Chana R. Schoenberger Key insight: Federal Reserve Governor Lisa Cook asked the Supreme Court to deny President Donald Trump’s request to overturn a preliminary injunction previously issued by a district court. In her filing, Cook called the Court’s intervention “premature.” Expert Quote: “A stay from this Court would signal to the financial markets that the […]
Filings warn of market chaos if Fed Gov. Cook is removed Read More »
Adobe Stock OCMBC is retiring a controversial name it does business under, Jet Advantage Mortgage, and is replacing it with a new one, the company announced this week. But the new moniker does not resolve outstanding legal issues OCMBC has with a local rival. GIANT Lending will serve as the company’s nationwide wholesale lender with
OCMBC launches new business name, retires old one Read More »
New York recorded its first criminal conviction under a new deed theft law, securing a guilty plea from a real estate agent. Oscar Dais pleaded guilty Wednesday to stealing a Rockland County homeowner’s property by forging her signature, New York Attorney General Letitia James announced. The agent committed forgery and violated the Home Equity Theft
New York records first criminal conviction for deed theft Read More »
Loandepot pushed back against a lawsuit accusing it of violating the loan officer compensation rule, alleging the court case is full of threadbare allegations. Five borrowers sued the lender in July, claiming they were steered to higher rates via a long-running scheme in which loan officers who did not participate faced punishment. The megalender this
Loandepot slams accusations of steering borrowers Read More »
Consumers who sued Mr. Cooper over $25 “junk fees” are taking their fight to a federal appeals court. Borrowers Catherine Palazzo and Peter Hackinen elevated their failed class action case to the 9th U.S. Circuit Court of Appeals last week, according to federal court records. The plaintiffs sued the megaservicer over its fee for expedited
Borrowers appeal loss in Mr. Cooper servicing fee fight Read More »
Dueling cases involving Cornerstone Capital Bank and a former executive have been dismissed prior to trial, with both sides claiming victory. Each party has a different interpretation of what happened in the legal matter involving former Cornerstone Home Lending executive Manuel Valdes. A former independent mortgage banker, Cornerstone acquired a Texas state chartered bank in
Cornerstone, former executive dismiss mutual lawsuits Read More »
Kent Nishimura/Bloomberg Key insight: The Trump administration is asking the highest court in the nation to remove barriers from ousting Federal Reserve Gov. Lisa Cook before litigation proceeds. Expert quote: “This court should stay the district court’s deeply flawed preliminary injunction and should grant an immediate administrative stay,” — U.S. Solicitor General John Sauer. What’s
Trump asks Supreme Court to remove Fed Gov. Cook Read More »
A federal judge in Colorado ruled against a motion to dismiss from Rocket and Solidifi over allegations of appraisal bias that the U.S. government has pursued. The homeowner involved, Francesca Cheroutes, is part of the complaint as an intervening plaintiff. The motions sought to dismiss the allegations raised by both the government and Cheroutes. The
Judge rejects Rocket’s motion to dismiss discrimination suit Read More »
The American Land Title Association has filed an amicus brief in support of Fidelity National Financial, which is suing the Treasury Department and the Financial Crimes Enforcement Network, looking to stop an anti-money laundering regulation reporting requirement. The Biden Administration promulgated the rule, which is set to go into effect on Dec. 1. FNF sued
ALTA files brief in support of Fidelity in Fincen case Read More »
Al Drago/Bloomberg Federal Reserve Gov. Lisa Cook’s attorneys filed additional briefs in her case against President Trump over his moves to oust her from her seat on the Fed board, and the judge overseeing the case has scheduled final briefs to be due Sept. 4. Cook’s attorney, Abbe Lowell, founder of Lowell & Associates, asked
Key filings in Fed independence suit due Thursday Read More »