New York Regulators Fine Nationstar $5 Milion for Banking Violations

Regulators in New York have fined Nationstar Mortgage $5 million for violations of the state's banking rules.State Department of Financial Services Superintendent Maria Vullo announced the action Wednesday.In addition to the fine, the Coppell-based mortgage servicing company has agreed to donate $5 million in property and mortgages to local nonprofit organizations working to rehabilitate abandoned properties.Investigators say Nationstar failed to maintain proper mortgage documentation and didn't file required paperwork with the state.  Continue reading...