It was a gut-level appeal to desperate people locked in a mortgage dispute with their bank.
Almost six years after the financial crisis, JPMorgan, Citigroup, and Bank of America face potential fines of around $12 billion each for their role in mortgage malfeasance.
From the very first day she was allowed to speak with clients at her new law firm job, Michele Stephens wondered if she was doing something unethical. By the time she quit, nearly a year later, she no longer had any doubt about it. “I was told to lie again and again,” she said.
Since time memorial, man has been motivated by an easy buck and short skirts. The recent frenzy of mortgage lenders to repeat the mistakes of history may be upon us again, as some lenders are experiencing 'greed creep' all over again.
While litigation frequently involves multiple and overlapping claims, for the sake of convenience, I consider mortgage modification litigation produced to date by the financial crisis to be proceeding in "three waves." This comment reviews these waves.
Citigroup has agreed to pay $1.13 billion to settle claims by investors seeking that the lender buy back billions in residential mortgage-backed securities.
Good news for people shopping for a mortgage -- and for current homeowners facing foreclosure because they can no longer afford their home loan: New mortgage regulations drafted by the Consumer Financial Protection Bureau recently took effect and they provide a slew of new rights and protections for consumers.
When I worked at JPMorgan in the '80s and '90s, even in the context of deregulation, the concept of "self-regulation" in the financial industry was discussed with a straight face.
Bank of America Corp Chief Executive Brian Moynihan received a 17 percent pay raise in 2013 as the bank posted its best year since the financial crisis, according to a regulatory filing on Wednesday.
Ever since the federal government took control of Fannie Mae and Freddie Mac, Congress has put several plans on the table to "fix" them -- with the exception of one: Let them operate the way they always have, only this time, regulate them properly and ensure they have sufficient capital reserves.