The posse of state attorneys general that began investigating foreclosure practices at major banks in the fall of last year could be getting ready to settle with the top five U.S. mortgage lenders at the heart of the controversy, Iowa Attorney General Tom Miller told Bloomberg. Still, nothing is finalized, according to the foreclosure Read More
The Securities and Exchange Commission has begun to consider the possibility that the giant foreclosure mess sweeping the nation is not merely a matter of a couple isolated incidents of stupidity on the parts of banks and perhaps shady practices are widespread throughout the industry. Reuters reports on the latest round of subpoenas headed Read More
The Federal Reserve’s $3.3 trillion in bailout maneuvering during the past three years of financial apocalypse has been complicated, and so it’s difficult to isolate one particular “winner” from the many, many institutions who benefited from the central bank’s largesse. But let’s give it a shot anyway.
Citigroup is finally getting its due, two years after Wells Fargo snatched adjustable-rate-mortgage disaster Wachovia from the megabank’s grasp. As part of a settlement over the propriety of the October 2008 Wells-Wachovia merger, Wells is paying Citigroup $100 million.
In September 2008, when the entire financial world seemed to be coming apart, an enfeebled Wachovia Read More
West Coast bank Wells Fargo is now admitting that its foreclosure procedures may have a few more flaws than the company initially suggested. The firm now says it will review 55,000 foreclosure documents, thousands of which are known to contain errors.
Wells said the problems are technical and that it intends to plow ahead Read More
Giant bank Wells Fargo announced today that it’s paying $24 million “to eight states to enlist help in customer outreach, and to prevent or mitigate the impacts of foreclosures in these communities.” It’s doing this because the states in question — Arizona, Colorado, Florida, Illinois, Nevada, New Jersey, Texas and Washington — are investigating Read More
