While Michael Strauss has absconded from massive liabilities and court cases over the demise of Sprout Mortgage, his wife and a former associate are running a new mortgage shop. Processing Content It’s unclear if the embattled industry executive is involved with the Irvine, California-based Investor Funding Corp., which his spouse, Elizabeth Strauss, founded in 2024 […]
As Sprout saga smolders, ex-CEO’s wife forms new lender Read More »
Groups of mortgage regulators, state supervisors and attorneys general called for the Office of the Comptroller of the Currency to end proposals that could allow more national preemption of interest-on-escrow rules, citing consumer harm, legal concerns and an uneven playing field. Processing Content The proposals would benefit national institutions but at homeowners’ expense, and interfere
States, mortgage regulators call for end to OCC escrow moves Read More »
Industry headwinds pushed Primelending, Hilltop Holding’s mortgage subsidiary through Plainscapital Bank, into the red again in the fourth quarter, the company said. Processing Content Primelending produced a pretax loss of $5.2 million in the fourth quarter, lower than the loss of $7.2 million in the third quarter and the loss of $15.9 million in the
PrimeLending stays in the red, losses ease in Q4 Read More »
The U.S. Supreme Court rejected the appeal of Emigrant Mortgage and Emigrant Bank in a reverse redlining case over predatory lending cases on loans originated between 1999 and 2008. Processing Content The online docket for the case has a Jan. 12 entry stating “Petition DENIED” with no other links or explanations. The loans involved were
Supreme Court rejects Emigrant’s reverse redlining appeal Read More »
Waterstone Mortgage accomplished a third consecutive quarter of pretax and net profitability, with year-over-year improvements in production and gain on sale. Processing Content Fourth quarter pretax income of $900,000 and net income of $656,000 for the mortgage banking segment of Waterstone Financial compared with $1.3 million and $948,000 in the third quarter, plus approximately $2
Waterstone Mortgage has third consecutive quarterly profit Read More »
Key Insight: Former Fed Gov. Kevin Warsh’s selection as the next Federal Reserve chair would put a familiar face atop the central bank, but the hawkish monetary policy stances he has advocated for in the past — contrasted with the accommodative policy the president prefers and that he now supports — muddy the outlook for
What bankers need to know about Fed chair-designate Warsh Read More »
A new class action lawsuit claims Carrington Mortgage Services, Celink and Finance of America Reverse have squeezed thousands of dollars of illegal fees out of tens of thousands of older homeowners. Processing Content Representatives for reverse mortgage borrowers say the homeowners were overcharged for a variety of fees and suffered inflated interest and mortgage insurance
AARP sues Celink, Carrington, Finance of America over HECMs Read More »
The latest chapter in the legal battles between Nexa Mortgage cofounders favored Mat Grella and his company, Platinum One Lending, as a Michigan judge dismissed Nexa CEO Mike Kortas’ claims. Processing Content Judge Michael Warren ruled that $350,000 transferred to Platinum One was an equity investment from Nexa, not a loan, like Kortas claimed. He
Nexa ordered to pay Platinum One $280,000 in damages Read More »
Key Insight: President Trump’s selection of former Fed Gov. Kevin Warsh to a vacating seat on the central bank board will likely garner broad support from Senate Republicans, but promised opposition from Sen. Thom Tillis, R-N.C., could slow the confirmation process. Expert Quote: “I have known Kevin for a long period of time, and
Trump taps ex-investment banker Warsh to be next Fed chair Read More »
US stock futures and Treasuries pared losses after President Donald Trump nominated Kevin Warsh as the next Federal Reserve chair, with traders debating how far he would cut interest rates. Processing Content The dollar also trimmed its advance after Trump made his announcement on Truth Social. Moves earlier in the day suggested traders were dialing back expectations
Stocks, bonds trim losses as Trump taps Warsh Read More »