Retail & Commercial

The volume of complaints lodged by distressed borrowers to four of the largest U.S. banks has stabilized, the monitor for the national mortgage settlement says.

"Servicers now face compensatory fees, not for mistakes or unreasonable delays, but simply as the cost of doing business," Mortgage Bankers Association President David Stevens says.

Before the Target breach, many merchants were apparently willing to delay or ignore the card networks' deadline for adopting EMV and ready to face the consequences. Now, even merchants who remain unsold on EMV as cost-effective security may view incorporating the technology as unavoidable.

Steven Antonakes, the CFPB's deputy director, gave a speech which indicated the agency has shifted to a hard-line stance regarding compliance with a new mortgage servicing rule that went into effect last month. "Business as usual has ended in the mortgage servicing industry," he said.

The largest U.S. bank's apartment loan business is mushrooming, aided by Fannie Mae and Freddie Mac retrenching. Now JPMorgan is refocusing on a market where, surprisingly, it lags: New York.

Investment bank Houlihan Lokey has added a director with ample experience in mortgage banking deals to its financial institutions group.

Comerica Inc. (CMA), a financial-services firm that focuses on middle-market and small businesses, named Michael W. Malone chief executive officer of its securities and insurance units.

The National Fair Housing Alliance is accusing Bank of America (BAC) of discriminating against Latino mortgage applicants.

Even legislators can run into trouble with creditors.

For his new book, Kevin Roose shadowed new hires at the country’s biggest investment banks. His conclusion: Banks’ problems go well beyond the misdeeds of a few and include doubts about whether they can attract and retain top talent and future leaders.