/2012 7:00 PM

Despite criticism from community bankers and some lawmakers about overzealous bank examiners, Federal Reserve Board Chairman Ben Bernanke defended the bank’s examination personnel, saying recent review indicates that they are acting appropriately, American Banker reported May 10. “The Federal Reserve takes seriously its responsibility to ensure tha...Read More

Freddie Mac Names New CEO

5/16/2012 7:00 PM

Freddie Mac announced May 10 that its new chief executive will be Donald Layton, former CEO of online brokerage E*Trade Financial Corp., The Wall Street Journal reported...Read More

Fannie Mae Earns $3 Billion in First Quarter

5/16/2012 7:00 PM

Fannie Mae had a profitable first quarter, earning $3 billion in comprehensive income, but it paid $2.8 billion in dividends to the U.S. Department of the Treasury, American Banker reported May 9. Fannie expects profits to remain strong and noted that it shouldn’t require taxpayer funding in the near term...Read More

Home Builder Creates REIT for Single-Family Rentals

5/16/2012 7:00 PM

Atlanta-based home builder Beazer Homes has created a real estate investment trust to buy, renovate and rent single-family homes, The Wall Street Journal reported May 8. Beazer plans to make an initial public offering when assets reach at least $150 million...Read More

Florida Supreme Court to Hear Landmark Foreclosure Case

5/16/2012 7:00 PM

The Florida Supreme Court will determine whether financial firms can escape or correct allegations of fraud in foreclosure proceedings by voluntarily dismissing the case, HousingWire reported May 9. The case in question, Roman Pino v. The Bank of New York Mellon, is significant to Florida because numerous financial companies rely on the dismissal-r...Read More

Deutsche Bank Reaches Settlement for Deceptive Mortgage Practices

5/16/2012 7:00 PM

Deutsche Bank’s mortgage unit has agreed to pay $202.3 million to settle one of the biggest U.S. government civil fraud lawsuits concerning reckless mortgage lending practices, Mortgage Daily reported May 10. The misconduct allegedly went on for a decade...Read More

Bank of America Rolls out Principal Reduction Plan

5/16/2012 7:00 PM

Bank of America has mailed notices to the first of 200,000 borrowers who might be eligible for principal reduction under the terms of the $26 billion settlement with the state attorneys general and federal officials, National Mortgage News reported May 8...Read More

Fed Clears Takeover of U.S. Bank by Chinese Financial Institution

5/16/2012 7:00 PM

The Federal Reserve approved an application from the Industrial and Commercial Bank of China to buy an 80 percent stake in the U.S. subsidiary of the Bank of East Asia, Agence France-Presse reported May 9. Following the takeover, ICBC would own a majority share in the U.S. unit of the Hong Kong-based Bank of East Asia, which operates 13 branches in...Read More

Freddie Mac Eliminates “Cash Adjustor” Fee on Refis

5/16/2012 7:00 PM

Freddie Mac announced May 8 that it would eliminate its “cash adjustor” fee associated with refinancings on severely underwater home loans...Read More

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