Amy Bonitatibus News
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Bank of America Corp., the U.S. lender with the most housing-related writedowns, is allowing the highest number of properties to be sold at a loss as short sales become an increasingly common foreclosure alternative.
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Bank of America Corp., whose home- equity mortgage portfolio exceeds its stock market value, probably will say about $2 billion of junior loans are bad assets tomorrow even as some borrowers are still paying on time.
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Jamie Dimon, who’s already spent $18.5 billion cleaning up mortgages at JPMorgan Chase & Co., is warning a growing list of claimants that they’re in for a fight.
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Fannie Mae , the largest provider of mortgage financing in the U.S., said it halted referrals to a Florida foreclosure-processing law firm that’s being investigated by the state attorney general.
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The first sign of what would ultimately become a $3 billion fraud surfaced Jan. 11, 2000, when Fannie Mae executive Samuel Smith discovered Taylor, Bean & Whitaker Mortgage Corp. sold him a loan owned by someone else.
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Bank of America Corp.’s Merrill Lynch unit will pay $1 million to resolve claims that supervisory failures enabled a Texas-based representative to operate a Ponzi scheme using a company account.
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JPMorgan Chase & Co. and Goldman Sachs Group Inc. units were sued by two pension funds over claims they made misleading statements about the exposure of MF Global Holdings Ltd. securities to European sovereign debt.
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In spite of differences between Democrats and Republicans on reforming housing finance, both sides back proposals that would make mortgages more expensive and difficult to obtain.
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Fannie Mae waited for two years before acting on a tip from one of its shareholders about abuses by lawyers handling the mortgage firm’s foreclosures, a government watchdog reported.
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New York Attorney General Andrew Cuomo asked a judge to rule without trial that Ezra Merkin and his Gabriel Capital Corp. engaged in fraud by secretly placing client funds with swindler Bernard Madoff.
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