Ocwen Financial Corp may have harmed hundreds of thousands of borrowers by sending backdated letters about loan modifications and foreclosures, New York state's financial regulator said on Tuesday, sparking a selloff in shares of the mortgage servicer.
JPMorgan Chase & Co (JPM.N) reported a third-quarter profit as the biggest U.S. bank boosted revenue from trading and investment banking, and moved past the huge legal claims that pushed it into a rare loss in the same quarter last year.
Many thousands of Americans who lost their homes in the housing bust, but have since begun to rebuild their finances, are suddenly facing a new foreclosure nightmare: debt collectors are chasing them down for the money they still owe by freezing their bank accounts, garnishing their wages and seizing their assets.
Wells Fargo Bank and Citigroup's mortgage unit must face claims that they violated federal law by falsely notifying credit reporting agencies that thousands of homeowners went through bankruptcies or foreclosures, a federal judge has ruled.
A federal judge on Tuesday said JPMorgan Chase & Co must face a class action lawsuit by investors who claimed the largest U.S. bank misled them about the safety of $10 billion of mortgage-backed securities it sold before the financial crisis.
One of the more unusual trials to come out of the 2008 financial crisis is set to begin on Monday, when a federal judge will consider whether the U.S. government's rescue of American International Group Inc (AIG.N) was, in fact, legal.
The U.S. Supreme Court on Monday had a change of heart and dismissed a case it had previously agreed to hear on whether class action claims against underwriters of securities issued by a unit of the now-defunct IndyMac Bancorp Inc should be able to proceed.
Mortgage originations fell 11 percent in 2013 as rates ticked higher and remained at 20-year lows in the case of loans for home purchases, according to information released on Monday by the Federal Reserve.
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.