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.
A 46-year-old man who was convicted after running a massive mortgage fraud operation never showed up to serve his prison sentence—and the FBI is now offering a reward for any information that could help track him down.
In late October, one financial institution was on the path towards racking up nearly $14 billion in penalties. And it's not alone.
The head of the Federal Reserve Bank of New York said Thursday that some of America’s largest financial institutions appear to lack respect for the law, a potentially explosive charge against an industry already roiling from numerous government investigations into alleged wrongdoing.
JPMorgan Chase & Co has been talking with New York City Police Commissioner Ray Kelly about hiring him for a senior role in security at the bank, a person familiar with the matter said on Wednesday.