Daily Archives: November 18, 2014

U.S., Wells Fargo not as ‘optimistic’ about lawsuit settlement: lawyer

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After the public release of the Manual on how to craft fraudulent documents for the courts – is it any wonder?

justiceleague00's avatarJustice League

Wells Fargo & Co and the U.S. Department of Justice are “no longer as optimistic” about settling a lawsuit accusing the country’s largest mortgage lender of fraud, a lawyer for the bank said on Tuesday.

Douglas Baruch, a lawyer for Wells Fargo, told a federal judge in Manhattan that while the parties would not rule out a settlement, both sides were prepared to resume litigating after putting the case on hold since July.

“The parties are no longer as optimistic as they once were,” he said.

Two weeks ago, the San Francisco-based bank disclosed in a regulatory filing that it was in discussions to resolve the lawsuit, filed in 2012, which seeks hundreds of millions of dollars in damages.

The U.S. Justice Department says Wells Fargo failed to report more than 6,000 loans that did not meet requirements for insurance under the Federal Housing Administration and failed to properly review…

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3 Senate bills that could strengthen credit union mortgage lending

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Maybe if they had enacted these measures years ago the Dems might still control Congress. At least it might send a message to the newly elected Republicans that it’s “PEOPLE FIRST” that will keep them in office.

justiceleague00's avatarJustice League

Credit unions are enduring a crisis of creeping complexity with respect to regulatory burden, and the Credit Union National Association believes at least three bipartisan bills currently before the U.S. Senate could alleviate some of that drag.

The ever-increasing, never-decreasing regulatory burden erects barriers to their ability to serve their members, particularly in the mortgage space, CUNA says.

“The enactment of these bills would represent a small step in the right direction toward removing barriers to credit union service,” said Jim Nussle, president of CUNA. “As the Senate reassembles for the remaining weeks of the 113th Congress, we urge passage of these important bills.”

The 113th Congress could, despite its lame duck status, pass these bills before the Christmas recess and the swearing in of the 114th Congress in 2015.

Read on.

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