Consumer Finance News

New Uncertainty in Housing as Investors Seek Maximum Profits

Fresh questions are being asked about the role of investors in the rental market and how their eventual exit may impact mortgage lending, property values and the economic recovery.

National/Regional

Breaking News

Hudson City in N.J. Released from Enforcement Action05:40PM ET

Ocwen Terminated as Servicer on Two Mortgage Trusts05:27PM ET

U.S. Bank's Payments Chief Pamela Joseph Plans to Retire11:22AM ET

B of A Directors Holliday, Rose to Step Down06:10PM ET

Online Lender Prosper Strikes Referral Deal with Small Banks02:42PM ET

Servicing's Dubious Distinction: Most Mortgage Complaints to CFPB10:35AM ET

OCC Official Sounds Warning Over Auto Loans02:43PM ET

Audit Slams Ginnie Mae for Accounting Lapses in Failed TBW Loans

An audit of Ginnie Mae financials identified four "material weaknesses" and one "significant deficiency," primarily related to the accounting of $6.6 billion in defaulted loans made by the failed lender Taylor, Bean & Whitaker.

Law & Regulation

Amex Unlikely to Blink in Antitrust Talks with DOJ

A court-imposed deadline for American Express to negotiate a fix to its merchant rules with the Department of Justice is about three weeks away. Odds of a deal are said to be low, heightening uncertainty — and fueling debate — about how the showdown will affect the future of the credit card business.

National/Regional

Law & Regulation

The Big Surprise at CIT-OneWest Merger Hearing: Lots of Support

Amid heartbreaking tales told by distressed homeowners and reverse mortgage holders, many community groups praised OneWest CEO Joseph Otting for spending time speaking to them and hearing their communities' concerns.

Dealmaking & Strategy

National/Regional

Redefaults Continue to Plague HAMP

One in three struggling homeowners who received a loan modification through the Home Affordable Modification Program ultimately redefaulted on those loan.Meanwhile, the program that was supposed to help some 4 million families avoid foreclosure has helped only a fraction of that amount, according to a report presented to Congress.

How Bank Partnerships with Marketplace Loan Platforms Really Work

Marketplace lending platforms like Lending Club still need banks to make the loans. Cross River Bank CEO Gilles Gade, which has deals with 14 platforms and has talked with dozens of others, explains the mechanics of these agreements in a Q&A.

National/Regional

Bank Technology

Servicing's Dubious Distinction: Most Mortgage Complaints to CFPB

Problems related to loan servicing dominate the consumer complaints about mortgage companies made to the Consumer Financial Protection Bureau, but an agency official expressed optimism about the industry's response to these grievances.

JPM Can Go On All Day Defending Megabank Model

JPMorgan Chase executives used an annual investor gathering to hammer home their arguments why the company's sum is more valuable than its parts and to promise investors that they will keep slicing costs.
Comments (1)

Dealmaking & Strategy

National/Regional

Mortgage Servicing Execs' Pay Now Tied to Compliance, Not Budget

The heightened regulatory environment for servicers has also prompted a wave of process improvements.

'Our Synergies Are Real': JPM Pushes Back on Breakup Talk

Busting up JPMorgan Chase would result in a collection of financial services companies with higher back-office costs, more divided capital and less power to be a world leader, the company's CFO said Tuesday.

Dealmaking & Strategy

National/Regional

Sindeo Brings High-Tech Touch to Mortgage Originations

San Francisco-based Sindeo is trying to bring the mortgage brokerage business into the future, creating a new online service that focuses on helping consumers navigate the often confusing mortgage process from start to finish.

Bank Technology