Bank of America Slashes Mortgage Business

NEW YORK (Source: TheStreet By Philip van Doorn) — For Bank of America (BAC), exiting the correspondent mortgage business is a major, painful move to shrink its balance, boost capital ratios and shore-up control of its mortgage credit quality. According to the...

New York’s New AG Stands Up to Big Banks

(Source: Chron) – So here’s Eric Schneiderman, of whom you’ve probably never heard, who last year was elected attorney general of the state of New York, a job that arguably makes him the third most-influential state officeholder in the nation, behind...

Is Another Bank Bailout Brewing?

(Source: MarketWatch By Kurt Brouwer) – If you thought the $800 billion TARP program was the end of our government’s bailout bonanza for wayward banks, you’re wrong.  If you thought the Fed’s secret $1.2 trillion loan program for foreign and domestic banks was...

Wells Fargo Jumps on Commercial Deals

(Source: Wall Street Journal BY ELIOT BROWN) – At a time when the U.S. banking sector is reducing its exposure to commercial real estate, Wells Fargo & Co. has taken a different approach: expanding lending to the sector while also buying real-estate loans...

Banks Waive Fees in States Hit by Irene

NEW YORK (Source: By Candice Choi, AP Personal Finance Writer) — Several banks are waiving a variety of fees for customers hard hit by Hurricane Irene.Chase says it will waive fees for customers in 13 states through Sunday. The waived fees include overdraft and...

FDIC Objects to BofA $8.5B Mortgage-Bond Deal

(Source: By David McLaughlin and Dakin Campbell) – The Federal Deposit Insurance Corp. filed an objection to Bank of America Corp. (BAC)’s proposed $8.5 billion mortgage-bond settlement with investors, joining investors and states that are challenging the...

Two Arrested in Real Estate Fraud Scheme

(Source: LomaLinda Patch By Bill Norris) – Two people were arrested after investigators from the San Bernardino County District Attorney’s Office Real Estate Fraud Unit searched a Fontana realty office.Officials went to Fidelity Group Realty and Legal...

Big Banks Need to Fess up to Losses

(Source: The Wichita Eagle) – Whenever the leadership class feels nervous, you can count on some of them to offer the less-moneyed masses a bone to demonstrate they care. Warren Buffett says his idea of “shared sacrifice” is higher taxes on the...

Is Bank of America Doomed?

(Source: The Atlantic) – While most big U.S. banks appear to have recovered fairly well from the financial crisis, Bank of America continues to struggle. Its instability stems in large part from its acquisition of mortgage giant Countrywide in 2008. Recent...

Switch Banks NOW: Here’s How

(Source: Business Insider) – I’m going to go Don Draper on you guys for a second: There was a time… long ago… when a man didn’t fear his bank; his bank feared him. It aimed to please him, and both parties got something they couldn’t...

Weakening Mortgage Employment Could Strengthen

DALLAS, Aug. 29, 2011 — (Source: The Sacramento Bee) – More than 2,000 mortgage jobs have been eliminated this year, according to the Second-Quarter 2011 Mortgage Employment Index from MortgageDaily.com. But falling rates and worsening loan performance...

Credit Unions See Surge in Mortgage Activity

(Source: The Washington Post By Danielle Dougla) – Local credit unions are reporting an uptick in mortgage applications, as record-low interest rates entice members to refinance their mortgages or purchase a home, despite rising fears of a double-dip recession....

Number of Short Sales on the Rise

(Source: USA Today By Julie Schmit, USA TODAY) – Short sales are increasing as a percentage of home sales in many states, helping some neighborhoods and homeowners avoid the more devastating impacts of foreclosures. Short sales — when lenders allow financially...