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Wells Fargo Facing $100 Million Fine for Alleged Fake Accounts

Wells Fargo fine

Wells Fargo Facing $100 Million Fine for Alleged Fake Accounts

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Wells Fargo Facing $100 Million Fine for Alleged Fake Accounts

Sources:


Today’s News Synopsis:

Aaron Norris of the Norris Group gives this week’s Norris Group real estate headline roundup.  The future of the interest rate hike is still uncertain with more and more people still on opposite sides of the argument.  MGIC Investment Corporation reported an increase in delinqency notices last month.  Wells Fargo is facing a fine of $100 million from the CFPB for their alleged fake accounts.

In The News:

Realty Trac – “U.S. Residential Vacancies Decrease 9 Percent in Q3 2016 But Bank-Owned Vacancies Up 67 Percent From a Year Ago” (9-7-16)

“ATTOM Data Solutions, the nation’s leading source for comprehensive housing data and the new parent company of RealtyTrac, today released its Q3 2016 U.S. Residential Property Vacancy and Zombie Foreclosure Report, which shows nearly 1.4 million (1,361,188) U.S. residential properties (1 to 4 units) representing 1.6 percent of all residential properties were vacant as of the end of the third quarter.”

Bloomberg – “Split Among Fed Speakers Leaves September Rate Outlook Murky” (9-9-16)

“The more that Federal Reserve officials speak, the more confused investors and economists become.  Fed Governor Daniel Tarullo repeated his cautious assessment of the economy during an interview Friday on CNBC television, while Boston Fed President Eric Rosengren argued there was a reasonable case for gradual tightening.”

Reuters – “Private investors tout EU real estate as ‘biggest spread anywhere'” (9-9-16)

“There is significant money to be made in Europe by investing and lending where local banks cannot, two prominent private fund managers told attendees of a U.S. hedge fund conference on Friday.”

Market Watch – “There’s a new normal in high-end Manhattan real estate: discounts” (9-9-16)

“Over at One57—once the ultimate symbol of New York City’s seemingly insatiable thirst for ultraluxury condominiums—another apartment is selling at a significant loss”

Housing Wire – “CFPB levies $100 million fine against Wells Fargo” (9-9-16)

“The Consumer Financial Protection Bureau levied the largest fine in its history — $100 million — against Wells Fargo Thursday for the “widespread unlawful” practices of employees who opened more than 2 million fake accounts to get sales bonuses.”

DS News – “New Delinquency Notices Increase in August” (9-9-16)

“MGIC Investment Corporation recently issued their August 2016 Operational Summary of the primary mortgage insurance of its insurance subsidiaries, according to recent release for the company.”

Bloomberg – “There’s a Simple Reason Why UBS Is Hiring So Many Quants” (9-9-16)

“UBS Group AG doubled the number of quants working for Chief Investment Officer Mark Haefele in the past two years. He wants to hire even more.”

 

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Tuesday, September 20.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with InvestClub for Women on Wednesday, September 21.

Bruce Norris will be presenting Stay Put, Cash Out, Or Change Seats? with InvestClub for Women and Robert Hall & Associates on September 28.

Bruce Norris will be presenting Cashing In On a Boom: Investing in Quadrant 4 at the Back Bay Conference Center on Saturday, October 8.

Bruce Norris of The Norris Group will be presenting the 9th annual I Survived Real Estate 2016 on Friday, October 21.

Image copyright source: www.flickr.com/photos/jeepersmedia

 

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