Daily Archives: September 18, 2015

Equifax to Provide Anonymous Credit Scores to Fannie Mae Investors

ATLANTA, Sept. 16, 2015 /PRNewswire/ — Equifax Inc. (NYSE:   EFX), a global information solutions provider, today announced that it has entered into a strategic agreement with Fannie Mae to enable the GSE to disclose updated, anonymous, loan-level FICO® Scores as part of its ongoing monthly disclosures for its Connecticut Avenue Securities™ (CAS) program.

“We are delighted to build on our long-standing relationship with Fannie Mae, and support their credit risk transfer initiatives,” saidGeoffrey Hickman, Managing Director of Government Credit and Financial Markets at Equifax. “Our new agreement with Fannie Mae to provide anonymous, monthly updated FICO Scores supports their mandate to reduce taxpayer risk, and facilitates an increased role for private capital in the mortgage market,” added Hickman.

“We are pleased to be able to provide our CAS investors with these new supplemental monthly credit disclosures to aid in monitoring their investments,” said Laurel Davis, Vice President of Credit Risk Transfer for Fannie Mae. “We strive to provide the market with continued transparency around our CAS securities, and this addition is consistent with that objective.”

Separately, Equifax will also offer potential investors and other interested parties the opportunity to license an expanded dataset of anonymous, loan-level borrower credit variables that will enable analysis of borrowers’ credit behavior apart from their performance on the mortgage loans referenced in CAS transactions. An innovative aspect of the expanded dataset will be the inclusion of Equifax Dimensions™ trended credit attributes. Equifax Dimensions was launched in 2013 and enables users to leverage tradeline level information derived on a historical time series basis.

Read on.

Florida voted 21.7 million shares ‘against’ BofA board structure change

Florida pension officials said Friday they have voted 21.7 million shares of Bank of America Corp stock “against” bylaw changes that allowed the bank to combine its chairman and chief executive roles.

The Charlotte, N.C. bank is holding a vote Sept 22 to ratify the bylaw changes, which drew objections from critics who said they ignored a 2009 shareholder vote to separate the two leadership roles.

Read on.

Wells Fargo CEO: Our goal is NOT to make money

“Our number one goal when we get up in the morning is not about making money, it’s about serving customers. That is the reason for a business. The result is you make money”-John Stumpf, Chairman & CEO, Wells Fargo

CNBC:

So, how the heck could Wells Fargo make money with lower rates? By being opportunistic in a decline.

“How you behave, and how you think about credit and serving customers in the boom times will allow you to have the capital and the capacity when the real opportunities come in the bad times,” Stumpf said.

As an example, Stumpf explained that in 2008 there were other mortgage lenders were making loans with little verification or deposit requirements. Wells Fargo did not participate in most of that activity, which allowed the company to use its capital to purchase Wachovia when things fell apart. Stumpf added that a large acquisition such as that could probably never happen again in the industry.

“We are essentially a main street bank. We do traditional banking. Some of it is quite sophisticated, but we are not a money center bank. We don’t corner aluminum markets; that’s not who we are,” Stumpf added. (Tweet This)

Ultimately, the CEO’s goal for Wells Fargo is not to make money. It is the thought process behind how the company goes to market and managing risk that will make the difference.

Dimon says there’s no point in slashing CEO pay

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JPMorgan CEO Jamie Dimon says it’s ok that CEOs get paid way more than their average employees, and that cutting down on executive compensation wouldn’t help eliminate income inequality.

That’s according to Bloomberg’s Claire Boston and Hugh Son, who wrote up comments from Dimon at a Detroit event Thursday.

“It is true that income inequality has kind of gotten worse,” Dimon said, but “you can take the compensation of every CEO in America and make it zero and it wouldn’t put a dent into it. What really matters is growth.”

Read on.

State panel outlaws ‘dark money’ in California political campaigns

The state’s campaign finance watchdog agency on Thursday adopted new requirements that nonprofit groups that contribute through a federal political action committee to support or oppose ballot measures or candidates in California must disclose their donors.

“The amendment to this regulation clarifies that so-called ‘dark money,’ originating from nonprofit or other organizations whose donors are not disclosed, is not permitted in California elections,” said Hyla P. Wagner, general counsel for the state Fair Political Practices Commission in a report to the panel.

Read on.

Law and Forger: Paralegal Indicted for Forging Signatures of 76 Judges

A former paralegal at a personal injury firm forged the signatures of 76 state Supreme Court justices to create more than 100 bogus judicial orders in structured settlement matters, prosecutors allege.

The Manhattan District Attorney’s office said Thomas Rubino, while a paralegal at Paris & Chaikin, forged 117 orders that purported to be judicial orders authorizing the transfer of structured settlement rights.

See Indictment, Statement of Facts, and Voluntary Disclosure Form.

Rubino, 42, pleaded not guilty during an arraignment Wednesday on 117 counts of second-degree forgery and 117 counts of second-degree criminal possession of a forged instrument.

Both are D felonies, which carry statutory maximums of 2 1/3 to 7 years.

Read more: http://www.newyorklawjournal.com/id=1202737413993/Paralegal-Indicted-for-Forging-Signatures-of-76-Judges#ixzz3m41hiDAq