Wells Fargo has agreed to invest $39 million in 45 communities to settle allegations that the lender neglected the maintenance and marketing of foreclosed homes, or REOs (bank-owned properties), in minority neighborhoods.
If you’ve received a letter from Epiq Class Action & Claims Solutions regarding a settlement with Wells Fargo over discriminatory lending, then you have until June 25 to respond and qualify for compensation.
Cost-cutting, less set aside for bad loans and investment banking helped propel JPMorgan Chase and Wells Fargo to record profits in the first quarter, but Wall Street was disappointed primarily by signs of a slowdown in lending and declining mortgage revenue.
A prominent Washington law firm is suing to get bank regulators to reveal more details behind the failed Independent Foreclosure Review, which after about 18 months and $2 billion spent was mostly scuttled recently in favor of a $9.3 billion settlement.
The official monitor over the National Mortgage Settlement should provide much more data on the impact of foreclosure relief to determine which neighborhoods are being left without meaningful resolution, say scores of consumer advocacy groups.
As of February, Bank of America was servicing more than 96,000 loans in foreclosure, followed by Wells Fargo with nearly 85,000 loans and JPMorgan Chase with more than 54,000. The…
Regulators have shown sharpened interest over the last year in payday loans by big banks, which carry fees that can add up to a 300 percent APR, but these products persist and consumer advocates are urging reform to reduce their costs.
The chief executive of the nation’s largest mortgage lender Wells Fargo got a surprise visitor on stage Thursday during a presentation at a California banking conference: foreclosure protesters questioning the bank’s practices.
Mortgage servicers face a March 15 deadline to make initial cash payments into a specical fund from which qualified borrowers will be compensated for wrongful foreclosure actions taken in 2009 and 2010, according to the most recent consent orders between the lenders and bank regulators.
Despite billions in foreclosure settlements between government officials and the big banks, tragic stories of abuses or botched paperwork are still surfacing as in the case of Larry Delassus, whose heart stopped beating in court as his attorney argued on his behalf in a lawsuit against Wells Fargo.