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HUD Audits Accuse Major Lenders of False Claims Fraud

Preview: New Home Sales Expected to Fall to 17-Year Low in October

More Banks Sign up to Sell Stock to Treasury

Fed Approves Wells Fargo Purchase of Wachovia

Wachovia Says Deal With Wells Fargo Still Stands, Citigroup Can...

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HUD Audits Accuse Major Lenders of False Claims Fraud

The Huffington Post reported late yesterday that five of the country's largest mortgage lenders may have defrauded taxpayers by filing false claims with the Federal Housing Administration (FHA). Confidential audits conducted on Bank of America, JP Morgan Chase, Wells Fargo, Citigroup, and Ally Financial (formerly GMAC) provided information which has now been referred to the Department of Justice for a decision on filing charges. The author of the article, Shahien Nasiripour, said the Inspector General...

Published Thu, May 05 2011 8:13 AM by Jann Swanson

Filed under: Fraud, citigroup, bank of america, HUD, wells fargo, gmac, Inspector General, Ally Financial, False Claims, JP Morgan Chase
Preview: New Home Sales Expected to Fall to 17-Year Low in October

More gloomy news for the housing market is expected with the release of the U.S. new home sales report for October, which is expected to reach a 17-year low. Economists polled by Bloomberg expect new home sales to fall a further 5% to an annualized pace...

Published Tue, Nov 11 2008 4:59 PM by CEP News Feed

Filed under: new home sales, wells fargo, housing market index
More Banks Sign up to Sell Stock to Treasury

Both Reuters and the Wall Street Journal were reporting on Monday that more than a dozen banks had signed or expressed their intention to sign on to sell preferred stock in return for government funds in the last few days. They join the original nine financial institutions which signed on to the program at the middle of the month. The most recent individual deals will involve transferring ownership of a total of about $25 billion in preferred stock to the government in return for its investment....

Published Mon, Oct 10 2008 3:44 PM by Jann Swanson

Filed under: bank of america, wells fargo, morgan stanley, bailout, bank of america, morgan stanley, wells fargo, bailout
Fed Approves Wells Fargo Purchase of Wachovia

The Federal Reserve's board of governors on Sunday approved Wells Fargo's $11.7 billion purchase of Wachovia , removing the last key regulatory hurdle for the deal. On Friday, federal antitrust regulators backed the acquisition by San Francisco...

Published Mon, Oct 10 2008 9:23 AM by CEP News Feed

Filed under: wachovia, wells fargo
Wachovia Says Deal With Wells Fargo Still Stands, Citigroup Can Top Offer

In New York Appeals Court, Wachovia Corp. has succeeded in over-turning the emergency order by Justice Charles Ramos issued yesterday in New York State Supreme Court which gave Citigroup Inc. the sole legal authority to negotiate with the bank. Citi announced...

Published Sun, Oct 10 2008 8:52 PM by CEP News Feed

Filed under: citigroup, wachovia, wells fargo
Citigroup Defends Wachovia Takeover After Surprise Wells Fargo Bid

Wells Fargo trumped an earlier bid from Citigroup in a surprise move to take over Wachovia on Friday. Citigroup had earlier won a government-sponsored auction to buy assets from Wachovia and said it has "substantial" legal rights to the original...

Published Fri, Oct 10 2008 12:01 PM by CEP News Feed

Filed under: citigroup, wachovia, wells fargo
Wells Fargo Swoops in with Wachovia Offer

Wells Fargo made a surprise bid for Wachovia Friday and trumped Citigroup who had agreed to buy assets from the troubled bank last week. The Wells Fargo bid is an all-stock $15.1 billion deal that takes over all of Wachovia's businesses. The earlier...

Published Fri, Oct 10 2008 10:17 AM by CEP News Feed

Filed under: citigroup, wachovia, wells fargo
NAHB Builder Confidence Improves in September

A report from Wells Fargo and the National Association of Home Builders (NAHB) suggests that confidence amongst homebuilders has improved in September as the housing market index, which measures builder confidence, ticked up 2 points to 18. The index...

Published Tue, Sep 09 2008 1:08 PM by CEP News Feed

Filed under: home builders, NAHB, builder confidence, wells fargo
U.S. Builder Confidence Matches Historic Low at 18

A report from Wells Fargo and the National Association of Home Builders (NAHB) suggests that homebuilders were even more pessimistic in June as the housing market index fell a single point to 18, matching the historic low of the 22-year index reached last December.

The previous month's single-point drop to 19 broke a three-month trend at the 20 level.
...

Published Mon, Jun 06 2008 7:00 AM by Glenn Setzer

Filed under: home builders, wells fargo
Still More Troubles for Countrywide

First, The Wall Street Journal reported that Countrywide Mortgage and Wells Fargo and Company were under investigation by the Attorney General of Illinois for having improperly steered minority borrowers into high-cost or inappropriate loans.

Then the Journal reported that the FBI too has eyes for Countrywide...
...

Published Mon, Mar 03 2008 7:00 AM by Glenn Setzer

Filed under: countrywide, bank of america, angelo mozilo, wells fargo, countrywide lawsuits
Treasury Department May Broker A Deal For Subprime Borrowers

MSNBC, Reuters, and The Wall Street Journal were reporting early Friday that the United States Treasury is about to announce a plan to help some subprime borrowers save their homes from foreclosure.

The plan apparently involves an agreement between the Treasury and leaders of the mortgage industry to hold rates steady on many adjustable rate mortgages that....
...

Published Fri, Nov 11 2007 8:00 AM by Glenn Setzer

Filed under: adjustable rate mortgage, citigroup, wells fargo, washington mutual, rate resets, subprime borrowers, countrywide financial
Wells Fargo Bank is Latest to Announce Mortgage Woes

The Associated Press was reporting early Wednesday that yet another major mortgage bank "has finally bogged down in the mortgage muck that's muddying one major bank after another."

Wells Fargo, the number five U.S. bank has said it will recognize $1.4 billion in losses in the fourth quarter OF 2007. Unlike most of the losses which have clobbered other lenders, Wells Fargo appears to be in trouble not because of sub-prime lending of first mortgages but because of its...
...

Published Wed, Nov 11 2007 8:00 AM by Glenn Setzer

Filed under: subprime loans, wells fargo, home equity loans, writedowns

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