housing market, banks

Bloomberg to Occupy: Blame Congress, not banks

"It was not the banks that created the mortgage crisis. It was, plain and simple, Congress," said New York City Mayor Michael Bloomberg at an event for business leaders.

Senh: Congress: "It's all the banks fault. We have absolutely nothing to do with it."

Analysis: Mortgage probe may open new path for housing relief

Five major banks could be required to commit roughly $15 billion to reduce principal balances for struggling homeowners and modify loans in other ways under a proposed deal to settle allegations linked to the "robo-signing" scandal... Five major banks could be required to commit roughly $15 billion to reduce principal balances for struggling homeowners and modify loans in other ways under a proposed deal to settle allegations linked to the "robo-signing" scandal.

Senh: Principal reduction and refinancing for underwater mortgages would be a two steps in the right direction. The only problem what happens to homeowners who have already done loan mods? Would they still qualify for principal reduction and/or refinance? It also sucks that certain programs are only available from one bank, but not another.

Citigroup agrees to pay $285M to investors for negligence, SEC says

Federal regulators charged a Citigroup unit with negligence Wednesday, saying it misled investors about an investment product it used to bet against them as the housing market deteriorated. Citigroup agreed to pay a settlement of $285 million, which will be distributed to investors, the Securities and Exchange Commission said.

Foreclosure deal near as banks win more immunity

Talks between states and top banks over mortgage abuses are nearing agreement on a major sticking point that has bogged down settlement negotiations for more than a year.

Senh: The sooner they get this done, the better. The sad part of all of this is that people who have been current with their mortgage payments can't even take advantage of today's low mortgage rates and refinance because their homes are underwater. Although I kinda feel like we're letting the banks off too easily.

JPMorgan, BofA sued over mortgage debt losses

JPMorgan Chase & Co and Bank of America Corp were hit with new lawsuits by investors seeking to recover losses on $4.5 billion of soured mortgage debt, expanding the litigation targeting the two largest U.S. banks.

U.S. banks offered deal over lawsuits: report

Big U.S. banks in talks with state prosecutors to settle claims of improper mortgage practices have been offered a deal that may limit their legal liabilities in return for a multibillion-dollar payment, the Financial Times reported on Tuesday.

Federal Housing Finance Agency sues 17 banks over mortgage bonds

The U.S. regulator for Fannie Mae and Freddie Mac accuses the banks of negligence in misrepresenting the risks embedded in the securities sold to the home-finance giants.

U.S. to sue big banks over mortgage securities: report

The agency that oversees mortgage markets is preparing to file suit against more than a dozen big banks, accusing them of misrepresenting the quality of mortgages they packaged and sold during the housing bubble, The New York Times reported on Thursday.

BofA looks to exit correspondent mortgage business: report

Bank of America Corp is looking to sell its correspondent mortgage business and the unit's employees could be notified as soon as Wednesday, the Wall Street Journal said, citing people familiar with the matter.

Freddie Mac seeks $1.5 billion from taxpayers

Mortgage finance giant Freddie Mac FMCC.OB said on Monday it would ask for an additional $1.5 billion from taxpayers due to losses stemming from the weak housing market.

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