Wells Fargo & Co., the largest U.S. home lender, is turning to former University of Notre Dame football coach Lou Holtz and a captive audience of real-estate agents to attract new business as the pace of U.S. mortgage refinancings is set to drop to the slowest since 2008.
Redwood Trust Inc. is having a spectacular run. Its shares have returned almost 85 percent in the past year and there have been zero defaults among the $4 billion of jumbo loans it packaged and sold as bonds since 2010.
Wells Fargo & Co., the largest U.S. home lender, changed its compensation for some mortgage salespeople to include a reward for submitting complete loan applications to processors and underwriters within five days.
California Attorney General Kamala Harris objects to giving banks broad releases of liability for predatory lending. At the same time, she may be locked into her predecessor’s 2008 settlement with the largest lender in the state during the mortgage boom that does exactly that.
White House efforts to push widespread refinancing of mortgages for homeowners who owe more than their properties are worth may be limited by banks’ stretched capacity to originate loans and their concerns that the borrowers are too risky.
Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co. were sued by New York Attorney General Eric Schneiderman over the use of a mortgage database that the state said led to improper foreclosures.
JPMorgan Chase & Co. , Bank of America Corp. and Ally Financial Inc., defending allegations of fraudulent home foreclosures from customers and Congress, may face the most financial peril from investigations by state attorneys general.