NEW YORK (Reuters) - Five major U.S. banks have agreed to pay $25 million to New York State over their use of an electronic mortgage database that the state said resulted in deceptive and illegal practices that led to more than 13,000 foreclosures. JPMorgan Chase & Co, Bank of America Corp and Wells Fargo & Co each agreed to pay $5.9 million in order to partially settle a lawsuit over their use .
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Banks to pay $25 million to NY state over mortgage system
Posted by mortgage 70 days ago (Editorial)
Legal troubles mounting for State Street
Posted by mortgage 85 days ago (Editorial)
Boston-based State Street Corp. is disclosing various investigations and lawsuits today stemming from its foreign-exchange...
Royal Bank of Scotland company agrees to $52 million settlement with state over its role in subprime lending
Posted by mortgage 176 days ago (Editorial)
A subsidiary of the Royal Bank of Scotland will pay $52 million for its role in the state?s ?subprime mortgage meltdown,?? Attorney General Martha Coakley said today, in an agreement that will help more than 700 Massachusetts borrowers. RBS Financial Products Inc. agreed to the settlement following claims that it financed, bought and bundled residential mortgage loans into securities that were ..
Bankrupt Las Vegas lender sues state over its license
Posted by mortgage 182 days ago (Editorial)
A bankrupt lender in Las Vegas sued the state of Nevada on Tuesday after the state ordered it to stop operating as a mortgage broker.
Md. orders Allied Home Mortgage to stop lending in state
Posted by mortgage 195 days ago (Editorial)
State regulators said Wednesday that they have ordered a large mortgage broker to stop making loans to Marylanders after federal investigators alleged the company had violated lending rules.
Maryland orders Allied Home Mortgage to stop lending in state
Posted by mortgage 195 days ago (Editorial)
State regulators said Wednesday that they have ordered a large mortgage broker to stop making loans to Marylanders after federal investigators alleged the company had violated lending rules.
Judge dismisses SEC charges against two former State Street executives
Posted by mortgage 204 days ago (Editorial)
In a blow to one of the government?s more pointed efforts to hold individual bank officials accountable for conduct related to the mortgage meltdown, an administrative-law judge has ruled that the SEC?s charges against two former employees of State Street Bank and Trust were unfounded. Judge Brenda P. Murray dismissed the charges in an order issued Friday. Read full article >>
SEC case against State Street pair thrown out
Posted by mortgage 204 days ago (Editorial)
The Securities and Exchange Commission's case against two former State Street (NYSE:SBZ) executives accused of misleading investors about a $3bn investment fund's exposure to subprime mortgages was thrown ...
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