Daily Archives: November 5, 2014

Fed’s Fisher Tells Congress Don’t Mess With Central Bank

Senate Republicans should resist the temptation to erode Federal Reserve independence after victory in mid-term elections, Dallas Fed President Richard Fisher said.

“Think about this: Here’s a Congress that can’t even get its own budget together. Do you want them running the central bank?” Fisher, a former deputy U.S. trade representative under President Bill Clinton, said today in an interview on Bloomberg Television.

Read on.

County could sue Lender Processing Service over image use

KPC News (subscription required):

AUBURN — A real estate database company has used information from the DeKalb County Recorder’s Office without paying, and the county may consider taking legal action, county officials said Monday.

Lender Processing Services allegedly used more than 315,000 images from DeKalb County, County Recorder Katie Firestone told the DeKalb County commissioners Monday. She said using the images normally would come with a price tag of $1 per image.

Republican Win Opens Door To Dodd-Frank Rewrites

I knew this was coming… Look for the GOP majority to try to dismantle the CFPB…

Law360, New York (November 05, 2014, 12:51 AM ET) — For four years, Republicans have sought to pick apart President Barack Obama’s signature financial reform law without much success. Now that they control Congress, experts say Republicans have a real chance to make some meaningful changes to the Dodd-Frank Act.

The Republican Party won control of the U.S. Senate in Tuesday’s midterm elections, taking seats held by Democratic incumbents in several key battleground states to secure the majority after holding onto the U.S. House of Representatives earlier in the evening.

The GOP had needed to reel…

Source: Law360

Judge Rakoff Blasts SEC’s Growing Reliance On In-House Court


Law360, New York (November 05, 2014, 1:10 PM ET) — U.S. District Court Judge Jed S. Rakoff on Wednesday criticized the U.S. Securities and Exchange Commission’s expansive use of its own in-house court to bring enforcement actions and warned that by sidestepping federal courts, the agency could end up stunting the development of the law.

In a speech before a Practising Law Institute event in New York, Judge Rakoff said recent statements by top SEC enforcement officials about the agency’s plans to bring more cases, including insider trading matters, before its own administrative court follow a…

Source: Law360

Record $2.4B BofA Settlement Wins 2nd Circ.’s Blessing

Law360, New York (November 05, 2014, 12:23 PM ET) — The Second Circuit on Wednesday approved Bank of America Corp.’s record $2.4 billion securities class action settlement over its merger with Merrill Lynch & Co. at the height of the 2008 financial crisis, dismissing a challenge to attorneys’ fees and other deal provisions.

A three-judge panel said a district court didn’t abuse its discretion by approving the settlement, which was first announced in September 2012 and remains the largest-ever securities class deal related to the financial crisis. A handful of investors had claimed that attorneys’ fees…

Source: Law360

Wells Fargo says in settlement talks in U.S. mortgage insurance case

Wells Fargo & Co (>> Wells Fargo & Co) said on Wednesday it is in discussions with the U.S. government to resolve a lawsuit accusing the nation’s largest mortgage lender of cheating taxpayers by submitting ineligible home loans to a federal insurance program.

Wells Fargo, the fourth-largest U.S. bank by assets, disclosed the talks in a quarterly filing with the U.S. Securities and Exchange Commission.

In October 2012, the U.S. Department of Justice sued the San Francisco-based bank, saying it failed to report more than 6,000 loans that did not meet requirements for insurance under the Federal Housing Administration (FHA), and failed to properly review early payment defaults.

Read on.

Tragic death of Arkansas Realtor inspiring change in Realtor practices

The tragic kidnapping and murder of Arkansas Realtor Beverly Carter is inspiring real estate agents to change their fundamental work practices and take a pledge to ensure safety.

This comes even as the National Association of Realtorsis placing a new emphasis on Realtor safety.

Dylan de Bruin and Joe Schafbuch with Century 21 Signature Real Estate in Central Iowa have established a pledge for real estate professionals to change how they do business.

Almost 900 real estate professionals have signed the pledge at the time this article was published on Wednesday.

The authors say they were inspired to make the call after the September death of Carter, and after the 2011 murder of a colleague, Ashley Okland, who was murdered after an open house.

Read on.