Daily Archives: December 21, 2014

‘I Can’t Breathe’ now a federal super PAC to support candidates that favor criminal justice reform

Eric Garner’s dying words are now the name of a federal super PAC.

The “I Can’t Breathe PAC” received the Federal Election Commission’s stamp of approval this week after New Yorker Tarik Mohamed, a visual communications strategist for Outfront Media and a volunteer for Barack Obama’s 2012 presidential campaign, filed paperwork registering the group.

The super PAC is named to honor the man whose death in July while in New York City police custody — and captured on video — has sparked nationwideoutrage and protests.

Mohamed said he got the idea for the super PAC, which may raise and spend unlimited amounts of money to advocate for or against political candidates, while participating in a recent “die-in” in New York City’s Grand Central Station protesting police mistreatment of minorities.

Read on.

U.S. Regulators Approve Risk Retention Rules For Mortgage Backed Securities

Consumer Finance Watch

By: Daniel A. Cozzi

On October 22, 2014 The Office of the Comptroller of the Currency, Treasury; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; U.S. Securities and Exchange Commission; Federal Housing Finance Agency (FHFA); and Department of Housing and Urban Development adopted rules to implement the credit risk retention requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Dodd-Frank Act, enacted in 2010, requires the implementation of stricter rules governing mortgage-backed securities. The adopted rules seek to balance the importance of the securities market in providing credit to homeowners with appropriate underwriting standards, in light of the 2008 financial crisis. (“During the financial crisis, securitization transactions displayed significant vulnerabilities arising from inadequate information and incentive misalignment among various parties involved in the process.”) See Joint Final Rule to implement the requirements of section 941 of the Dodd–Frank Act.

Under Dodd-Frank, firms which…

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Congress votes unanimously to extend SCRA one-year foreclosure protection period

Congress has unanimously approved legislation to extend until January 2016 a provision of the Servicemembers Civil Relief Act (SCRA) that prohibits foreclosing on a servicemember’s house for one year following the servicemember’s return from active duty.  The CFPB has made SCRA compliance a priority issue.

Senator Sheldon Whitehouse proposed S.2404, known as the Foreclosure Relief and Extension for Servicemembers Act of 2014, last May.  The Senate approved the measure on December 11, and the House of Representatives approved the measure the following evening during a special 10-minute session.

“After fighting for our country overseas, our troops shouldn’t have to fight to keep a roof over their heads when they return home,” said Sen. Whitehouse in a press release. “Servicemembers returning from active duty often need time to regain their financial footing, particularly those in the National Guard and Reserves who give up their full-time jobs to fight for our freedom.  We should ultimately pass legislation to make this protection permanent, but I’m glad we were able to secure peace of mind for our veterans for one more year.”

Read on.

I work at Sony Pictures. This is what it was like after we got hacked.

Bank of America CEO defends taking on chairman’s title

— Bank of America CEO Brian Moynihan on Friday defended the Charlotte bank’s decision earlier this year to give him the chairman’s title, saying the lender was motivated by a desire to have the best board leadership.

“The board’s view is that to become more of a normal company, like our peers, it was the right thing to do,” Moynihan said in a wide-ranging, half-hour interview with the Charlotte Observer.

The bank announced in October that Moynihan would be the bank’s first chief executive to hold the chairman post since Ken Lewis was stripped of the title five years ago. Bank of America split the roles after shareholders in 2009 voted to separate them in the fallout from the bank’s handling of its Merrill Lynch purchase.

Third Whistleblower to Collect Reward Related to Bank of America Settlement, Source Says

A former Countrywide Financial Corp. manager is the third whistleblower to receive tens of millions of dollars as part of a record $16.65 billion federal penalty against Bank of America Corp.

Shareef Abdou, who first joined Countrywide Home Loans in 2006 and eventually rose to a senior vice president at Bank of America’sLos Angeles office, will receive around $48 million for his cooperation in the investigation, according to a person familiar with the matter. He oversaw residential mortgage-backed securities claims at Countrywide.

Read more: http://www.nasdaq.com/article/third-whistleblower-to-collect-reward-related-to-bank-of-america-settlement-source-says-20141219-00578#ixzz3MVGp2zY5

Mortgage firm in line for $8.5M whistleblower payout in Bank of America settlement

A New Jersey-based mortgage company will receive an $8.5 million whistleblower payout as part of an investigation into Bank of America’s practices by the U.S. attorney’s office in Charlotte, a lawyer in the case told the Observer Friday.

Mortgage Now filed one of four whistleblower lawsuits that were rolled into the $16.65 billion settlement that the Charlotte bank reached with the U.S. Justice Department in August over the bank’s packaging of mortgage loans into securities, according to court and settlement documents.

Mortgage Now’s complaint was unsealed by a federal judge in August, but the amount of the payout wasn’t known until Friday. Unsealed court documents and media reports this week have revealed details about the other three settlements, which total more than $160 million.