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6 children killed in Chattanooga school bus crash

Six children were killed and 23 injured when a school bus crashed into a tree in Chattanooga, Tenn., on Monday afternoon. The bus was carrying 35 students, ranging from kindergarten to fifth grade, when it crashed around 3:30 p.m. The bus turned onto its side, and its roof wrapped around a tree. Chattanooga Police Chief Fred Fletcher called the crash “every public safety professional’s worst nightmare,” and noted that “speed is being investigated very, very strongly as a factor.” The National Transportation Safety Board said it will investigate the crash.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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FCC Denies MBA’s Exemption Request

A request from the Mortgage Bankers Association to be exempted from a requirement to obtain prior consent for robocalls has been denied.

In June 2016, MBA filed a petition for an exemption from the prior-express-consent requirement of the Telephone Consumer Protection Act.

The trade group sought the exemption for non-telemarketing residential mortgage servicing calls to wireless telephone numbers.

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From:: Financing

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Ally Financial to pay $52 million in ResCap toxic mortgage bond settlement

Ally Financial will pay $52 million to settle allegations that one of its subsidiaries, Residential Capital (also called ResCap), knowingly marketed mortgage bonds despite the fact that the underlying mortgages were toxic. Under the terms of the settlement agreement, Ally Securities, formerly known as Residential Funding Securities, will immediately discontinue operations and be de-registered as a broker-dealer as an acknowledgment of the improper conduct. …read more

From:: Real Estate Wire

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Drop in Loan Modifications Driven by Proprietary

A month-over-month decline in loan modifications completed was driven by proprietary activity. Government-supported modifications saw a year-over-year gain.

During September of this year, residential loan servicers successfully completed 30,799 loan modifications. Modification volume fell from 36,161 a month earlier.

The total, including proprietary modifications and modifications completed through the Home Affordable Modification Program, dipped from 31,588 a year earlier.

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From:: Financing

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Non-Bank Servicing Share Forecasted to Grow

A growing share of the nation’s residential loan servicing is expected to be handled by non-banks firms as regulatory scrutiny continues.

Greater regulation has become a significant operational burden for U.S. loan servicers. As a result, mortgage servicing costs have risen.

On the other hand, home-loan borrowers have benefited from the regulations because the quality of mortgage servicing has improved.

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From:: Financing

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What happens now that the CFPB appealed its “unconstitutional” ruling?

As expected, the Consumer Financial Protection Bureau last week appealed the U.S. Court of Appeals ruling that declared the agency’s leadership structure unconstitutional and vacated a $103 million increase to a $6 million fine levied against PHH. So what happens now? First, the wait begins for the court to determine whether it wants to hear the case en banc or not. But just how long is that wait going to be? And what does it mean in the interim? …read more

From:: Real Estate Wire

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Ally Financial settles mortgage securities probe for $52 million

Ally Financial Inc. said late Monday it has settled a federal probe into its residential mortgage-backed securities business for $52 million. Ally said the settlement resolves “all outstanding investigations and potential claims” by the Department of Justice into Ally’s former mortgage unit Residential Capital LLC. The company said it reserved the full amount for the settlement in the third quarter. Ally shares were unchanged at $19.47 after hours.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Hormel Foods increases dividend by 17%

Hormel Foods Corp. said late Monday it will increase its annual dividend by 17% to 68 cents a share. Its board of directors authorized the first quarterly dividend of 17 cents a share to be paid on Feb. 15 to shareholders of record Jan. 17. Shares of the Austin, Minn., food company rose 0.2% in late trading after ending the regular trading day down 1.8%. Hormel earlier Monday had announced it was selling Clougherty Packing LLC, parent company of Farmer John and others, to Smithfield Foods Inc. for $145 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News