Mortgage crisis pickets hit Midtown
Manhattan’s residential real-estate scene is roaring back — but don’t look across the river. The shadow of the foreclosure crisis is fading fast in tony enclaves like the Upper East Side, where home...
View ArticleCitigroup settles subprime mortgage case for $7B
WASHINGTON — Citigroup will pay $7 billion to settle an investigation into risky subprime mortgages, the type that helped fuel the financial crisis. The agreement announced Monday comes weeks after...
View ArticleBank of America agrees to pay $17B to clean up mortgage mess
Bank of America has reached a record $17 billion settlement to resolve an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis, officials directly...
View ArticleBank of America to pay record $17B to end mortgage probes
Bank of America has agreed to pay a record $16.6 billion — the largest federal fine ever against a single US company — to put the bulk of its mortgage-related woes to bed. The penalty, announced...
View ArticleBanks’ $128B settlement tab is twice last year’s profits
Bank of America, which bought subprime loan leader Countrywide Financial in 2008, has paid more to regulators for mortgage misdeeds than all the other big banks combined, the latest tally shows. CEO...
View ArticleOcwen’s backdated letters burned borrowers: Lawsky
One of the country’s largest mortgage servicers backdated “hundreds of thousands” of letters offering home-loan modifications — thus robbing imperiled homeowners of a chance to rework their troubled...
View ArticleCouple earns court victory over mortgage debt ‘vulture’ investor
Bankrupt, broke and living with their son, a retired Westchester couple scored a precedent-setting victory last week in the harsh world of distressed mortgage debt. A federal judge in New York tossed...
View ArticleGoldman Sachs announces $5.1B settlement over bad mortgages
Goldman Sachs said Thursday that it would settle with the US for $5.1 billion for its “Big Short”-type mortgage deals from 2005 to 2007 that contributed to the financial crisis — the largest penalty...
View ArticleMorgan Stanley to pay $3.2B to end mortgage probe
Morgan Stanley is paying $3.2 billion — the largest fine in its history — to settle claims that it sold investors faulty mortgage-backed bonds in the run-up to the financial crisis. The Wall Street...
View ArticleObama is setting us up for another housing crash
We learned nothing from the last financial crisis. The housing market is set to collapse, again, and a key culprit, again, is artificial demand created by government policies. For starters,...
View ArticleGoldman Sachs admits misleading investors with risky mortgages
More than 10 years after it spotted cracks in the housing market, Goldman Sachs will pay $5.1 billion for its role in the financial crisis. The settlement announced Monday with the Justice Department...
View ArticleJPMorgan off the hook
Jamie Dimon isn’t signing a big check for nothing. After JPMorgan Chase agreed to a record $13 billion settlement to end a number of civil probes into its sale of mortgage securities, an ongoing...
View ArticleEric Schneiderman’s shakedown racket
‘There are more big paydays to come.” These words come from New York Attorney General Eric Schneiderman this week as he celebrates the shakedown of a successful American financial institution. By...
View ArticleWells Fargo kicked in Fannie to the tune of $591 million
Wells Fargo says it has made a $591 million deal with Fannie Mae to settle obligations related to defective loans that went bad after the housing bubble burst. The deal announced Monday covers loans...
View ArticleBlackstone Group enters residential mortgage market
Steve Schwarzman is stepping up his effort to profit from the beaten-down US housing market. The billionaire’s Blackstone Group, already the largest single-family home landlord in the US, this week...
View ArticleFOMC transcripts reveal panic over allowing Lehman failure
The day after the US decided not to bail out Lehman Brothers in September of 2008, Federal Reserve Board officials were huddling in Washington, DC, to decide what to do next, newly released transcripts...
View ArticleEx-Jeffries trader guilty of fraud
A federal jury found former Jefferies Group trader Jesse Litvak guilty of defrauding clients on mortgage bond trades, a victory for the government as it probes whether banks cheated their customers in...
View ArticleWells Fargo made up on-demand foreclosure papers plan: court filing charges
Wells Fargo, the nation’s biggest mortgage servicer, appears to have set up detailed internal procedures to fabricate foreclosure papers on demand, according to allegations in papers filed Tuesday in a...
View ArticleHedgie Paulson seeks new mortgage payday
Famed shortseller John Paulson, who earned one of Wall Street’s biggest paydays betting on the collapse of mortgage-backed bonds, is following that with a bet that he can recoup millions more from...
View ArticleMortgage crisis pickets hit Midtown
Manhattan’s residential real-estate scene is roaring back — but don’t look across the river. The shadow of the foreclosure crisis is fading fast in tony enclaves like the Upper East Side, where home...
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