Hints and tips:
...Quicken Loans overtook Wells Fargo to become the largest home mortgage lender in the US two years ago, and last year originated $145bn in loans....
...A year-long investigation instigated by Wells Fargo found no basis for the allegations....
...For every comfortably off professional who could walk into a branch of Chase or Wells Fargo and get a home loan without any fuss, they argue, there are many more who would struggle....
...The non-banks’ increased share of home loans comes at a time when big lenders such as Wells Fargo, Bank of America and JPMorgan are pulling back, according to a study by academics at Harvard’s Kennedy School...
...But this is a rare entanglement for privately held Quicken, a relative newcomer, which last year ranked third in mortgage originations with a 5 per cent share, behind only Wells Fargo (15 per cent) and JPMorgan...
...The bank trades at a premium to tangible book value, better than Citigroup, but worse than JPMorgan and Wells Fargo. Mr Moynihan told Forbes in May: “I have this job for a short time....
...(Financial Times) Six banks sued over trustee roles: A group of big investors including Blackrock and Pimco are suing six different banks including Deutsche Bank and HSBC for their role as trustees of mortgage-backed...
...They include Bank of America, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, Royal Bank of Scotland, UBS and Wells Fargo....
...Unlike most other litigation stemming from the mortgage crisis, the MBS – sold to investors led by Wachovia, the bank since acquired by Wells Fargo, and the Federal Home Loan Bank of San Francisco – contained...
...In a separate settlement, 10 mortgage lenders, including BofA, Wells Fargo, JPMorgan Chase and Citigroup, agreed to pay more than $8.5bn to settle regulators’ allegations that they were guilty of widespread...
...Another $5.2bn will be allocated to modify the terms of outstanding home loans. Wells Fargo said it would record a fourth-quarter pre-tax charge of about $644m....
...Citibank, Bank of America and Wells Fargo were among banks that closed branches in the path of the storm. Citi closed in New York, Boston, Philadelphia, Connecticut, New Jersey and Delaware....
...Wells Fargo, Bank of America and JPMorgan Chase service 46 per cent of mortgage debt. However, private equity-backed groups have been making steady inroads....
...However, the size and complexity of a deal would limit the pool of potential buyers to the likes of Wells Fargo, JPMorgan and perhaps Canadian bank TD Securities....
...The yearlong discussions involve prosecutors from all 50 states, federal agencies and the five biggest US mortgage servicers: Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial....
...In all, six banks – BNY (now Bank of New York Mellon), BB&T, Sovereign (now a unit of Santander), Wachovia (now part of Wells Fargo), Washington Mutual and Wells Fargo – participated in Stars deals with...
...This was expected but it’s still a potentially damaging blow to Bank of America, Wells Fargo, JP Morgan Chase, Citi, and GMAC, and to a housing recovery that is yet to even begin....
...New York’s participation comes after the state sued BofA, Wells Fargo and JPMorgan last week for their use of an electronic mortgage registry....
...The failure by Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial to perform the various legal steps needed to properly foreclose on a mortgage “has adversely impacted titles to hundreds...
...Martha Coakley, Massachusetts attorney-general, last week filed a lawsuit against Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally accusing them of “corrupting” the state’s land records through...
...Authorities and the banks, which include Wells Fargo, Ally Financial and Citigroup, are near a settlement that could total $25bn....
...Wells Fargo is reviewing 870 foreclosures and Citigroup is looking at 700 cases....
...The proposed agreement would settle allegations that Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial engaged in faulty mortgage practices, including employing so-called “robosigners...
...Universal banks such as Citigroup and BofA are also being sued along with non-US banks such as Barclays and Credit Suisse....
...While Countrywide has been kept as a separate legal entity, functions such as risk management and systems have been combined....
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