Wells Fargo is on the hook for $97 million after a Los Angeles federal judge found that the bank committed violations of California’s labor laws, according to a Bloomberg report. The San Francisco-based bank plans to appeal the ruling. The judge found that Wells Fargo’s California home mortgage consultants and private mortgage bankers did not […]
Wells Fargo ordered to pay $97mn for Calif. labor law violations Read More »
An international banking giant will fork over nearly $5 billion to settle a federal probe into its sale of mortgage-backed securities during the run-up to the 2008 financial meltdown. Royal Bank of Scotland has agreed to pay $4.9 billion to settle Justice Department claims that it misled investors who bought the securities, according to a
Banking giant to fork over $4.9 billion to settle mortgage-bond probe Read More »
by Francis Monfort17 May 2018 President Donald Trump intends to nominate Michael Bright to be the president of the Government National Mortgage Association (Ginnie Mae) under the Department of Housing and Urban Development, the White House has announced. Bright is currently acting president of the company. He joined Ginnie Mae in July 2017 as executive
Trump names nominee for Ginnie Mae president Read More »
by Ryan Smith17 May 2018 One of the nation’s largest banks will be handing about 260 mortgage professionals their walking papers in July. U.S. Bank – the nation’s fifth-largest bank, with $462 billion in assets – will eliminate the jobs starting in July as it closes a mortgage and consumer banking office in Bedford, Ohio.
Banking giant to slash 260 mortgage jobs Read More »
Another week, another reason for Wells Fargo execs to reach for the antacid. In the latest in a series of scandals for the embattled bank, an internal investigation found that some Wells Fargo employees were altering documents about business customers – raising concerns about the effectiveness of the banks’ internal checks. The alterations took place
Wells Fargo investigation raises concerns about internal controls Read More »
by Francis Monfort22 May 2018 A $57 billion increases in mortgage balances drove the first-quarter increases in total household debt, according to the Quarterly Report on Household Debt and Credit released by the Federal Reserve Bank of New York. Household debt totaled $13.21 trillion in the first quarter, an increase of $63 billion, or 0.5%,
Mortgages push increase in total household debt Read More »
