Citigroup’s fourth-quarter earnings fell well short of Wall Street projections, hampered by $2.32 billion of charges for layoffs and lawsuits in the first financial report under its new chief executive, Michael Corbat.
Five of the nation’s largest lenders that are part of the $25 billion deal reached last year to settle foreclosure abuses are at it again in Massachusetts, according to an investigation of local foreclosure affidavits by GoLocalProv.com
Discover Financial Services is hard at work promoting its newest “It” card on television commercials, with a feature that consumer advocates hope becomes more of a trend: late-payment forgiveness.
Short sales in recent months have overtaken sales of foreclosed homes in California for the first time since the housing market collapse of 2007, according to real estate research firm DataQuick.
If you received a notice letter with a claim form from the administrator of the National Mortgage Settlement, you have until Jan. 18 to respond.
The 20-month-old Independent Foreclosure Review is now officially a settlement with 10 mortgage servicing companies that will provide more than $8.5 billion in cash payments and other assistance to wronged borrowers.
A surge in refinancing fueled by record-low interest rates has bolstered profits at the nation’s largest lenders, as the Federal Reserve’s rejuvenated debt-buying spree is bolstering the housing market.
From March 1 to June 30 of this year, mortgage servicers have provided a total of $10.56 billion in relief to 137,846 borrowers under the $25 billion deal to settle foreclosure-processing abuses by the nation’s top lenders.
More U.S. consumers are paying the mortgages and credit cards on time, and the big banks are benefiting by freeing up loan-loss reserves.
The newly enhanced refinancing program from the Obama Administration is coming under scrutiny for benefiting big banks more than the borrowers who are trying to take advantage of historically low interest rates.