Daily Archives: October 21, 2015

More mortgage-related job cuts for Wells Fargo

Seeking Alpha:

It’s not about a sluggish origination environment. These layoffs (as with most past ones) are about servicing. With far fewer mortgages needing massaging as they go through delinquency or foreclosure issues, Wells Fargo (NYSE:WFC) and other lenders have been cutting servicing staff.

The latest is at the bank’s Fort Mill, SC facility, where 127 workers are being let go.

JPMorgan ‘London Whale’ Traders To Be Deposed Overseas

Law360, New York (October 21, 2015, 2:48 PM ET) — Two former JPMorgan employees who are living overseas are not required to appear in the U.S. for depositions over the bank’s $6 billion “London Whale” trading loss, a New York federal judge said Wednesday, potentially sparing them from arrest on criminal charges.

During a hearing in Manhattan court, Judge George Daniels said he would allow former JPMorgan Chase & Co. traders Javier Martin-Artajo and Julien Grout to sit for depositions in their home countries of Spain and France, respectively. The U.S. Securities and Exchange Commission had…

Source: Law360

HUD proposes new rule to further protect victims of harassment

Victims of harassment in housing may soon have more protection, thanks to a new rule proposed Wednesday by the Department of Housing and Urban Development.

The proposed rule would formalize the standards for victims of harassment in housing to bring claims under the Fair Housing Act.

The proposed rule, “Quid Pro Quo and Hostile Environment Harassment and Liability for Discriminatory Housing Practices under the Fair Housing Act,” was published in the Federal Register today for public comment.

HUD and the courts have long held that harassment in housing or housing-related transactions on the basis of race, color, national origin, religion, sex, disability, and familial status is prohibited under the Fair Housing Act, despite no formal regulation being in place, HUD said in a statement.

Read on.