It’s official: Deutsche Bank reaches $7.2 billion RMBS settlement

Late last year, Deutsche Bank announced that it reached a $7.2 billion settlementwith the Department of Justice in connection with the bank’s issuance and underwriting of residential mortgage-backed securities between 2005 and 2007. Although the bank made the announcement in late December, the settlement was not official, but it is now. On Tuesday, the Department of Justice …

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Wells Fargo to Pay Transportation Nominee Elaine Chao up to $5 Million Over Next Four Years

ELAINE CHAO, DONALD Trump’s nominee to lead the Department of Transportation, is in line to receive a “golden parachute” from Wells Fargo & Company worth between $1 million and $5 million dollars. Chao, who joined Wells Fargo as a board member in 2011, has collected deferred stock options —  a compensation perk generally designed as a long-term …

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It’s official: Deutsche Bank reaches $7.2 billion RMBS settlement

Late last year, Deutsche Bank announced that it reached a $7.2 billion settlementwith the Department of Justice in connection with the bank’s issuance and underwriting of residential mortgage-backed securities between 2005 and 2007. Although the bank made the announcement in late December, the settlement was not official, but it is now. On Tuesday, the Department of Justice …

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Why Trump can’t fire CFPB head Cordray: CFPB is an independent agency

Republicans are putting a great deal of pressure on President-elect Donald Trump to fire Richard Cordray, director of the Consumer Financial Protection Bureau. He should resist that pressure. Any effort to discharge Cordray would be illegal — and it might even precipitate something close to a constitutional crisis. Here’s the legal background. Most federal agencies …

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Moody’s reaches $864 million settlement over RMBS credit ratings

Moody’s Corp. agreed to pay nearly $864 million to settle claims for its role providing credit ratings for Residential Mortgage-Backed Securities and Collateralized Debt Obligations that contributed to the financial crisis. On Friday, the Department of Justice, 21 states, and the District of Columbia announced the settlement agreement with Moody’s Investors Service Inc.,Moody’s Analytics Inc., …

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