Department of Housing and Urban Development Secretary Shaun Donovan said an agency review of several FHA servicers that began during the summer revealed “significant differences” in how the companies deal with borrowers in default and foreclosure. In a recent television interview, Donovan said...[Includes one data chart]
The regulator said in an amicus brief Wednesday that home equity investments can be considered credit and subject to Truth in Lending Act requirements.
“We’re still not at the level of profitability where we should be in home lending, just given as we continue to wind down that servicing book,” said Charlie Scharf, CEO of Wells.
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