Dimon Pledges to Change JPMorgan’s Practices on Payday LoansNews from New York Times:
Jamie Dimon, the chief executive of JPMorgan Chase, vowed on Tuesday to change how the bank deals with Internet-based payday lenders that automatically withdraw payments from borrowers’ checking accounts.
At an investor meeting on Tuesday, Mr. Dimon called the practice, which was the subject of an article in The New York Times on Sunday, “terrible.” He said JPMorgan was exami…………… continues on New York Times
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Tesla CEO vows to pay off DOE loan […] Continue Reading…
INSIGHT-In Spain, banks buck calls for mortgage law reformNews from Reuters:
By Sonya Dowsett
MADRID | Tue Feb 26, 2013 5:00am EST
MADRID Feb 26 (Reuters) – For more than a century, Spanish law has determined that if a person borrows money to buy a home, they can only be freed of the debt when it is repaid. Even in death, the debt is not cancelled. As the country enters another year of recession, calls are mounting for the system to be relaxed. But the banks worry this would damage their access to funds.
Take Francisco Lema, an […] Continue Reading…
What Mortgage Relief?News from New York Times:
A year ago, when the nation’s biggest banks settled with state and federal officials over claims of foreclosure abuses, the public was led to believe that the deal would allow millions of hard-pressed borrowers to escape the threat of foreclosure. It still hasn’t happened.
Despite Aid, Borrowers Still Face Foreclosure (February 22, 2013)
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A third progress report…………… continues on New York Times
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Top WaMu execs in mortgage biz againNews from The Seattle Times:
From the “If at First You Don’t Succeed” Department: DavidSchneider, who headed Washington Mutual’s home-loans unit during the peak of the mortgage bubble, was running another sizable mortgage company until this past Friday.
Though Schneider is now out, several other WaMu veterans, including former chief operating officer Stephen Rotella, are still involved with the company, Vericrest Financial of Irving, Texas.
Vericrest, wholly owned by private equity firm Lone Star, specializes in servicing subprime mortgages and delinquent or otherwise troubled loans, of the sort that WaMu became […] Continue Reading…
Exclusive: Credit Suisse faces US probe into mortgage productsNews from Reuters:
The logo of Swiss bank Credit Suisse is seen on a building at Paradeplatz square in Zurich, February 13, 2013.
Credit: Reuters/Michael Buholzer
By Karen Freifeld
NEW YORK | Fri Feb 22, 2013 3:27pm EST
NEW YORK (Reuters) – The U.S. Attorney’s Office in New Jersey is investigating Credit Suisse AG over mortgage-backed securities packaged and sold by the bank, according to people familiar with the matter.
U.S. Attorney’s Offices in other districts are focusing on other banks in related investigations, said the people, who were not authorized to […] Continue Reading…
Banks step up efforts to forgive mortgage debt in CaliforniaNews from Los Angeles Times:
Banks are stepping up efforts to forgive mortgage debt for troubled California homeowners, although more than half of the aid offered under last year’s landmark mortgage settlement is still geared toward getting people out of their homes.
California homeowners have received an estimated $ 16.9 billion worth of completed aid doled out by the nation’s five largest mortgage servicers under the accord reached last year. In the most detailed report to date on how that money is flowing to borrowers, regulators […] Continue Reading…
Justice Department Probing JPMorgan Over Bear Stearns Mortgage ProductsNews from Huffington Post:
Abu Dhabi Pledges Supply to Japan on Loan: Persian Gulf OilNews from Bloomberg:
Abu Dhabi pledged continued crude supply to Japan after getting a $ 3 billion loan from a state- linked bank in the Asian country.
Refineries in Libya and Iran are running below capacity as the Persian Gulf country faces sanctions on its oil industry and the North African state’s fuel-processing plants continue to have technical faults, the International Energy Agency said.
The following is a weekly summary of Persian Gulf crude and product market news and forthcoming events:
Abu Dhabi National Oil Co. agreed […] Continue Reading…
Mortgage bill faces tough road in CongressNews from The Seattle Times:WASHINGTON —
A sharply divided Congress isn’t likely to jump at President Barack Obama’s challenge for quick passage of a mortgage refinancing bill that supporters say could help millions of homeowners save big each year and boost the economy.
Obama praised the legislation in his State of the Union speech last week, saying the proposal would help more homeowners with mortgages backed by Fannie Mae and Freddie Mac take advantage of low interest rates and refinance their loans.
Even with mortgage rates near a 50-year low, Obama […] Continue Reading…
Judge approves interim loan for Rhythm & HuesNews from Los Angeles Times:
A federal judge approved a $ 17-million loan from two movie studios to keep the lights on at troubled Rhythm & Hues, the award-winning visual effects company that worked on the Oscar-nominated “Life of Pi.”Rhythm & Hues, based in El Segundo, on Wednesday filed for bankruptcy protection under Chapter 11 of the federal bankruptcy code after laying off 250 employees.As part of its plan to avoid liquidation, Rhythm & Hues said it secured a $ 17-million loan from Universal Studios and […] Continue Reading…