Wednesday, August 8, 2012

Banks still having mortgage servicing problems

Welcome to the morning roundup. Here's a look at what's news in banking and finance.

Mortgage servicing standards not improving. Despite new mortgage standards as part of the $25 billion settlement reached with the nation's largest servicers, banks have not made much progress in improving, the Huffington Post says. Files are still lost, and thousands of homeowners are still in limbo.

MetLife fined. MetLife, the insurer getting out of the banking business, got a $3.2 million fine from the Federal Reserve for mortgage servicing errors, Bloomberg reports. It's part of the large mortgage servicing settlement reached with the OCC and the Fed in April 2011.

BofA snags exec. Bank of America Merrill Lynch has grabbed a M&A executive from UBS to head up its Asia-Pacific business, Reuters reports.

DNC security plan. This isn't strictly finance, but if you work in one of the bank buildings uptown, you're going to want to read this about the DNC security plan. If you have to come uptown during the convention, allow yourself a lot more time.


Michigan Mortgage said...

Whether this is typical or not sanctions should be imposed on BofA. This is outrageous and I believe actionable.

Shawn said...

Agreed, this is terrible.