NEW YORK, May 29- A federal judge has dismissed a class action lawsuit accusing Ocwen Financial Corp of fraudulently billing hundreds of thousands of homeowners for needless property inspections, saying the case amounts to no more than a breach of contract claim. It accused Ocwen of ignoring Fannie Mae guidelines that call for assessing individual...» Read More
Fannie Mae and Freddie Mac will form a joint venture for securitizing home loans that could end up replacing the two government-controlled mortgage finance giants.
U.S. government-run mortgage finance provider Freddie Mac earned $11 billion last year, the first annual increase in its net income since 2006.
Credit rating firm Egan-Jones and its founder agreed to be barred for 18 months from rating asset-backed or government securities to resolve charges they lied on registration forms.
In a remote desert spot in northern Nevada, there is a geothermal plant run by a politically connected clean energy start-up that has relied heavily on an Obama administration loan guarantee and is now facing financial turmoil. The New York Times reports.
One of the most prominent advertising spaces in Times Square is soon to be occupied by a Chinese brand. Xinhua, the news agency operated by the Chinese government, is leasing a giant sign, known as a spectacular, on 2 Times Square, the building that is the northern anchor of the district. The NYT reports.
"The idea that Congress is so dysfunctional that they can't cut their budget by more than 1% or 2%, when you contrast that to the re-pricing of the entire housing stock for the U.S., it's a complete disconnect." ...A report from TheStreet.