The state of Virginia said on Tuesday that it sued units of Citigroup Inc, Deutsche Bank AG and 11 other banks, accusing them of defrauding the state's retirement fund by selling it shoddy mortgage bonds in the run-up to the recent financial crisis.
Getting a mortgage in the United States may be easier than many borrowers think, according to a survey released Monday by Wells Fargo & Co (WFC.N), the largest U.S. mortgage lender.
Morgan Stanley has agreed to pay $95 million to resolve a lawsuit accusing the Wall Street bank of misleading investors in mortgage-backed securities in the run up to the 2008 financial crisis.
Investors holding non-agency RMBS bonds could wind up with surprise losses if US mortgage debt relief legislation is not extended soon, but the measure has been held up by political stalemate.
Tony West, a senior U.S. Justice Department official who oversaw investigations into bank mortgage practices tied to the 2007-2009 financial crisis and negotiated more than $36 billion in payouts, is leaving the agency.
A judge on Tuesday dismissed a lawsuit by the Federal Deposit Insurance Corporation against banks including Deutsche Bank AG and Credit Suisse Group AG over mortgage-backed securities sold before the 2008 financial crisis.
RMBS left over from the wreckage of the subprime crisis are finding renewed favor with investors, siphoning off demand for new mortgage-backed instruments by offering juicier yields.
A U.S. appeals court has handed a major victory to a federal regulatory agency suing big banks over the sale of toxic mortgage-backed securities to since-failed credit unions, ruling that the lawsuits were not filed too late.
Mortgage servicing company Ocwen Financial Corp said on Monday it had received a subpoena from the U.S. Securities and Exchange Commision in June seeking documents related to its "business dealings" with some of its affiliates.
Mortgage applicants who can't provide tax returns or pay stubs to show their income are getting stated income loans again as companies such as Unity West Lending and Westport Mortgage chase customers they can no longer afford to ignore.