Without admitting wrongdoing, the bank has agreed to contribute $10 million to city programs promoting home ownership for low- and moderate-income residents.
Tom Marano, a former Bear Stearns banker, was apparently well compensated following the housing crisis for heading up ResCap and Ditech, both of which went into bankruptcy.
The Federal Housing Administration should monitor reverse mortgage servicers more closely and track related data that would shed light on a rise in defaults, according to a Government Accountability Office report.
Banks are taking back more farmland through foreclosure than at any point in the past three years as low crop prices, epic flooding and the Trump administration’s trade spat with China have left many farmers struggling to pay their debts.
The industry has long worried that the ability-to-repay rule gives borrowers an avenue to fight foreclosure, but one plaintiff’s experience may discourage others from trying.
Lenders have reduced their holdings of foreclosed one- to four-unit family residences to roughly $2.6 billion of homes, down from more than $14 billion in 2010. Economists expect the trend to continue, but there are red flags to keep an eye on.
Secretary of Housing and Urban Development Ben Carson appeared not to recognize a commonly known real estate term during a congressional hearing on Tuesday.
Civil rights activist Jesse Jackson is pushing a proposal that the billions banks have paid in fines be given to Americans who lost homes or suffered in other ways during the financial crisis.
