Federal agents have arrested a California man alleged to have masterminded a foreclosure-avoidance scam that bilked victims of more than $7 million. Michael Henschel, 68, has been indicted on 11 counts related to orchestrating a bankruptcy fraud scheme that targeted distressed homeowners. According to prosecutors, Henschel owned a company that operated under several names. Through …
Former JPMorgan trader Iksil links Dimon to ‘London Whale’ losses
Reuters: Bruno Iksil, the former JPMorgan Chase & Co (JPM.N) trader at the center of the “London Whale” trading scandal, has accused the Wall Street bank’s Chief Executive James Dimon of laying the ground for the $6.2 billion loss. In an account on his website, Iksil, a French national who traded credit derivatives for JPMorgan …
Senate looks into mortgage settlement “slush fund”
The Department of Justice under President Donald Trump may have halted the channeling of monies from an alleged “slush fund” but the Senate wants more answers about how mortgage settlement funds from behemoth banks were used under the Obama administration. Senate Judiciary Committee chair Sen. Chuck Grassley (R-Iowa) has opened an inquiry into the multibillion-dollar …
AIG breaks into mortgage securitization big-time with high quality first offering
When American International Group sold its mortgage-guaranty unit United Guaranty to Arch Capital Group last year, the company said that it planned to turn to residential mortgages to make up for the loss in revenue from the sale of United Guaranty. But AIG didn’t start originating new loans. Rather, the company has been buying up high-quality jumbo mortgages, …
Affordable housing is a passion for Mountain West exec
When It comes to affordable housing, Tonya Todd is an expert. “I do have a passion for helping first-time homebuyers get into a home,” Todd said. “That’s what affordable housing specializes in – helping someone (get into a home) who has the means to make the mortgage payment – but may not have the means …
Wells Fargo agrees to fully compensate all victims of fake-account scandal
Wells Fargo has announced that it will guarantee that any customers harmed in the bank’s fake-accounts scandal will be fully compensated, according to a Los Angeles Times report. The bank has guaranteed that customers affected by its practice of opening unauthorized accounts will get back any fees and be compensated for any damaged done to …
Trump Wedding Planner, Recommended by Ben Carson, Appointed to Oversee HUD in NY, NJ
Amazing, the inexperience HUD head recommends an inexperience HUD candidate… Lynne Patton, a Trump Organization employee and Eric Trump’s wedding planner, might be the next head of the Department of Housing and Urban Development for New York and New Jersey. Patton does not have a background in public housing, but was recommended by Ben Carson, …
JPMorgan Chase Is Biased Against Dads, ACLU Complaint Says
The American Civil Liberties Union is accusing JPMorgan Chase & Co. of violating the Civil Rights Act by discriminating against fathers when they ask for parental leave. The ACLU filed its complaint Thursday with the Equal Employment Opportunity Commission. If the EEOC finds merit in the case and the parties are unwilling to settle, it …
Wells Fargo Is Accused of Making Improper Changes to Mortgages
Even as Wells Fargo was reeling from a major scandal in its consumer bank last year, officials in the company’s mortgage business were putting through unauthorized changes to home loans held by customers in bankruptcy, a new class action and other lawsuits contend. The changes, which surprised the customers, typically lowered their monthly loan payments, …
Bank of America agrees to pay $2M over customer recorded calls
SAN DIEGO – Bank of America will pay nearly $2 million to settle a lawsuit alleging it violated state law by failing to timely disclose its automatic recording of phone calls with members of the public, San Diego County District Attorney Bonnie Dumanis announced Tuesday. Under the terms of the court-approved judgment, which was entered …