Banking

The Senate Banking Committee passed major legislation to overhaul the housing finance system on Thursday.

New Jersey surpassed Florida with the highest share of U.S. mortgages in foreclosure in the first quarter as delinquencies nationally fell to pre-crisis levels.

DBA International, a debt-buying industry association, approved a new tagline that it will start using this month.

The pastors of New York City tabernacle must return $1.7 million in illegal loans.

U.S. foreclosure activity fell 1% in April as banks scheduled fewer auctions even as they reclaimed more homes, according to a report released Thursday by RealtyTrac, which tracks and compiles housing market data.

Doral Financial (DRL) is evaluating its legal options after Puerto Rico rejected the company's request for a $230 million refund of overpaid taxes.

Residential Capital, the defunct mortgage company, sued Bank of America, RBC Mortgage and other lenders, claiming they sold it poor-quality loans that led to its bankruptcy.

Massachusetts Attorney General Martha Coakley reiterated calls Wednesday for the Federal Housing Finance Agency to allow Fannie Mae and Freddie Mac to offer principal reductions to distressed borrowers and to participate in nonprofit home buyback programs.

A founding director at Touchmark Bancshares in Georgia claims he was ousted after questioning the bank's strategy. Now he is lobbying for the company's sale.

Taylor Capital (TAYC) in Chicago has been notified by the Federal Reserve Board that its bank is facing an enforcement action for employing deceptive trade practices.

Midwestern community banks are in their best financial condition since early 2009, the Office of the Comptroller of the Currency said in a May 13 report.

Kennebec Savings Bank has a 19th century charter, but it is poised for a complex conversion to deal with modern challenges like activists investors, M&A pressures and even Basel III.

Regulators are now demanding every last detail to be put in writing; the upshot is that banks may be forced to cut ties with vendors that can't meet all requirements. Still, experts say more ironclad language is ultimately good for banks because it gives them protections they haven't always had.

Zipremit is planning a service that will enable merchants to accept payments and extend credit to consumers who don't want to use a credit card account.

Homeowners who took advantage of the refinancing boom aren't buying new houses, because it would mean taking on higher-rate loans. That's a problem for banks already reporting huge declines in mortgage revenue.

Attendees at this year's D.A. Davidson Conference believe the approval process is calming down somewhat. Other bankers say they are looking to lower capital levels, with many showing an interest in deposit-rich franchises.

Fiserv (FISV), a financial technology firm Brookfield, Wis., announced Wednesday that it received a new patent for "a customer value optimization process" in its Predictive Scores solution.

Bankers are optimistic that they will bounce back after a harsh winter in almost every part of the country raised their snow removal costs, slashed mortgage income and slowed overall customer activity.

Two of the largest companies in the student loan market will pay $97 million to settle federal charges that they unlawfully charged military personnel high interest rates and late fees on student loans.

Mortgage applications increased during the week ending May 9, driven by a jump in requests for refinancings, according to a report from the Mortgage Bankers Association.