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.
The nation's largest bank, JPMorgan Chase & Co., will pay $614 million and improve mortgage lending practices under a deal announced Tuesday to settle claims it approved thousands of unqualified home mortgage loans for government insurance and refinancing since 2002, costing the government millions of dollars when the loans defaulted.
In a widely expected move, the Federal Reserve announced its decision to continue the process of "tapering" its purchases of Treasury and Mortgage-Backed Securities (MBS).
Reverse mortgages have become increasingly popular in recent years, as cash-strapped seniors seek ways to keep pace with rising expenses -- not to mention cope with the pummeling their retirement savings took during the Great Recession.
The total tab for JPMorgan Chase's constant legal trouble is now up to more than $31 billion--a figure so exorbitant and cruel that the bank's stock price just hit a record high.
Financial industry lobbyists are among those being asked to suggest who should replace Sandra Braunstein, the retiring Federal Reserve official who oversaw the regulator’s lackluster efforts to protect consumers in the years preceding the U.S. mortgage meltdown.