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ยป sustained losses of at least $37 million on undisclosed delinquent loans, the SEC says. JPMorgan is also charged for Bear Stearns' failure to disclose its practice of keeping cash settlements from mortgage loan originators on problem loans that it sold into RMBS trusts. JPMorgan acquired Bear Stearns in 2008. The SEC claims proceeds from Bear Stearns' undisclosed deals with originators were at least $137.8 million. JPMorgan agreed to pay $269.9 million to settle the SEC's charges. The company did not admit or deny any wrongdoing. "The SEC's complaint makes allegations under the negligence-based provisions of the federal securities laws and does not include charges of intentional misconduct. JPMorgan is pleased to have reached agreement with the SEC to put these matters concerning RMBS behind it," the bank said in a statement. In Credit Suisse's case, the SEC alleges the firm similarly failed to disclose its practice of retaining cash from the settlement of claims against originators for problems with loans sold into trusts. Credit Suisse also made misstatements in SEC filings about when it would repurchase loans from trusts if borrowers missed the first payment due, the agency says. According to the SEC, Credit Suisse made $55.7 million in profits and losses avoided while its investors lost more than $10 million due to the firm's practices concerning first payment defaults. Credit Suisse has agreed to pay $120 million to settle the charges. Like JPMorgan, the firm neither confirmed nor denied the allegations and pointed out in a statement that the SEC's charges were of negligence and not of intentional recklessness. The combined money will be distributed to "harmed investors," the SEC said. Robert Khuzami, director of the SEC's Division of Enforcement, said products such as RMBS were "ground zero in the financial crisis." "Misrepresentations in connection with the creation and sale of mortgage securities contributed greatly to the tremendous losses suffered by investors once the U.S. housing market collapsed," Khuzami said. "Today's actions involving RMBS securities are a continuation of the SEC's strong efforts to pursue wrongdoing committed in connection with the financial crisis." The charges were filed in coordination with the RMBS Working Group, a federalstate task force launched to investigate those responsible for misconduct that contributed to the financial crisis through the pooling and sale of RMBS. Khuzami is a co-chair of the group. "Today's actions are another step forward in the process of bringing accountability for the misconduct that led to the collapse of the housing market," said New York State Attorney General Eric Schneiderman, another of the RMBS Working Group's co-chairs. "We will continue to work together on behalf of consumers and investors to ensure that it never happens again." Carrington Property Services Offers New Network for Leading Brokerages Carrington Property Services, LLC, introduced a new network to help real estate brokerages increase their business. The Carrington Property Network (CPN) is an exclusive national network that will facilitate participation from brokerages in the distressed property market and connect these brokerages to institutional real estate investors. CPN members will have access to Carrington's institutional real estate services and the company's REO listings, short sale leads, investor buyers, and property management and BPO fulfillment services. In order to be part of the network, brokerage firms must be ranked in the top five of their market in terms of transactions and sales volume and also have the necessary support to manage institutional business. CPN will train and support broker members to ensure success in the distressed market segment. "Carrington has established a track record as the leader in the area of real estate services for institutional customers, and CPN is a way for us to expand our coverage by partnering with established, successful residential real estate brokerages across the country," said Steve Ozonian, chief real estate officer for Carrington Holding Company. Carrington Property Services, LLC, is a national asset management company headquartered in New York that specializes in the assessment, management, rental, and disposition of residential properties with a focus on bank-owned properties. VISIT US ONLINE @ DSNEWS.COM North Carolina rank: 27 90+ Day Delinquency Rate Foreclosure Rate october 2012 2.93% Unemployment Rate 2.51% 9.3% year ago 2.93% 3.25% 10.6% percent point change -0.2% -22.8% -12.3% Top County HerTford CouNTy 90+ Day Delinquency Rate Foreclosure Rate october 2012 5.73% 4.73% year ago 4.83% 5.31% percent point change 18.7% -10.9% Top Core-Based Statistical Area LumBerToN, NC 90+ Day Delinquency Rate Foreclosure Rate october 2012 5.54% 3.99% year ago 5.39% 4.66% percent point change 2.7% -14.4% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the October 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary October 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. North Carolina James Williamson & Associates REO Sales & Marketing, 20+Years REO Brokerage, Property Preservation 336.682.4007 or 336.655.5990 fax: 800.795.7065 james@jamesewilliamson.com MEMBER IN THE NEWS BofA Reaches $15.8B in Mortgage Relief Under Settlement Terms Bank of America (BofA) says it's on track to fulfill its consumer relief requirements of the national mortgage settlement within the first year of the three-year agreement. As of September 30, 2012, the North Carolinabased bank had completed or approved $15.8 149