July 2011

Too Big To Fail?: 10 Banks Own 77% Of All U.S. Banking Assets

(Source: benzinga) – Back during the financial crisis of 2008, the American people were told that the largest banks in the United States were “too big to fail” and that was why it was necessary for the federal government to [...]


Posted in Bank News, Banking | Tagged , , , , , , | Leave a comment

Geithner Says ‘Don’t Listen to Banks’ on Financial Regulation

(Source: Bloomberg By Ian Katz) – U.S. Treasury Secretary Timothy F. Geithner said “don’t listen to banks” that blame unfinished financial rules for not being able to lend money.


Posted in Bank News, Banking | Tagged , , , , , | Leave a comment

Obama’s Pick for Consumer Agency Has Record of Fighting Banks

(Source: Bloomberg By Carter Dougherty) – Mark Seifert recalls being impressed when Richard Cordray, then the Ohio state treasurer, walked into the offices of his Cleveland activist group one day in August 2007.


Posted in Political News | Tagged , , , , , | Leave a comment

ECB and Merkel Clash Over Greece

(Source: FT By Peter Spiegel and Stanley Pignal) – The head of the European Central Bank placed a major obstacle on the path to a new agreement on a Greek financial bail-out, saying the bank could not accept defaulted bonds [...]


Posted in Political News | Tagged , , , , , , | Leave a comment

European Markets Stumble on Worries of Debt Crisis Contagion

LONDON (Source: New York Times By MATTHEW SALTMARSH) — Stocks were falling Monday in Europe, led by banks, in the wake of the publication late last week of results of stress tests on European lenders. The euro weakened and the [...]


Posted in Economy | Tagged , , , , , | Leave a comment

Need a Loan Modification? Join Newsday Live Chat at Noon

(Source: Newsday By ELLEN YAN) – “It’s not been dramatically different than what was happening before,” said Joan LaFemina, who runs foreclosure prevention efforts for the nonprofit Community Development Corp. of Long Island.


Posted in Loan Modification News | Tagged , , , , | Leave a comment

Loan Modifications Are Scarce And Even Worse For Borrowers of Color

(Source: California Progress Report By Kevin Stein) – As the nation’s largest banks are paying multi-billion dollar settlements and being investigated by Attorneys General and other regulators, many of their servicing problems and abuses continue to hurt homeowners. A new [...]


Posted in Loan Modification News | Tagged , , , , | Leave a comment

Largest, FREE Foreclosure Prevention Event for South Cook County Happens August 20th, in Matteson at Solutions Church

CHICAGO, July 14, 2011 (SOURCE Neighborhood Housing Services of Chicago) – Neighborhood Housing Services of Chicago (NHS) and Village of Matteson, in partnership with The Chicago Community Trust and Illinois Housing Development Authority, are co-hosting the “Keep Your Home” FREE [...]


Posted in Loan Modification News | Tagged , , , , | Leave a comment

Former Mortgage Broker Linked to Several Fraud Cases

(Source: By Liz Kellar Liz Keller) – Former Nevada County mortgage broker Scott Stober — currently living in Arizona after being stripped of his real estate license in February — is a central figure in two fraud prosecutions involving hard [...]


Posted in Scam & Fraud News | Tagged , , , , | Leave a comment

Ex-West Chester Broker Bilked Millions From Lenders, Feds Say

(Source: Philly) – A former West Chester mortgage broker, John C. Lucidi Jr., 30, was charged yesterday with conspiracy to commit wire fraud, wire fraud, and money laundering in relation to a multi-million dollar mortgage fraud scheme, said United States [...]


Posted in Scam & Fraud News | Tagged , , , , | Leave a comment

Independence Couple Indicted for Mortgage Fraud

(Source: Staff infoZine) – According to the indictment, the couple submitted false and fraudulent loan applications and supporting documents to lenders and to the title company.


Posted in Scam & Fraud News | Tagged , , | Leave a comment

California May Join Probe of Wall Street’s Role in Mortgage Meltdown

(Source: By Nathaniel Popper and Alejandro Lazo, Los Angeles Times) – Reporting from New York and Los Angeles— California is considering joining New York and Delaware in a wide-ranging investigation into Wall Street’s role in the mortgage meltdown that could [...]


Posted in Scam & Fraud News | Tagged , , , , , | Leave a comment

California Department of Real Estate Approves SAFE Mortgage Originator Course

(Source: San Francisco Chronicle) – As of January 1, 2011, the California Department of Real Estate (DRE), implemented new licensing requirements for mortgage loan originators in California who also hold a real estate license. Effective as of this date, real [...]


Posted in Mortgage News | Tagged , , , | Leave a comment

Bank of America Pays $8.5 Billion Mortgage Settlement

(Source: yourdailynewsfix) – Bank of America has agreed to pay $8.5 billion to resolve claims that the financial and insurance company sold mortgage-backed securities that are of low-quality before the collapse of the housing market.


Posted in Mortgage News | Tagged , , , , | Leave a comment

JPMorgan to Cut Mortgage Holdings to ‘Close to Zero’

(Source: Bloomberg By Dawn Kopeck) – JPMorgan Chase & Co. (JPM) is winding down its $154 billion mortgage portfolio to “close to zero” as the bank works through mortgage losses and litigation over loan- servicing and foreclosure practices.


Posted in Mortgage News | Tagged , , , , , , | Leave a comment

Banks’ Strong Funding Position, Low Libor Means Libor Is Broken Again

(Source: Deal Breaker By Matt Levin) – Apparently a fun thing to do is to freak out about how Libor is losing its magic as an indicator of whatever it is an indicator of. Since it’s an indicator of interbank [...]


Posted in Bank News, Banking | Tagged , , , , | Leave a comment

Credit Suisse Target Of US Probe Of Offshore Accounts

ZURICH (Source: Wall Street Journal)–Credit Suisse Group (CS) Friday said it is the target of a U.S. investigation into hidden Swiss offshore accounts for wealthy Americans, making the Zurich-based bank the latest to …


Posted in Bank News, Banking | Tagged , , , | Leave a comment

JPMorgan Posts $5.4 Billion Profit, Beating Estimates

(Source: DealB%%k New ork Times By ERIC DASH) – Although banks have been cranking out big profits for several consecutive quarters as the spill of red ink from bad loans slowed, they have had little to show when it comes [...]


Posted in Bank News, Banking | Tagged , , , , , | Leave a comment

Europe, Stressed, Awaits Bank Tests

ROME (Source: Washington Post By Howard Schneider) — Tests of the health of dozens of European banks will be released Friday, a step that could mark a positive turn in the region’s economic crisis by reassuring that the financial system [...]


Posted in Bank News, Banking | Tagged , , , , | Leave a comment

Maughan Says German Banks Are Undermining Stress Tests

July 15 (Source: The Washington Post) – Simon Maughan, co-head of European equities at MF Global, talks about the stress tests for European banks. He speaks with Francine Lacqua on Bloomberg Television’s “On the Move.”


Posted in Bank News, Banking | Tagged , , , , , , | Leave a comment

Italian Debt Woes no Threat to U.S. Banks

NEW YORK (Source: CNNMoney By Ben Rooney) – The debt crisis in Europe is knocking on Italy’s door, but American banks still appear to be well insulated from the dreaded contagion.


Posted in Bank News, Banking | Tagged , , , , | Leave a comment

Home Loan Modification Hard to get, Report Says

(Source: The Press Enterprise Leslie Berkman) – California  homeowners continue to have trouble getting home loan modifications that stick under the Obama Administration’s Home Affordable Mortgage Program, according to a report released Tuesday by the California Reinvestment Coalition, a consumer [...]


Posted in Loan Modification News | Tagged , , , , , | Leave a comment

Jamie Dimon Really, Really Wants to Settle Foreclosure Probe

(Source: Wall Street Journal By Shira Ovide) – Bank investors have been biting their fingernails over a potential multi-billion-dollar settlement with state and federal officials over alleged foreclosure abuses. And J.P. Morgan CEO Jamie Dimon is anxious to get an [...]


Posted in Mortgage News | Tagged , , , | Leave a comment

Home Loan Banks Seek Voice in Bank of America Mortgage Settlement

NEW YORK (Source: Boston Globe) – Six federal home loan banks are seeking to join a case in which a judge will decide whether to approve an $8.5 billion settlement by Bank of America Corp. with Bank of New York [...]


Posted in Mortgage News | Tagged , , , , | Leave a comment

Mortgage Rates Ease Again on Rising Unemployment

(Source: Los Angeles Times) – If you’re strong enough financially to qualify for a home loan, the latest round of bad economic news has done you a favor: Mortgage rates have fallen again, Freddie Mac said in its latest weekly [...]


Posted in Mortgage News | Tagged , , , , , , | Leave a comment

Banks File Plans to Fix Mortgage Servicing

(Source: Wall Street Journal By Alan Zibel) – The nation’s largest banks have submitted plans to fix their troubled mortgage-servicing operations. But those plans will remain confidential, despite calls from some on Capitol Hill to publish the information, a bank [...]


Posted in Mortgage News | Tagged , , , , , , | Leave a comment

Lower Mortgage Limits Are a ‘Trade-Off’ Bernanke Says

(Source: CNBC By: Diana Olick) – For those of you worried that the scheduled expiration of higher loan limits at Fannie Mae, Freddie Mac and the FHA will have a negative effect on the housing market by raising the cost [...]


Posted in Mortgage News | Tagged , , , , , , | Leave a comment

Short Sale Can Help Homeowners Avoid Foreclosure

(Source: By PAMELA YIP The Dallas Morning News) – For homeowners upside-down on their mortgage – owing more on the loan than the house is worth – foreclosure isn’t necessarily the only option.


Posted in Mortgage News | Tagged , , , , , | Leave a comment

Virginia Real Estate Agent Sentenced for Fraud

(Source: Bloomberg Business Week) – A Richmond, Va. real estate agent and investor has been sentenced to four years and three months in prison for a $2.4 million mortgage fraud scheme.


Posted in Scam & Fraud News | Tagged , , , , | Leave a comment

Oversight Chairman Issa ‘Very Concerned’ Elizabeth Warren And Consumer Bureau Will ‘Bully Banks’

(Source: Think Progress By Lee Fang) – Previewing a hearing he’s holding today on the new Consumer Financial Protection Bureau, House Oversight Committee Chairman Darrell Issa (R-CA) told Fox Business yesterday that he plans to grill Professor Elizabeth Warren, who [...]


Posted in Political News | Tagged , , , , , , , | Leave a comment

Useful Information

Mortgage Calculators, Auto Loan Calculators, Personal Finance Calculators, Student Loan Calculators, Loan Modification, Loan Articles, Loan News