Homeowners have begun to be evaluated under the latest enhancements to the Obama Administration’s foreclosure rescue program, but many of the biggest lenders are not ready to fully implement the upgrade, missing the June 1 deadline set by Treasury officials.
Only 27 states out of 49 that received a total of $2.5 billion from the mortgage settlement with the top five U.S. lenders have actually used the money to assist homeowners or hard hit communities affected by the foreclosure crisis.
The average annual percentage rate (APR) on new credit card offers remained unchanged at 14.91 percent this week, marking the ninth week of 17 this year that rates have not moved, according to creditcards.com
The Federal Reserve has assembled a panel of economists to evaluate the “stress test” models that determine how the largest U.S. banks fare during an economic crisis.
After a three-year lull, there has been resurgence in short sales – when properties are sold at a loss – indicating that banks are trying to push through inventories of pre-foreclosure properties.
Citigroup shareholders voted down the bank’s $15 million pay package for its chief executive, Vikram S. Pandit, in a rare instance of opposition to inflated compensation from the very owners of a Wall Street institution.
Citigroup’s performance in the first quarter improved – if an accounting adjustment cost is excluded – while the nation’s third-largest bank registered a big jump in fixed-income trading and improved loan quality.
A federal judge’s approval this week of the $25 billion mortgage settlement between the top banks and government officials has given the green light for Joseph Smith to officially begin the work of getting foreclosure relief for wronged borrowers.
The U.S. banking regulator – The Office of the Comptroller of the Currency – has ordered Citigroup’s Citibank subsidiary to stop violating the Bank Secrecy Act and correct lax monitoring of client accounts.
The average borrower facing foreclosure didn’t see eviction for 253 days in February 2008. Four years later, that potentially “rent-free” period for those who stay in their homes is up to 667 days, according to data provider Lender Processing Services.