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continue to expect future reserve releases in 2012." The bank allocated $669 million for mortgage loan repurchase losses, compared with $430 million in the first quarter. Wells Fargo said the increase in the repurchase provision was mostly due to an increase in projected demands from the GSEs on loans sold between 2006 and 2008. The day before releasing its second-quar- to receive these loans than white borrowers with roughly the same credit. The suit claimed that black borrowers were four times more likely to fall into loans with subprime terms and conditions. Hispanic borrowers were three times as likely. Justice Department Deputy Attorney ................................................... Los Angeles County Specialists • #1 REO Team in the #1 Coldwell Banker office • Providing full REO services • Handling all REO needs • More than 25 years of experience in Los Angeles Real Estate and REO ................................................... ter numbers, Wells Fargo wrote a check for $175 million to settle claims that independent brokers drove a disproportionate number of otherwise creditworthy minority borrowers to higher-priced variable mortgages in the lead-up to the financial crisis. The payout ties off a suit filed by federal authorities that claimed discriminatory practices from 2004 to 2009 had negatively impacted more than 34,000 black and Hispanic borrowers. Under the settlement, Wells Fargo will pay $125 million to wholesale borrowers believed to have been adversely affected by the alleged practices. The lender will pony up another $50 million to finance direct pay- ment assistance for the eight metropolitan areas impacted the most. Wells Fargo denied the claims and has General James Cole said the deal with Wells Fargo, the second-largest in fair lending his- tory, "makes clear that we will hold financial institutions accountable, including some of the nation's largest, for lending discrimina- tion." Women's Trade Group Receives Social Media Award Association of Women REO Brokers (NAWRB), based in Irvine, California, was honored with the 2012 Women Impacting Public Policy (WIPP) business leadership social media award. NAWRB President Desirée Patno was The president of the National stopped originating loans with independent mortgage brokers, a move the company billed as separate from the settlement. Wells Fargo cited the independence of brokers and businesses as the main reason for its decision to cease wholesale originations, claiming brokers' relationships with wholesale lend- ers prevent the company from setting loan prices and participating directly in negotia- tions. Wholesale represented only 5 percent of the bank's residential mortgage business. "Wells Fargo is settling this matter .................................. presented the award at the WIPP Annual Leadership Meeting in July, recognizing her association's #Sharethelove social media campaign promoting NAWRB's redesigned website. #Sharethelove incorporated Twitter hash tag coupon codes and linked them to other industry-leading brands. This helped drive Web traffic to the new site and resulted in a significant membership increase. "I appreciate WIPP's recognition of our because we believe it is in the best interest of our team members, customers, communi- ties, and investors to avoid a long and costly legal fight," said Mike Heid, president of Wells Fargo Home Mortgage. Heid added that the company's "separate decision" to no longer fund mortgages through independent brokers will allow it to fulfill its commit- ment to furthering the housing recovery "on every mortgage that Wells Fargo makes." The Justice Department's suit against DRE# 00935813 / DRE# 01272324 Joyce Essex 310-922-7476 Joyce@EssexHarvey.com Danny Harvey 310-777-6391 DannyHarvey1@aol.com 104 Wells Fargo claimed independent mortgage brokers steered some 4,000 black and Hispanic borrowers to subprime loans, many of them adjustable-rate mortgages with excessive fees, high interest rates, and other adverse terms and conditions. According to court documents, minority borrowers applying for residential loans with Wells Fargo were much more likely success in leveraging social media to better connect, promote, and empower women business owners," Patno said. "NAWRB is focused on the visibility of its members and services, and social media plays an integral role for us." Report: Sacramento Showing Signs of Market Rebound California, may follow Phoenix as the next hard-hit metro to rise out of the ashes. In its August Home Value Forecast A new report suggests Sacramento, Update, Pro Teck Valuation Services focused on hard-hit metros with the potential to bounce back and become havens for investment or home purchasing opportunities. According to the report, market-based indicators suggest Sacramento might be