Tag Archives: jpmorgan chase

Shoddy Mortgages Cost Big Five Banks $72 Billion

Paperwork processing problems have cost the big five banks about $72 billion according to this Bloomberg story. The banks are preparing to settle with state AGs for about $25 billion to satisfy many of the claims from robo-signing. Bloomberg says: … Continue reading

Posted in Banks, mortgage, Politics | Tagged , , , , , | Comments Off on Shoddy Mortgages Cost Big Five Banks $72 Billion

Attorney Generals Bank Settlement Talks Drag On

The Obama administration plans to extort at least $20 billion from the banks to settle various government probes over inadequate paperwork processing for mortgages. Blaming the rich is the major theme from Barack Obama these days. He thinks that will … Continue reading

Posted in Foreclosure, mortgage, Politics | Tagged , , , , , | Comments Off on Attorney Generals Bank Settlement Talks Drag On

Mortgage Mess Expected To Cost Big Banks At Least $120 Billion More

Banks have been staggered by their losses on mortgage lending over the past four years. The writedowns this year have been steeper than expected. Hardest hit is Bank of America. Why? Because they bought Countrywide, the subprime lender, and Bank … Continue reading

Posted in Banks, mortgage | Tagged , , , , , | Comments Off on Mortgage Mess Expected To Cost Big Banks At Least $120 Billion More

Will There Ever Be A Foreclosure Deal?

OK, we know that banks were not perfect in processing foreclosures. They were overwhelmed with the number. They’re losing an average of at least $40,000 per foreclosed home. Still, I don’t know of anyone who’s made his payments who’s been … Continue reading

Posted in Foreclosure, mortgage, Politics | Tagged , , , , , | Comments Off on Will There Ever Be A Foreclosure Deal?

California Likely To Join Investigation Of Wall Street’s Mortgage Practices

California is entirely governed by Democrats. I am not surprised that a Democrat state Attorney General is interested in joining New York and Delaware’s probes of the mortgage-bundling practices of Wall Street. Who can even understand tranches and the like? … Continue reading

Posted in mortgage, Politics | Tagged , , , , , | Comments Off on California Likely To Join Investigation Of Wall Street’s Mortgage Practices

Does The SEC Have The Resources To Police Wall Street?

JP Morgan Chase paid out $154 million to settle with the SEC over allegations that the bank improperly marketed its mortgage-backed securities. Politicians are eager to keep pointing fingers at Wall Street for the economic collapse. They’re not so eager … Continue reading

Posted in Banks, mortgage | Tagged , , , , , | Comments Off on Does The SEC Have The Resources To Police Wall Street?

Wells Fargo, Bank of America and JPMorgan Chase Penalized By Politicians Over HAMP

Banks are not like other businesses. They can’t invest their money as they wish. Instead, they are monitored by activists and politicians and have to behave according to a different set of rules. No wonder that banks went into big … Continue reading

Posted in Banks, mortgage, Politics | Tagged , , , , , | Comments Off on Wells Fargo, Bank of America and JPMorgan Chase Penalized By Politicians Over HAMP

Banks Stock Shares Stay Low

And for good reason. The Obama administration is trying to negotiate a $20 billion slush fund from the banks to fund potential Democrat voters in 2012. Banks are one of those rare businesses which can’t invest as they see fit. … Continue reading

Posted in Banks, Politics | Tagged , , , , , | Comments Off on Banks Stock Shares Stay Low

Major Mortgage Lenders May Be Forced To Reduce Mortgage Principal

What this will do to lenders desire to lend in the future is apparently of little concern to the Obama administration. I would not want to lend out money with Obama’s gang ready to step in and arbitrarily rewrite contracts. … Continue reading

Posted in Banks, mortgage, Politics | Tagged , , , , , | Comments Off on Major Mortgage Lenders May Be Forced To Reduce Mortgage Principal

The MERS Corporation Claims To Hold Titles To Half Of America’s Mortgages

The New York Times Sunday profiles this fascinating corporation. MERS stands for Mortgage Electronic Registration Systems. Public mortgage documents used to logged in longhand down at the county records office. They provided a clear indication of homeownership. Now the system … Continue reading

Posted in Banks, Foreclosure, mortgage | Tagged , , , , , | Comments Off on The MERS Corporation Claims To Hold Titles To Half Of America’s Mortgages