Banks are ramping up the marketing of home-purchase loans to borrowers as refinancing volumes plummet, but there are still few signs that they are ready to ease lending standards materially.
Ocwen Financial, one of the nation's largest collectors of mortgage debt, is considering branching out into other types of consumer debt collection.
Five years after the Lehman Brothers bankruptcy, JPMorgan Chase CEO James Dimon has quite a bit to be proud of, but the nation's biggest bank is facing a major political and regulatory onslaught at a late stage of the banking industry's recovery.
The long, rough ride for CEO Brian Moynihan isn't over, but all decks should clear for Bank of America by the end of 2015. Investors are pleased with Moynihan, sending Bank of America's shares up 24% this year through Wednesday's close at $14.32, after the shares more than doubled during 2011.
Five years from the peak of the credit crisis, it's clear that Wells Fargo has gotten its cake and eaten it too. The bank was able to double in size from its early 2009 acquisition of Wachovia, while avoiding the type of mortgage mess inherited by Bank of America through its purchase of Countrywide in 2008.
Enough with the tapering talk already. Considering the state of the economy, it's going to be a long time before it happens.
Bank of America CFO Bruce Thompson faced questions from investors this week over a recent ruling that some believe may persuade a judge to reject an $8.5 billion settlement the bank reached with 22 institutional investors over mortgage backed securities liability.
The U.S. housing market relies almost entirely on government support, but distant glimmers of a private-sector alternative are growing brighter.
You may not realize it, but if you have received a home loan since late 2008, it is very likely that the only reason you were able to do so is because the government was prepared to guarantee it via Fannie Mae, Freddie Mac, Ginnie Mae or insurance from the Federal Housing Authority.
Despite a recovery in housing, there's still a call for more policy action to stimulate the market. But, according to Michelle Meyer, an economist at Bank of America Merrill Lynch, there could be more talk than action in Washington this year.
Bank of America may or may not have set aside enough capital to resolve issues associated with loans its Countrywide Financial unit made during the subprime mortgage boom. But it--like other big lenders--will remain a giant interest rate casino. Bank of America CEO Brian Moynihan underscored that point during an interview with CNBC Tuesday.Click to continue