Today: 17.01.2018
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16.01.2018

Fed fines 5 big banks $35M over mortgage servicing.

The Federal Reserve fined five large US banks a combined $35.1 million to settle cases of mortgage servicing flaws dating back to 2011. The central bank announced the fines against Goldman Sachs, Morgan Stanley, CIT Group, US Bancorp and PNC Financial as part of a broader effort to terminate enforcement actions begun in 2011 and...
Time: 13:11     Date: 12.01.2018
Last US Business News: Fed fines 5 big banks $35M over mortgage servicing. NY Post 24 - US News

The central bank announced the fines against Goldman Sachs, Morgan Stanley, CIT Group, US Bancorp and PNC Financial as part of a broader effort to terminate enforcement actions begun in 2011 and 2012 against large banks for mortgage servicing shortcomings.

Ally Financial, Bank of America, HSBC North America Holdings, JPMorgan Chase and SunTrust Banks had already paid penalties for similar issues. All 10 banks had enforcement actions under the Fed ended on Friday, as the regulator cited “sustainable improvements” in their servicing practices.

Goldman is set to pay the largest fine of the five announced today, totaling $14 million. Morgan Stanley agreed to pay $8 million, CIT will pay $5.2 million, US Bancorp will pay $4.4 million and PNC will pay $3.5 million.

All told, the Fed said it had assessed $1.1 billion in fines against 14 banks for mortgage servicing shortcomings, which became widely known in the wake of the 2007-2009 financial crisis as more homeowners struggled to stay current on their loans.

At the same time, the Fed announced it was terminating enforcement actions against a pair of mortgage servicers. Lender Processing Services, Inc., succeeded by ServiceLink Holdings, and MERSCORP Holdings, formerly known as MERSCORP Inc., both faced enforcement actions from financial regulators for issues tied to foreclosure-related services.

In a separate enforcement action, the Fed announced it had fined Goldman Sachs $90,000 for violations tied to the National Flood Insurance Act.

Business

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Walmart offers way to turn leftover opioids into useless gel.
Walmart is helping customers get rid of leftover opioids by giving them packets that turn the addictive painkillers into...
Last US Business News: Don’t bother bringing cash if you’re flying American Airlines. NY Post 24 - US News
Don’t bother bringing cash if you’re flying American Airlines.
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Last US Business News: Ackman reaches $290M settlement with Valeant. NY Post 24 - US News
Ackman reaches $290M settlement with Valeant.
Bill Ackman and Valeant Pharmaceuticals can breathe a sigh of relief — for now. A federal judge in California indicated...

Opinion

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Now in the 14th year of a four-year term, Palestinian president Mahmoud Abbas has been something of a riddle. His modest,...
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Secretary of State Rex Tillerson chaired a meeting in Vancouver Tuesday of foreign ministers to strategize allied diplomacy...
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New York’s highest court last week reversed three lower-court rulings that had reinstated bad-apple teachers fired by the...

Living

US Living News: 7 things you shouldn’t touch if you want to avoid the flu. NY Post 24 - US News
7 things you shouldn’t touch if you want to avoid the flu.
This year, all Americans six months and older should get a flu vaccine shot, according to an official health advisory released...
US Living News: Don’t bother bringing cash if you’re flying American Airlines. NY Post 24 - US News
Don’t bother bringing cash if you’re flying American Airlines.
If you’re planning on flying American Airlines out of Miami International Airport, don’t forget your debit card. Starting...
US Living News: Drinking tea makes people more creative. NY Post 24 - US News
Drinking tea makes people more creative.
Drinking tea makes people more creative, a study found. Just half a cup was enough to inspire great ideas after a few minutes....
US Living News: Takeout food is creating a trash epidemic. NY Post 24 - US News
Takeout food is creating a trash epidemic.
Taking your meal to go has some serious consequences. McDonald’s announced Tuesday that by 2025 it will make 100% of its...
US Living News: How junk food commercials are making teens fat. NY Post 24 - US News
How junk food commercials are making teens fat.
Binge-watching with ads leads to binge-noshing crap. A new study from Cancer Research UK finds that teenagers who watched...
US Living News: The terrifying secrets behind your favorite foods. NY Post 24 - US News
The terrifying secrets behind your favorite foods.
The issues raised in the new Neflix documentary series “Rotten” are a concern — but only if you eat food, as one talking...
US Living News: Why Restaurant Week has such bad desserts. NY Post 24 - US News
Why Restaurant Week has such bad desserts.
Ah, Restaurant Week. The dishes! The deals! The disappointments! The inaccurately named three-week gimmick asks chefs to...
US Living News: The Met’s Dining Room is worth the price of admission. NY Post 24 - US News
The Met’s Dining Room is worth the price of admission.
If you manage to brave the crowds to see the Michelangelo masterpieces now on view at the Metropolitan Museum of Art, you...

Business

Last US Business News: Walmart offers way to turn leftover opioids into useless gel. NY Post 24 - US News
Walmart offers way to turn leftover opioids into useless gel.
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Last US Business News: Don’t bother bringing cash if you’re flying American Airlines. NY Post 24 - US News
Don’t bother bringing cash if you’re flying American Airlines.
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Last US Business News: Nelson Peltz hopes he can turn things around for GE. NY Post 24 - US News
Nelson Peltz hopes he can turn things around for GE.
Nelson Peltz is hoping his well-worn activist-investor playbook will bring good things to life at GE. Peltz’s Trian Fund...
Last US Business News: Ackman reaches $290M settlement with Valeant. NY Post 24 - US News
Ackman reaches $290M settlement with Valeant.
Bill Ackman and Valeant Pharmaceuticals can breathe a sigh of relief — for now. A federal judge in California indicated...
Last US Business News: Einhorn’s hedge fund gained only 1.6% last year. NY Post 24 - US News
Einhorn’s hedge fund gained only 1.6% last year.
David Einhorn’s investors aren’t the only ones upset by his hedge fund’s lagging performance — the hedgie himself...
Last US Business News: AT&T urged to cut commercial ties with Chinese phone maker. NY Post 24 - US News
AT&T urged to cut commercial ties with Chinese phone maker.
US lawmakers are urging AT&T, the No. 2 wireless carrier, to cut all commercial ties to Chinese phone maker Huawei Technologies...
Last US Business News: Moonlite Bunny Ranch considers accepting bitcoin. NY Post 24 - US News
Moonlite Bunny Ranch considers accepting bitcoin.
The Moonlite Bunny Ranch, the famous Las Vegas brothel that was the setting for the HBO series “Cathouse,” is looking...
Last US Business News: Consumer businesses help Citigroup top Wall Street estimates. NY Post 24 - US News
Consumer businesses help Citigroup top Wall Street estimates.
Citigroup on Tuesday reported quarterly profit that topped Wall Street expectations as consumer businesses made up for lower...

Metro

Metro News: Cuomo proposes state tax overhaul to counteract federal reforms. NY Post 24 - US News
Cuomo proposes state tax overhaul to counteract federal reforms.
In a desperate move to “thwart” the federal tax overhaul, Gov. Cuomo said Tuesday he wants to make sweeping changes to...
Metro News: DOE boss punished me for not carrying out her vendetta: suit. NY Post 24 - US News
DOE boss punished me for not carrying out her vendetta: suit.
A Department of Education administrator refused to carry out a career hit on two teachers — and was demoted by her controversial...
Metro News: Chelsea bomber has tried to radicalize inmates, made light of attacks: prosecutors. NY Post 24 - US News
Chelsea bomber has tried to radicalize inmates, made light of attacks: prosecutors.
Convicted Chelsea bomber Ahmad Khan Rahimi has been unrepentant while locked up, according to federal prosecutors who argue...
Metro News: Judge will decide whether immigrant activist will be brought back to NYC. NY Post 24 - US News
Judge will decide whether immigrant activist will be brought back to NYC.
A Manhattan federal judge said Tuesday that she will decide whether the immigrants-rights activist who was detained last...
Metro News: Ex-CIA officer arrested, charged with keeping classified docs. NY Post 24 - US News
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A 10-year-old boy died over the weekend of complications from the flu as he was returning home from a hockey tournament in...

Sport

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