L.A., U.S. Bank Reach $13.5-Million Settlement on Foreclosed Homes in Disrepair

L.A., U.S. Bank reach $13.5-million settlement on foreclosed homes in disrepair The Los Angeles city attorney has reached a $13.5-million settlement with U.S. Bank to resolve allegations that the nation’s fifth largest bank operated as a slumlord and allowed hundreds of foreclosed properties to deteriorate, fostering crime and blight in L.A. neighborhoods slammed by the housing … Read more

Wells Fargo Troubles Mount With Penalty for Improperly Repossessing Soldiers’ Cars

Wells Fargo Troubles Mount With Penalty for Soldiers’ Loans Wells Fargo & Co., reeling from weeks of pummeling over fraudulent customer accounts, is now facing a Justice Department sanction over improperly repossessing cars owned by members of the military, according to two people with knowledge of the investigation. Federal prosecutors and the bank’s regulator, the … Read more

California Suspends ‘Business Relationships’ With Wells Fargo, Trillions at Stake

California Suspends ‘Business Relationships’ With Wells Fargo California, the nation’s largest issuer of municipal bonds, is barring Wells Fargo & Co. from underwriting state debt, from its banking transactions and in its investments after the company admitted to opening millions of bogus customer accounts. The suspension, in effect immediately, will remain in place for 12 … Read more

Like the Good Ol’ Days in So FL: Housing Market Frenzy at the Opening of a New Real Estate in Hangzhou

Housing Market Frenzy: Shocking Scene at the Opening of a New Real Estate in Hangzhou Surveillance camera caught the shocking moment a new real estate in east China’s Hangzhou city open for sale on Sept 24. The rush to buy was prompted by the introduction of restrictions on Monday which prevent people born outside Hangzhou … Read more

Pinching Pennies in the Hedge-Fund Capital of America

Pinching Pennies in the Hedge-Fund Capital of America The lonely $250,000 S-Class coupe at Mercedes-Benz of Greenwich says it all. For six months, it’s been sitting in the showroom, shimmering in vain while models priced at only $70,000 fly out the door. “We haven’t had anyone come in and look at it,” says Joey Licari, … Read more

Nationstar Faces Allegations of Foreclosure Fraud, Again

“I don’t understand it. I never missed a payment. I don’t have a house anymore.” ~ Nationstar Faces Allegations of Foreclosure Fraud A Shelby County Circuit Court lawsuit and government records revealed a pattern of fraud allegations against mortgage-servicing company Nationstar Mortgage. The WMC Action News 5 Investigators launched an investigation of the Dallas-based mortgage-servicer after … Read more

‘Massive’ Shortage of Appraisers Causing Home Sales Delays

‘Massive’ Shortage of Appraisers Causing Home Sales Delays Housing demand is rising rapidly, but a key cog in the wheel to homeownership is in deep trouble. The people most needed to close the deal are disappearing. Appraisers, the men and women who value homes and whom mortgage lenders depend upon, are shrinking in numbers. That … Read more

Wells Fargo or the Federal Reserve: Who’s the Bigger Fraud?

Wells Fargo or the Federal Reserve: Who’s the Bigger Fraud? The Wells Fargo bank account scandal took center stage in the news last week and in all likelihood will continue to make headlines for many weeks to come. What Wells Fargo employees did in opening bank accounts without customers’ authorization was obviously wrong, but in … Read more