The New York Attorney General claims there is evidence that Bank of America, Wells Fargo and other banks violated the terms of a settlement designed to end mortgage servicing abuses, according to Reuters. Attorney General…
Getting a mortgage today is difficult enough without your bank stabbing you in the back. That is what happened to Lee and Sharon Hunt of Middletown. The couple had excellent credit ratings until their bank,…
Banking regulators admitted the Independent Foreclosure Review was a big expensive mess and shut it down. But many details about the $8.5 billion settlement that replaces it remain murky. (David McNew/Getty Images) Written by Paul…
Thousands of foreclosure victims from 2009 and 2010 will receive anywhere from a few hundred dollars up to $125,000 in compensation as the result of large banks settling charges of foreclosure abuses, including filing false…
by Paul Kiel Rebecca Mairone, then at Bank of America, testifies to the Housing and Community Opportunity Subcommittee in Washington, D.C., on Nov. 18, 2010. Mairone now heads JPMorgan Chase’s involvement in the Independent Foreclosure…
(Image: The Associated Press) by Paul Kiel The Obama administration launched its main program to prevent foreclosures in the spring of 2009 with $50 billion and abundant promises. What the Home Affordable Modification Program, or…
Written by Jesse Eisinger Freddie officials wanted to protect the company’s bottom line and some sought to nix a backdoor economic stimulus. The consequence: Homeowners stayed trapped in high-rate loans. (Win McNamee/Getty Images) Freddie Mac,…
(File, Justin Sullivan/Getty Images) by Paul Kiel The idea behind the Independent Foreclosure Review seems simple. During the peak of the foreclosure crisis, the banks broke laws and made errors that hurt homeowners. In response,…
Foreclosure Crisis Banks and Government Fail Homeowners (File photo, Jewel Samad/AFP/Getty Images) Written by Paul Kiel Late last year, the country’s bank regulators launched a massive program to evaluate millions of foreclosure cases and compensate…
Divorce is painful. In addition to the emotional and familial challenges, divorce can also affect your finances. How does divorce affect your credit? Divorce itself does not have a direct effect on your credit, credit…
“No 1. home lender Wells Fargo & Co. has agreed to pay at least $175 million to settle federal allegations that it systematically overcharged minorities during the frenzied housing boom, including steering African Americans and…
Written by Cora Currier (Getty Images) Last week, the British bank Barclays was slapped with $450 million in fines and penalties for manipulating information used to set a critical interest rate. Settlements filed by government…
by Paul Kiel Yesterday, administration officials stood alongside state attorneys general to announce a $25 billion mortgage settlement. It was reminiscent of a big announcement by administration officials three Februarys ago involving an even bigger…
We have little details on exactly who will or who won’t receive part of the the $25 billion federal-multistate settlement with the nation’s five largest mortgage servicers, but Connecticut Attorney General George Jepsen said he…
Bank of America – now the second largest bank in the country – today agreed to pay $335 million to resolve allegations that its Countrywide unit discriminated against qualified African-American and Hispanic borrowers. The settlement,…