Deutsche Bank video warns traders not to be vulgar, indiscreet or brag
Colin Fan, the co-head of the German lender’s investment bank, said in a video to all his staff: “It’s not OK to brag or to be vulgar or indiscreet. That will have severe consequences on your career. I’ve run out patience on this.”
He said “reputation is everything” and some staff were “still a long way from meeting” the bank’s standards.
Court order halts foreclosures conducted by trustee Cal-Western
State officials are charging foreclosure trustee Cal-Western of Washington Inc. with unfair and deceptive business practices, and a temporary restraining order has been issued in King County Superior Court that halts its foreclosures until May 29.
Cal-Western is a Washington foreclosure trustee with an office in Vancouver, Wash., but the company conducts many of its operations in southern California. Foreclosure trustees are required to act as neutral parties between borrowers and lenders while conducting foreclosure proceedings.
The Washington State Attorney General’s Office alleges Cal-Western gave borrowers an incorrect phone number in their Notices of Trustee’s Sale and Foreclosure, making it difficult for borrowers, some desperate to save their homes, to contact the firm quickly without physically traveling to Vancouver.
An agency investigation found that the incorrect phone numbers were sent in the documents from October 2013 to about March 20, 2014.
In addition, the investigation found that after discovering the problem in March, Cal-Western didn’t send the affected homeowners amended Notices of Trustee’s Sales or letters informing them of a working telephone number where the homeowners could reach the company.
In addition to stopping mortgage foreclosures until May 29, the agency is seeking restitution for homeowners whose properties have been foreclosed on and fines.
WHAT IS AN ASSIGNMENT OF MORTGAGE?
An assignment of mortgage is a document which indicates that a mortgage has been transferred from the original lender or borrower to a third party. Assignments of mortgage are more commonly seen when lenders sell mortgages to other lenders. When someone has what is known as an assumable mortgage, it is possible for the borrower to transfer the mortgage to another perso
Blankfein Sees Concern in Guilty Plea by Any Global Bank
Goldman Sachs Group Inc. (GS)Chief Executive Officer Lloyd C. Blankfein said he understands the concern over the potential impact to the financial markets of any global bank pleading guilty to a crime.
“There’s concern being shown, and I don’t magnify it, but I don’t minimize it either,” Blankfein said today in an interview after the New York-based firm’s annualshareholder meeting in Irving, Texas. “You hope it’s not existential, and you hope there’s not a knock-on effect to that.”
Kate Berry at American Banker:
By easing up on mortgage buyback requests, Fannie Mae and Freddie Mac just went a long way toward encouraging lenders to make more loans to borrowers with lower credit scores.
The most significant change to the government-sponsored enterprises’ policies is that lenders now can get relief from buybacks following a quality control review of a loan within 30 to 120 days.