Terry Francisco News
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Bank of America Corp., the second- largest U.S. lender, cut an appraisal unit’s staff by about 5 percent last month as the firm rid itself of overdue mortgages, said two people with knowledge of the move.
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Bank of America Corp., the largest U.S. lender by assets, will close its correspondent-mortgage unit after negotiations with a bidder failed, leaving the employment status of about 1,200 workers in limbo.
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Bank of America Corp. and Citigroup Inc. are missing out on the biggest mortgage profits on record after catastrophic losses during the housing crash made them wary of offering new loans.
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MetLife Inc., the life insurer that uses television ads to sell loans to older homeowners, replaced Bank of America Corp. in a mortgage-distribution deal that will offer access to younger borrowers.
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Mortgage rates near historic lows have sparked a refinancing boom that has U.S. lenders struggling to handle the surge.
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Anthony Andrade was forced to rent the San Antonio, Texas home he planned to buy after Bank of America Corp. approved a mortgage and then scuttled three closings over two months with last-minute document requests.
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Marc and Emily De La Torre would love to lower their mortgage bills to offset the costs of raising their 3-month-old baby. Instead, they’re among millions of Americans left out as the government tries again to make refinancing possible for borrowers with little or no equity.
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Government efforts to make lenders pay for soured mortgages may be keeping potential borrowers from record-low interest rates, slowing home sales and refinancing as banks tighten standards to avoid more demands for refunds.
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California mortgage brokers face closer scrutiny as the state adopts a federal law aimed at curbing the fraud and abuse that helped decimate the housing market.
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Ally Financial Inc.’s GMAC Mortgage unit will stop buying home loans in Massachusetts after the state accused the five biggest mortgage lenders of conducting illegal foreclosures.
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