Mass Layoffs At Wells Fargo As A Result Of Slumping Housing Market

Mass Layoffs At Wells Fargo As A Result Of Slumping Housing Market Whether due to the collapse of its “reputable” public image following a relentless barrage of client scandals, the Fed’s recent historic crackdown on the company due to its culture of fraud, or simply because the US housing market has sharply rolled over, last … Read more

America’s Banks Have Never Made More Money

American banks just had their most profitable quarter ever. Again. Tax cuts helped drive bank profits to a record $60.2 billion in the second quarter, the FDIC says. That easily topped the $56 billion in profit that banks hauled in during the first quarter. Bank profits jumped 25% in the second quarter from a year … Read more

Fannie-Freddie Scraps Program for Single Family Rental Home Investors

Single Family Rental-Home Investors FHFA says pilot program showed market performing successfully Effort has drawn criticism over deals with Wall Street firms The U.S. regulator for Fannie Mae and Freddie Mac is shutting down a controversial program that subsidizes loans for firms investing in single family rental homes, saying the market can function well without … Read more

The Financial Crisis Cost Every American $70,000, Fed Study Says

The Financial Crisis Cost Every American $70,000, Fed Study Says America never made up the growth it lost in the 2008 global financial crisis and the recession it triggered. A decade later, U.S. households are still counting the cost. Gross domestic product remains well below what its 2007 trend would have implied and it’s unlikely … Read more

US Foreclosures Rise For First Time In 36 Months, Florida Up 35%

US Foreclosures Rise For First Time In 36 Months According to the just released July 2018 U.S. Foreclosure Market Report released by ATTOM Data Solutions, foreclosure starts in July increased by 1% from a year ago — the first year-over-year increase following 36 consecutive months of decreases. Foreclosures rose from a year ago in 96 … Read more

U.S. Pursues One of the Biggest Mortgage-Fraud Probes Since the Financial Crisis

U.S. Pursues One of the Biggest Mortgage-Fraud Probes Since the Financial Crisis At issue is whether income from apartment complexes was falsified to support larger loans–which often became part of mortgage securities. Owners of an apartment complex near Pittsburgh, who wanted to take out a mortgage on the buildings, allegedly made vacant units look occupied … Read more