Hints and tips:
...That is particularly true because it retains a portion of its home loans, rather than syndicating them....
...The other concern is the mountain of debt that consumers are building up and whether any of the bubbles in personal loans, credit card debt, and car loans will burst....
...One of the latter is PennyMac Financial Services, which was founded in 2011 by a group of ex-mortgage people at Countrywide, the US mortgage company that was acquired by Bank of America in 2008....
...RCO priced a $43m floating rate bond backed by loans originated by Citadel Servicing Corporation, in which investors are protected from the first 23 per cent of losses....
...One government official says a large number of the modified loans in the NMS were originated by mortgage lender Countrywide, which he said targeted low-income communities, suggesting relief did reach those...
...After carving out the legacy asset servicing business, to work through delinquent home loans, he started in 2011 to cut costs....
...– ignored “pervasive” deficiencies in the underlying loan pools and the servicing of the loans....
...Of 30 banks tested, only Zions, a Utah-based lender, failed to maintain a minimum capital ratio of 5 per cent equity to risk-weighted assets....
...The settlement was based around investor allegations – which BofA still disputes – of mortgage loan-servicing breaches and documentation defects at the bank and its Countrywide unit, acquired in 2008....
...Oaktree and Apollo acquired a big chunk of the debt of UK estate agent Countrywide in 2009 following a £300m debt-for-equity swap and recently listed it....
...(Financial Times) The US government sued Bank of America on Tuesday, alleging it committed fraud by packing MBS with loans that it knew to be “toxic waste”....
...A settlement in a bitter legal battle with Bank of America over crisis-era claims....
...(Financial Times) China’s June new home prices rose in all but one city, in the latest official survey of 70 cities....
...Nearly two years ago to the day, Bank of America announced it had resolved “substantial legacy issues” with respect to Countrywide Financial home mortgages it sold on to groups including Fannie Mae....
...US banks agreed to pay out more than $20bn on Monday in two settlements to resolve claims arising from the mortgage crisis, with compensation for bad loans wiping out most of Bank of America’s earnings for...
...Authorities in Washington are debating new mortgage servicing rules, capital requirements for banks, a rule that would require lenders to verify a borrower’s ability to repay the debt, and a requirement...
...Bank of America plans to sell another $100bn of mortgage servicing rights in the next few weeks....
...abuse of the foreclosure system that allowed banks to seize homes from defaulting borrowers....
...to borrow $600m from China’s Export-Import Bank, most of which would be used to build a railway servicing the capital Abuja and surrounding areas, the finance ministry said on Wednesday, according to Reuters...
...(Financial Times)(Ofcom statement) Deutsche Bank could cut thousands of jobs in Germany according to a report in Sueddeutsche Zeitung....
...(Financial Times) - Sebastian Mallaby on breaking up the banks (Financial Times) - Everyone got excited ahead of a N. Korea announcement that turned out to be pretty boring....
...Annual results released yesterday passed without direct mention of plans for the home loans unit. At a conference last month, Mr Moynihan said only: “We look at all options for Countrywide.”...
...* Beijing hands CIC a further $50bn * US challenges China over N Korea launcher * US to stay in Afghanistan until 2024 * Foreigners on hunger strike in Dubai jail * China banks post 39% profit growth...
...A bank spokesman said: “Bank of America’s practices are not at issue.” The money will be distributed to aggrieved borrowers for an average amount of about $1,600....
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