The nation’s megabanks reported fairly strong mortgage earnings during the second quarter thanks to a jump in new originations, robust servicing revenue and expense cuts. If the results reported by Wells Fargo, JPMorgan Chase, Bank of America and Citigroup are any indication, the industry may be rebounding from a rough stretch in late 2013 and early 2014. But the first quarter of this year was so bad – and originations so weak – that lenders had no place to go but up. Larry Charbonneau, a warehouse lending analyst, said...
While legal attempts by city governments to force large banks to pay for the high cost of foreclosure have failed, efforts to resolve the problem in state legislatures appear to be making headway. The City of Miami suffered consecutive defeats in three of the four lawsuits it filed against major banks after a federal district court judge dismissed all three because of the city’s lack of standing to bring suit under the federal Fair Housing Act. U.S. District Court Judge William Dimitrouleas dismissed...
Ocwen's consumer council will consider issues such as principal reduction loan modifications, reducing urban blight, helping minorities and improving language access to borrowers with limited English proficiency.
The holding company for the nation’s sixth largest lender recently sold its fleet division, and is in the throes of restructuring its mortgage unit, which is now its main line of business.
Citigroup also marked down the asset value of its residential mortgage servicing portfolio to $2.282 billion, a 12 percent decline on a sequential basis.
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