Regulation

Multiple state and federal officials put the banks on notice that the $25 billion mortgage servicing settlement is just the first step in pursuing civil litigation and criminal prosecutions in connection with misdeeds before, during and after the financial crisis.

Sen. Robert Menendez wants to let lenders share in future home price increases if they agree to reduce the mortgage principal owed by homeowners today.

Depending on who you talked to, the massive mortgage servicer settlement announced Thursday was either a "criminal sell out" or a much-needed shot in the arm for the housing market. In reality, however, it appeared to be neither.

In congressional testimony Thursday, two economists saw reasons for optimism about the battered U.S. housing market.

Most of the costs were either previously reserved for or will be incurred over several years. Among the five banks that settled (Wells Fargo, Bank of America, JPMorgan Chase, Allied Financial and Citigroup), only Citi had to take a charge.

Three months after a new rule capped debit card swipe fees, Visa Inc. is weathering a slowdown in its U.S. debit business, though it has so far avoided the doomsday scenarios once predicted.

Oklahoma Attorney General Scott Pruitt says his 49 counterparts exceeded their authority by pushing for principal reductions. So he’s entered into a separate settlement in which banks would pay $18.6 million.

The House version of the STOCK Act does not require political intelligence firms to register as lobbyists. Now Senate Majority Leader Harry Reid must decide whether to fight for the provision.

The $25 billion 'robo-signing' settlement with five major servicing banks announced Thursday morning could yield nearly $35 billion in principal reductions, according to Housing and Urban Development secretary Shaun Donovan.

WASHINGTON — President Barack Obama praised the "landmark" $25 billion settlement between federal and state authorities and the top five mortgage servicers, saying it would "begin to turn the page on an era of recklessness that has left so much damage in its wake."