Wells Fargo Agrees to Pay a Steep Price for FHA-Insured Defaults

first_imgSign up for DS News Daily  Print This Post Wells Fargo Agrees to Pay a Steep Price for FHA-Insured Defaults About Author: Xhevrije West Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Wells Fargo on Wednesday reached a billion-dollar settlement agreement in principle to resolve claims surrounding its Federal Housing Administration (FHA) lending activities.Since 2012, the lender has been involved with the U.S. government regarding allegations that it was “reckless” in certifying the credit and underwriting quality of FHA loans it originated. The FHA had to pay out insurance claims on FHA-insured mortgages that defaulted.According to a Securities Exchange Commission (SEC) 8-K filing on Wednesday, Wells Fargo reached an “agreement in principle” with the U.S. Department of Justice, the U.S. Attorney’s Office for the Southern District of New York, the U.S. Attorney’s Office for the Northern District of California, and HUD.The SEC filing noted that Wells Fargo has agreed to pay $1.2 billion to resolve civil claims that the federal government had pending against the bank concerning its lending program from 2001 to 2010, including other potential civil claims relating to the lender’s FHA lending activities for other periods.”Although the Company and the Federal Government have reached an agreement in principle to resolve these matters, there can be no assurance that the Company and the Federal Government will agree on the final documentation of the settlement,” the bank said in the SEC filing.Catherine B. Pulley, SVP, Consumer Lending Communication at Wells Fargo, told DS News, “Wells Fargo and the United States government have reached an agreement in principle to resolve claims regarding our FHA lending activities, and the company has made an addition to its previously announced reserves to reflect this development. However, we can’t provide any additional details at this time.”The 8-K filing showed that the settlement will knock $134 million, or $0.03 per share, off the company’s 2015 profits, dropping earnings down to $22.9 billion, or $4.12 a share.The net income numbers for Wells Fargo in Q4 and for the full year of 2015 were little changed year-over-year, according to Wells Fargo’s Q4 2015 earnings statement. Wells Fargo’s Q4 2015 net income of $5.7 billion, price of $1.03 per share, and full year net income of $23 billion were all virtually the same as the year before (the full year net income did slightly decline, from $23.1 billion in 2014 down to $23.0 billion in 2015).“Full year and fourth quarter 2015 results demonstrated the benefit of our diversified business model as we again generated strong financial results, maintained our risk discipline and continued to invest across the company for future growth,” Wells Fargo Chairman and CEO John Stumpf said. “We remained focused on the building blocks of long-term shareholder value, with continued growth in loans, deposits and capital. For the fifth consecutive year, we returned more capital to shareholders than the prior year. I am proud of the dedication of our team members and their focus on helping our customers succeed financially.”Click here to view Wells Fargo’s SEC 8-K Filing. Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, News Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: FHA Mortgage Defaults Mortgage Insurance Settlements Wells Fargocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Ten-X Forecasts Normalization of Existing-Home Sales Next: Fairholme CEO: ‘Common Sense Solution Will Prevail’ in Battle Over GSE Profits Related Articles FHA Mortgage Defaults Mortgage Insurance Settlements Wells Fargo 2016-02-03 Brian Honea Home / Daily Dose / Wells Fargo Agrees to Pay a Steep Price for FHA-Insured Defaults Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago February 3, 2016 1,622 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

Celebrate the 4th of July in Tumwater

first_imgFacebook11Tweet0Pin0Submitted by City of TumwaterCelebrate Independence Day in Tumwater – join your neighbors at one of the free community events throughout the day.City ServicesCity offices will be closed on Tuesday, July 4, in honor of the holiday. This includes City Hall, Old Town Center, and Tumwater Library.The Tumwater City Council meeting scheduled for Tuesday, July 4, 2017, is cancelled.The next regularly scheduled meeting of the City Council will be Tuesday, July 18, 2017, at Tumwater City Hall at 7:00 p.m.Police, fire and emergency medical response services will not be interrupted. Call 9-1-1 for emergencies.Public Works (water, sewer, and street) problems can be reported by calling 360-754-4150.Tumwater Valley Golf Course will operate on a limited schedule, from 9:30 a.m. to 1:30 p.m. (last tee time), all play must be completed by 3:30 p.m.Please Note: Pioneer Park will be closed all day on Tuesday, July 4, 2017. Fireworks are prohibited in all City parks.Fireworks Safety & RegulationsTumwater Fire and Police departments encourage everyone to prevent accidental fires and injuries from fireworks by using safety precautions.This is the last year personal fireworks will be allowed within the City limits. When using personal fireworks, please remember:Ignition or discharge of safe and sane fireworks is allowed within the City of Tumwater on July 3 and 4, between the hours of 3:00 p.m. and 11:00 p.m. only.Patrol officers will enforce these regulations. Violators can be charged with a misdemeanor and fined up to $1,000.More fireworks information online at www.ci.tumwater.wa.us/fireworksIndependence Day ParadeTuesday, July 4, 11:00 a.m.This is the City’s 30th Annual Independence Day Celebration Parade – the theme is “Like Totally ’80s.”Parade Road Closures and Restricted Vehicle AccessTraffic on Linderson Way and West Lee Street will be restricted to emergency access only, beginning at approx. 8:30 a.m. on July 4. If you need access to these streets after 8:30 a.m. and prior to 12:30 p.m., please make advance arrangements for your vehicle in the event that you need to travel.From approx. 10:30 a.m. – 1:00 p.m., vehicular access to and from property along the parade route will be restricted due to street closures.The parade route begins at the corner of Capitol Boulevard SE and Lee Street, moves south on Capitol Boulevard to Israel Road, then turns west (right) onto Israel Road and continues past City Hall, ending at the intersection of Linderson Way. A parade route map is available online at www.ci.tumwater.wa.us/parade Artesian Family Festival & Thunder Valley Fireworks Show Located at the Tumwater Valley Golf Course Driving Range.6:00 p.m. Gates open for Festival10:15 p.m. Fireworks show and musicFestival and Fireworks Show are Free.Parking is $10 per car.For more information about activities, please contact Tumwater Parks and Recreation at 360-754-4160. More details available online at www.ci.tumwater.wa.us/parade or www.ci.tumwater.wa.us/festival.last_img read more