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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...
Posted to
MND NewsWire
by
Jann Swanson
on
Thu, May 19 2011
Filed under:
Filed under: Fraud, citigroup, bank of america, HUD, wells fargo, gmac, Inspector General, Ally Financial, False Claims, JP Morgan Chase
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"Nothing is worse than that moment during an argument when you realize you're wrong." I wonder if Wayne D. Puff, who ran a huge Ponzi scheme from 1998 through 2005, ever felt that.... Last week in New Jersey he was sentenced to 18 years in federal prison and ordered to pay more than $100...
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Repeat after me: Fed Funds are set by the Federal Open Market Committee, don't vary daily, and have no direct bearing on 30-yr mortgage rates. 30-yr mortgage rates are set by supply and demand through the bond markets, vary every day, and prices are adjusted by what investors & servicers want...
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“Keep skunks and bankers at a distance” so the old saying goes. Mortgage bankers may have to ignore that saying, however, given some National Mortgage News data that shows that four companies (Wells Fargo, Bank of America Home Loan, JPMorgan Chase, and Citigroup) control almost 58% of the...
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Citigroup Inc. said Tuesday it approved $6 billion in new lending initiatives during the second quarter as part of its programs supported by government bailout funds.
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Live! From Citigroup's Annual Shareholder Meeting in New York, NY: Interview with AFL-CIO Investment Director Dan Pedrotty (Bloomberg News)
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An interview with Jeffrey Harte, analyst of Sandler O'neil talking about his expectation of the Citigroup meeting. (Bloomberg News)
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In a move geared at bringing private investment back to the financial system, the U.S. Treasury has agreed to match private conversions of preferred shares of Citigroup into common equity . Citigroup said it would offer to exchange up to $27.5 billion of preferred stock into common equity at a conversion...
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The Wall Street Journal reports that the U.S. government is in talks to "substantially" expand its ownership in Citigroup . According a story published on Sunday, the U.S. government could end up owning as much as 40% of Citigroup's common shares, an amount that would give it greater influence...
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The U.S. may have to temporarily nationalize certain banks , Senate Banking Committee Chairman Christopher Dodd said Friday in an interview on Bloomberg Television. The headlines sent shares of Citigroup and Bank of America down more than 20% on fear they could be involved in any such nationalization...
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Three major U.S. financial institutions have announced they will halt foreclosures after coming under intense pressure from U.S. politicians on Wednesday to do something to help U.S. citizens weather the financial crisis. Citigroup announced it will be halting foreclosures starting Feb. 12. The bank...
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Top U.S. banking executives said they will do what they can to boost lending and stem foreclosures on Wednesday in a hearing before the House Financial Services Committee. CEOs from Bank of America, Goldman Sachs, Citigroup, Morgan Stanley, Wells Fargo, JPMorgan Chase, Bank of New York Mellon and State...
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Citigroup and key Senate members reached an agreement on Thursday that will bring the Helping Families Save Their Homes in Bankruptcy Act one step closer to passage. The proposed law, introduced by Senator Durbin (D-IL) in the Senate and Rep. John Conyers (D-CA) in the House, would allow bankruptcy judges...
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Citigroup CEO Vikram Pandit said short sellers and plummeting confidence in the financial system are to blame for the plunge in Citigroup's stock last week. In an interview with the Charlie Rose Show, Pandit said his company is not too big to manage, and they did everything they could to raise money...
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Citigroup is reportedly considering a merger with financial institutions Goldman Sachs or Morgan Stanley , according to a CNBC report. Citigroup's stock is rising in after hours trading, up $0.26 to $4.97, but earlier today the stock closed down sharply, losing 26.41%. According to the report, Citigroup...