JPMorgan Chase & Co. engaged in a “pattern of discriminatory” lending that led to foreclosures, the city of Miami said in a lawsuit filed last week in federal court, the latest in a series of similar claims against the nation’s largest banks.
U.S. banks that have been earning record profits from home loans are adding or transferring thousands of staff to catch up with demand for refinancing after shortages blocked homeowners from getting lower rates.
Private-equity firms and hedge funds are increasing their control of the rights to collect America’s monthly mortgage payments, an almost $10 trillion market that banks are retreating from amid looming regulations.
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.
PNC Financial Services Group Inc. was on the brink of selling Jim Durden a foreclosed house in Weed, California, last month when the country’s biggest banks came under public fire for improperly seizing homes. Now, he lives in an EconoLodge .