Revealing behavior reminiscent of the officious conduct of government clerks in Terry Gilliam's Brazil, in litigation against Bank of America, former employees have filed sworn statements that allege the bank routinely gave borrowers the administrative run-around, and then foreclosed on them without justification.
The government-appointed monitor overseeing mortgage practices as part of last year’s robo-signing settlement between five big U.S. banks and dozens of government agencies found few violations after grading the banks’ compliance with ambitious new standards, according to court documents filed Tuesday.
Bank of America and JPMorgan Chase say they’ve fulfilled their obligations to troubled borrowers mandated by a settlement the banks agreed to last year, the Los Angeles Times reports. But despite the banks’ self-reported progress, questions still linger as to the effectiveness of the deal, which aimed to settle claims of systematic and widespread mortgage fraud in the lead up to the financial crisis.
Awed by his mother's unconditional love and grateful for her years of nurturing, a young man scrimped and saved so he could offer her a meaningful token of his appreciation. In this heartwarming tribute video, which was posted Monday on YouTube, the man expresses his amazement for his mom before revealing his awesome gift to her.
We’ve made progress on a lot of things since the 1950s and so have CEOs -- in their quest for more money that is. The ratio of CEO-to-worker pay has increased 1,000 percent since 1950, according to data from Bloomberg. Today Fortune 500 CEOs make 204 times regular workers on average, Bloomberg found. The ratio is up from 120-to-1 in 2000, 42-to-1 in 1980 and 20-to-1 in 1950.
New York Attorney General Eric Schneiderman has privately criticized the Obama administration and the Department of Justice for not aggressively investigating dodgy mortgage deals that helped trigger the financial crisis, according to senators and congressional aides who met with him this month.
As a long-time fan of professional wrestling I've come to see how much of mortgage servicing resembles what goes on in the ring. Like wrestling the servicing business is full of "works," "gimmicks," "heels and baby faces," so let me explain.Click to continue
Last March, a 23-year-old bank contractor cut through the secured gate at the entrance to a farm in Little Rock, Ark., and proceeded to a small house on the property. There, according to a police report, he broke the lock off one of the doors and forced his way inside.Click to continue
"I work for a living and I can pay a mortgage, but I cannot afford the inflated mortgage that I've been forced into, and I certainly can't afford an increase to my monthly payment."Click to continue
Betsy Berry was worried she would lose her home just outside of New Orleans. Though she had never missed a payment on her mortgage, she says, Bank of America was demanding thousands of dollars worth of late fees, and threatening to take her home if she failed to pay.Click to continue