Bloomberg US Files Civil Mortgage Fraud Suit Against Wells Fargo Bloomberg U.S. Files Civil Mortgage Fraud Suit Against Wells Fargo. By Bob Van Voris and Chris Dolmetsch - 2012-10-09T19:28:39Z. Wells Fargo & Co. (WFC) was sued by the U.S. government over claims the bank committed fraud by making reckless mortgage loans, ...

Washington, Oct. 9, 2012 -- A new survey by the American Bankers Association shows a sharp increase in the popularity of mobile banking, driven mainly by customers in the 18 to 34-year-old age group.

Fannie Mae today announced that the company issued approximately $8.5 billion of multifamily MBS in the third quarter of 2012, backed by new multifamily ...

(Reuters) - U.S. bank regulators are set to vote on a plan requiring banks with more than $10 billion in assets to conduct annual stress tests to determine if they can withstand a financial shock.

The Office of the Comptroller of the Currency (OCC) today announced publication of its final rule regarding company-run stress testing required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

NEW YORK (MarketWatch) -- Goldman Sachs analysts on Tuesday said the banking sector is an inexpensive and levered play on a recovering housing market. They said the market has failed to price into the shares how a small gain in the housing market delivers a big bang for the banks. Goldman said its top ideas to gain exposure to the opportunities they discuss is to own Citigroup Inc , Regions Financial , Wells Fargo and Co. and Everbank Financial . A better housing market would help banks on the revenue and expense side of the equation, translating into fewer charge-offs, lower credit expenses (and) better revenue as residential loan growth picks up," the analysts said. They concluded that, Despite the tear-to-date rally bank stocks have significantly underperformed since 2011, despite of a considerably better housing outlook. Banks have also underperformed other sectors with leverage to a better housing market (such as homebuilders) by around 50% since 2011, despite similar EPS upside under a better housing scenario. Given the material improvement in the housing market (housing prices have turned, supply has fallen, home sales are up and shadow inventory is down), we believe select bank stocks represent the last inexpensive way to play an improvement in the housing market."

Unanimous Ruling Affirms MERS' Role as a Beneficiary and Agent for the Lender and its Successors and Assigns FOR IMMEDIATE RELEASE CONTACT: Jason Lobo Phone: 703.652.1660 Email: jasonl@mersinc.org Reston, Virginia, October 1, 2012 -MERSCORP Holdings, Inc. today announced that the seven members of the Nevada Supreme Court recently issued a unanimous opinion that affirms MERS' role in mortgage finance. In Edelstein v. Bank of New York Mellon , Justice James W. Hardesty wrote a detailed decision on behalf of the Court explaining that when MERS serves as the beneficiary of the deed of trust and a different entity holds the promissory note, this does not render either instrument void, and that once the foreclosing lender obtains an assignment from MERS and is the holder of the promissory note, the lender can proceed through the state's Foreclosure Mediation Program. According to the opinion, the language in the deed of trust, indicating that MERS was the beneficiary, was "an express part of the contract that we are not at liberty to disregard." "MERS is capable of being a valid beneficiary of a deed of trust, separate from its role as an agent (nominee) for the lender [ ] such separation is not irreparable or fatal to either the promissory note or the deed of trust, but it does prevent enforcement of the deed of trust through foreclosure unless the two documents are ultimately held by the same party," the Court wrote. "MERS, as a valid beneficiary, may assign its beneficial interest in the deed of trust to the holder of the note, at which time the documents are reunified." Here, because MERS had assigned the deed of trust to Bank of New York Mellon in its role as trustee for Countrywide - which held the promissory note - the Court held that the trust had proper standing to foreclose. "There is no stronger affirmation of MERS' role in housing than a unanimous decision concluding that MERS is the proper beneficiary...

BRUSSELS (Reuters) - Greece has made progress on reforming its economy but has more work to do, European Central Bank President Mario Draghi said on Tuesday.

German Chancellor Angela Merkel flies into the heart of Europe's debt crisis on Tuesday, facing protests by angry Greeks to bring a message of support to a near-bankrupt nation fighting to stay in the euro.