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July 2011
Three Banks Fail; 2011 Tally Now 51
WASHINGTON (Source: TheStreet By Philip van Doorn) — Three banks failed Friday evening, bringing this year’s total number of U.S. bank closures to 51.
AIG to Drop Some Banks From Next Offering
(Source: Bloomberg by the Associated Press) – When it sells stock to the public later this year, insurance giant American International Group Inc. is planning to replace one or more of the four investment banks that managed its share offering [...]
Stocks in U.S. Decline as JPMorgan, Goldman Sachs, General Motors Retreat
(Source: Bloomberg By Nikolaj Gammeltof) – U.S. stocks declined, sending the Standard & Poor’s 500 Index down for a second day, on concern Europe’s sovereign-debt crisis will spread and as U.S. lawmakers failed to agree on a deficit-reduction program.
Eurozone Seeks to Stop Greek Spillover
(Source: Forbes By GABRIELE STEINHAUSER) – European officials tried Monday to prevent the eurozone’s debt crisis from spilling over into bigger economies such as Italy and Spain, as disagreements delayed a second bailout for Greece.
Student Money: ‘Useless Degree’ Costly
(Source: FinancialPost Special Post) – I worked it out: I pay $250 per month on a $33,000 student loan.
How Much Student Debt is too Much?
(Source: Source: The Boston Globe Cheryl Cost) – That’s a question I often hear from parents as they figure out how they and their children will pay for college — and its a great question to be asking. Many parents [...]
Pacoima Couple Accuses JPMorgan Chase of Illegally Foreclosing on Home
LOS ANGELES (Source: Daily News Wire Services) – A Pacoima couple is suing the financial services firm JPMorgan Chase for allegedly disregarding federally backed loan modification agreements and illegally attempting to foreclose on their home, according to court papers obtained [...]
Putting Brakes on Foreclosure
(Source: Chicago Tribune) – Q: I have been working with my bank on a loan modification, but just received a notice of foreclosure. I contacted the lawyer who is handling the foreclosure process, but she said she is acting on [...]
Jobless Homeowners Could Get Mortgage Reprieve
(Source: Derek Kravitz, Associated Press) – The Obama administration is making it easier for out-of-work homeowners to stay in their homes, as it tries to revamp its troubled foreclosure-prevention program.
Consumer Bureau Official: Mortgage Servicing Problems ‘Pervasive and Profound’
(Source: Wall Street Journal By Maya Jackson Randall and Alan Zibel) – Fixing the mortgage-servicing market, which has been plagued with allegations of shoddy home-foreclosure practices, will be one of the new Consumer Financial Protection Bureau’s main priorities, a top [...]
Wells Fargo Settles Mortgage-Backed Security Suit For $125M
NEW YORK (Source: Wall Street)–Wells Fargo & Co. (WFC) agreed to pay $125 million to a slew of pension funds to settle claims over losses stemming from mortgage-backed securities the bank sold that soured in the financial crisis.
Countrywide Wages Tranche Warfare on Investors
(Source: Bloomberg By Edvard Pettersson) – Investors who sued over $351 billion in downgraded Countrywide Financial Corp. mortgage-backed securities after the 2007 subprime market collapse may have to settle for less than 1 percent of what they initially sought.
FDIC Sues IndyMac Ex-CEO For Negligence
(Source: NPR) – The government has been criticized for not prosecuting bank executives for their role in the financial crisis, but regulators are seeking payback.
Alabama AG Strange Voices Concerns About Scope of Mortgage Foreclosure Deal
WASHINGTON (Source: By Mary Orndorff — The Birmingham News) – Alabama’s top prosecutor told Congress on Thursday that mortgage servicers who broke the law in dealing with homeowners should be punished, but he also cautioned against additional regulations that could [...]
US Charges 4 in Fla. Reverse Mortgage Scam
MIAMI – (Source: Miami Herald by The Associated Press) – Federal prosecutors have charged four people in South Florida with running a reverse mortgage scam that targeted older homeowners.
Seattle Promoter of Peru Real-Estate Deals Charged with Fraud
(Source: Seattle Times By Rami Grunbaum) – Jose L. Nino de Guzman Jr. drove a Bentley and used a Seahawks suite to impress investors who entrusted him with $20 million, but federal prosecutors charge it was all a Ponzi scheme [...]
More Shocking Real-Estate Scams, Plus Reports on Particular Schemes Flagged by the Authorities
WASHINGTON (Source: MarketWatch By Lew Sichelman) — Question: You recently wrote about a popular new mortgage scam you called “flopping,” which occurs when a house purchased as a short sale is immediately sold for a substantial profit. This is interesting [...]
An Insider’s View of Surviving a Short Sale
(Source: Chicago Tribune By Jim Buchta) – Chris Willette became a short-sale expert the hard way: He did his own. Almost three years ago, the Edina (Minn.) Realty sales agent found himself in the unenviable position of having to persuade [...]
China’s Most Profitable Industry Becomes One of the Toughest
(Source: Seeking Alpha) – Chinese real estate is no longer the easiest legal risk-adjusted money-making business in the world. It’s been a swift reversal. The impact will be felt across the board, by larger publicly-traded real estate developers like Xinyuan [...]
Small Banks Need a Place at Mortgage Table: Bair
(Source: Housing Wire by KERRY CURRy) – Small banks need a role at the table in originating residential mortgages, and servicers need to simplify the loan modification process, according to Sheila Bair, outgoing Federal Deposit Insurance Corp. chairman.
Sheila Bair Exits FDIC
NEW YORK (Source: CNNMoney Ben Rooney) — The chairman of the FDIC is not usually a household name. But the last few years have been anything but usual.
Eldorado Trading Firm Sues, Claiming Banks Manipulated Libor
July 7 (Source: Bloomberg) – A Chicago trading firm accused Bank of America Corp., JPMorgan Chase & Co., UBS AG and Citigroup Inc. of conspiring to manipulate the London interbank offered rate.
The New Entrepreneur First Dollars Trickle from $30B Small Business Lending Fund
(Source: BusinessWeek by: John Tozzi ) – The U.S. Treasury has made its first investments in community banks through a program intended to encourage them to lend to small businesses. Six community banks received a total of $123 million under [...]
Fed Compromise on Swipe Fees is $3.5 Billion Gift to Banks, Group Says
(Source: Business News Daily) – While the compromise on debit card reform by the Federal Reserve last week still provides some relief for small businesses, it also represents a windfall for big banks, a small business advocacy group claimed.
Sniping at Charges for Swiping Debt Cards
(Source: Bloomberg By Robert Schmidt and Phil Mattingly) – Jennifer Cavallaro’s day job is owner of a restaurant in Bristol, R.I. Over the past year she has moonlighted as an amateur lobbyist. She’s one of a small army of business [...]
Stress Test Results Due on July 15
LONDON (Source: The Wall Street Journal BY GEOFFREY T. SMITH) — The European Banking Authority said Friday that it will publish the results of this year’s round of stress tests on European Union banks July 15.
Irish Reliance on Central Banks Rises After Deposit Fall
(Source: Bloomberg By Finbarr Flynn) – Ireland’s borrowings from central banks rose in June from the previous month, after deposits continued to flow out of the country’s financial system.
Court Says Lender Must Face Suit Over Loan Modifications
(Source: Boston Globe By Jenifer B. McKim) – Bank of America Corp. lost a bid yesterday to dismiss a series of legal challenges filed by financially troubled homeowners in 19 states after a US District Court judge in Boston ruled [...]
Obama Says “Back to the Drawing Board” on Mortgage Help
(Source: CBS News By Stephanie Condon) – President Obama said today that his administration is “going back to the drawing board” for ways to help homeowners struggling in the poor housing market.
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