Today: 19.09.2018
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18.09.2018

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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Opinion

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Living

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LOS ANGELES – The city of Los Angeles, a leading center of the world’s fashion industry, moved on Tuesday toward...
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BIDDEFORD, Maine — Canadians are known as friendly folks, but these crabby brutes migrating from Canadian waters are better...
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The key to dieting success may literally be in your hands.
Struggling to lose weight? Suzy Wengel will lend you a helping hand. “People know what to eat [on] a healthy diet,” the...
US Living News: Organic yogurt isn’t really that good for you, study finds. NY Post 24 - US News
Organic yogurt isn’t really that good for you, study finds.
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US Living News: Dog owner says pup was kicked to death by teen during walk. NY Post 24 - US News
Dog owner says pup was kicked to death by teen during walk.
A devastated pet owner says her tiny puppy was kicked to death by a teenage thug during an afternoon walk in London. Samantha...
US Living News: ‘F- -k it, we’re using tortilla chips’: Chrissy Teigen’s cookbook gets real. NY Post 24 - US News
‘F- -k it, we’re using tortilla chips’: Chrissy Teigen’s cookbook gets real.
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US Living News: Pilot accused of hiding ‘major depressive disorder’ to keep job. NY Post 24 - US News
Pilot accused of hiding ‘major depressive disorder’ to keep job.
A Delta Air Lines pilot has been grounded after being indicted for misleading government officials about a “major depressive...

Business

Last US Business News: Wells Fargo directors approached Gary Cohn about CEO job. NY Post 24 - US News
Wells Fargo directors approached Gary Cohn about CEO job.
Gary Cohn rebuffed overtures from Wells Fargo directors to be its next chief executive earlier this year, The Post has learned....
Last US Business News: Autonation CEO to step down after 20 years at the helm. NY Post 24 - US News
Autonation CEO to step down after 20 years at the helm.
AutoNation’s longtime Chief Executive Mike Jackson will step down from the role next year but remain executive chairman...
Last US Business News: Starboard, other activist firms invest big in casino stocks. NY Post 24 - US News
Starboard, other activist firms invest big in casino stocks.
Shareholder activist Starboard Value has quietly taken a sizable position in MGM Resorts — and is pushing for big changes...
Last US Business News: Bob Woodward’s ‘Fear’ sets record first-week sales for Simon & Schuster. NY Post 24 - US News
Bob Woodward’s ‘Fear’ sets record first-week sales for Simon & Schuster.
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Last US Business News: SeaWorld, ex-CEO settle with SEC over ‘Blackfish’. NY Post 24 - US News
SeaWorld, ex-CEO settle with SEC over ‘Blackfish’.
SeaWorld Entertainment and its former Chief Executive James Atchison have agreed to pay more than $5 million to settle US...
Last US Business News: Feds reportedly probing Musk and Tesla over public statements. NY Post 24 - US News
Feds reportedly probing Musk and Tesla over public statements.
The feds are investigating Tesla over public statements made by the company and CEO Elon Musk, Bloomberg according to two...
Last US Business News: Athenahealth tanks as Paul Singer retreats on buyout bid. NY Post 24 - US News
Athenahealth tanks as Paul Singer retreats on buyout bid.
Athenahealth shares tumbled Tuesday after The Post reported that the healthcare company’s effort to go private has hit...
Last US Business News: China retaliates with tariffs on $60 billion of US goods. NY Post 24 - US News
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Metro

Metro News: Man accused of stealing homeless vet’s GoFundMe money promises explanation. NY Post 24 - US News
Man accused of stealing homeless vet’s GoFundMe money promises explanation.
A New Jersey man accused of stealing GoFundMe money intended to help a homeless vet says that answers will be brought to...
Metro News: Mom accused of killing 2-year-old daughter pleads not guilty. NY Post 24 - US News
Mom accused of killing 2-year-old daughter pleads not guilty.
WHITE PLAINS, N.Y. — A Westchester mother accused of killing her 2-year-old daughter has pleaded not guilty to murder....
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Sport

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HOBBS, N.M. — Members of a southeastern New Mexico high school soccer team raped a young teammate, recorded the sexual...
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The mother of LeSean McCoy’s young son said in a court filing Tuesday that she agreed to defend the Bills running back...