Bear Stearns, EMC Agree to Settle Servicing Charges
September 22, 2008
Wall Street firm Bear Stearns and its subsidiary, EMC Mortgage Corp., have agreed to a $28 million settlement with the Federal Trade Commission over unlawful servicing of mostly subprime and Alt A mortgage loans. The allegedly illegal servicing and debt collection practices occurred before Bear Stearn’s collapse and its subsequent takeover by...
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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