The years since the 2007–2008 financial crisis have been marked with milestone settlements of claims against the major mortgage “aggregators” (sometimes also known as “investors” in the mortgage purchasing context), who then...more
3/17/2020
/ Bank of New York (BNY) Mellon ,
Deutsche Bank ,
FHFA ,
Financial Markets ,
Freddie Mac ,
Investment ,
Investment Products ,
JPMorgan Chase ,
Lehman Brothers ,
Loans ,
Mortgages ,
RMBS ,
Securitization ,
Settlement ,
Wells Fargo
Ten years after the financial crisis, mortgage companies and regional/local banks are still getting hit with new breach of contract and indemnification claims related to loans sold before the crisis....more
4/30/2018
/ Consumer Financial Products ,
Consumer Lenders ,
Demand Letter ,
Financial Services Industry ,
Indemnification ,
Institutional Investors ,
JPMorgan Chase ,
Mortgages ,
RMBS ,
Securities Fraud ,
Settlement
Many big cities in the United States responded to the fallout from the 2008 financial crisis by passing local laws which pressure banks to invest more in low-income neighborhoods. Between 2010 and 2013, cities such as New...more
9/28/2015
/ Affordable Housing ,
Bank of America ,
Banking Sector ,
Banks ,
Citibank ,
Community Reinvestment Act ,
CRA ,
Data Collection ,
Financial Institutions ,
Financial Regulatory Reform ,
Foreclosure ,
JPMorgan Chase ,
Mortgages ,
Residential Real Estate Market
A federal appeals court has revived a lawsuit accusing MasterCard, Visa and three major banks of illegally fixing ATM prices to the detriment of consumers. A federal district judge had thrown out the lawsuit in 2013 after...more
8/19/2015
/ American Express ,
Anti-Competitive ,
Anti-Steering Rules ,
ATMs ,
Bank of America ,
Banking Sector ,
Banks ,
Debit Cards ,
Department of Justice (DOJ) ,
Financial Institutions ,
JPMorgan Chase ,
MasterCard ,
Payment Processors ,
Transaction Fees ,
Visa Inc ,
Wells Fargo
Matt Taibbi of Rolling Stone recently profiled the woman JPMorgan Chase paid one of the largest fines in American history to keep from talking in his article, The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare....more
Bank of America took a big hit when it reached a record-breaking $16.65 billion mortgage settlement with the United States Department of Justice in August. The company is likely to attempt to recoup as much of the penalty as...more
With the mortgage crisis almost a decade in the rear-view mirror, some harmed homeowners are just now starting to see reparations for the transgressions of the country’s largest financial institutions.
...more
7/17/2014
/ Bank of America ,
Banks ,
Citigroup ,
Foreclosure ,
Goldman Sachs ,
JPMorgan Chase ,
Morgan Stanley ,
Mortgages ,
OCC ,
Robo-Signing ,
Settlement ,
Wall Street ,
Wells Fargo
On Tuesday, the United States Justice Department announced that it finalized a settlement agreement with JPMorgan Chase for $13 billion. This settlement will resolve a multitude of state and federal investigations into...more
Late last month, we commented on JP Morgan Chase’s $5.1 billion settlement with the Fair Housing Financing Agency (FHFA), as conservator of Fannie Mae and Freddie Mac. The Wall Street Journal has since reported that JP Morgan...more
On October 25, 2013, the Federal Housing Finance Agency (“FHFA”), as conservator of Fannie Mae and Freddie Mac, announced that it will receive settlement payments of $5.1 billion with J.P. Morgan Chase & Co. in connection...more
According to a report released Tuesday by Fannie Mae, the big banks who love to act like “injured innocents” when it comes to making mortgage repurchase and indemnification demands on loan originators had their own...more