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Associated Mortgage

Associated Mortgage Corporation - Tulsa, OK

Associated Mortgage Corporation 918-491-9900

RBS to pay $4.9 billion in DOJ settlement over mortgage bond misconduct

The DOJ alleged that RBS used mortgage-backed securities to shift the risk of the faulty loans, and tens of billions of dollars in subsequent losses, onto “unsuspecting investors,” including nonprofits, retirement funds, and federally-insured financial institutions.

“As losses mounted, and after many mortgage lenders who originated those loans had gone out of business, RBS executives showed little regard for this misconduct and made light of it,” the DOJ claims.

According to the DOJ, RBS failed to reveal “systemic problems” with mortgage originators’ underwriting practices on the loans that were then securitized, despite allegedly knowing how many issues the loans had.

“RBS’ reviews of loans backing its RMBS confirmed that loan originators had failed to follow their own underwriting procedures, and that their procedures were ineffective at preventing risky loans from being made,” the DOJ said.

Among the stories Thursday from The Associated Press

NEW YORK (AP) — Among the stories Thursday from The Associated Press:


SINCLAIR TRIBUNE TERMINATED — Tribune Media is ending its $3.9 billion deal with Sinclair Broadcast and has filed a lawsuit against the company, citing breach of contract. The two companies had until midnight Wednesday to call the deal off and had been facing tough regulatory challenges. SENT, 478 words, photo.

ALBERTSONS RITE AID DEAL — Drugstore chain Rite Aid and grocer Albertsons say they have called off their merger deal. Rite Aid CEO John Standley says that after hearing the views of shareholders, the company is "committed to moving forward and executing our strategic plan as a standalone company." SENT, 479 words, photo.


FINANCIAL MARKETS-MARKETS RIGHT NOW — Stocks are off to a mixed start on Wall Street as gains for technology companies are offset by losses elsewhere in the market. SENT, 132 words.

What are the risks associated with a mortgage from an online company with low rates (ING, Lending Tree)?

Can anyone explain the risks of getting a mortgage with ING Direct as opposed to a bank (Bank of America)? Are the risks more long-term? What's the worst case scenario? Thanks.

I think the risks are short term. There is a lot of paperwork that needs to be done to complete a loan.