Posts Tagged ‘mortgage’

Ally mortgage unit files bankruptcy

Diane Alter – Fourth Estate Cooperative Reporter Midvale, Utah, United States (4E) – Ally Financial ResCap mortgage on Monday filed for prepackaged bankruptcy protection. The bank, owned by taxpayers, said the filing will allow the bank to take another step to repay the U.S. treasury. Ally’s ResCap unit operates under the GMAC Mortgage brand. At […]

Mortgage rate rises above 4 percent for first time since October

Diane Alter – AHN News Reporter New York, NY, United States (AHN) – The rate on a 30-year fixed mortgage climbed above 4 percent for the first time since October, Freddie Mac reported Thursday. In its weekly report, the mortgage giant noted the average rate on the 30-year fixed rate mortgage increased to 4.08 percent […]

How Citibank Dumped Lousy Mortgages on the Government

Citigroup agreed yesterday to pay $ 158 million to settle a lawsuit over bad loans that the bank passed on to the Federal Housing Administration to insure. The whistle-blower who originally brought the case, Sherry Hunt, an employee of Citi’s mortgage department, said the company actively undermined the process that was supposed to check for […]

U.S. Senate puts lid on multi-million dollar bonuses of Freddie, Fannie

The United States Senate on Thursday approved a bipartisan amendment prohibiting Fannie Mae and Freddie Mac executives from receiving future multi-million dollar bonuses as long as the government-backed mortgage companies remain in federal conservatorship. Article © AHN – All Rights Reserved Economy, Business And Finance Stories

Fannie Mae needs bigger lifeline

Losses widened at mortgage giant Fannie Mae in the third quarter, forcing the government-controlled firm to request another $7.8 billion from the Treasury Department. View full post on Business Stories

Stocks Tank On Bank Of America Mortgage Woes

Windsor Genova – AHN News News Writer New York, NY, United States (AHN) – U.S. stocks plunged on Tuesday after reports that Bank of America is being forced to buy back bad mortgages. The Dow Jones Industrial Average lost 165 points or 1.48 percent to close at 10,979, its biggest drop since Aug. 11. Bank […]

Faulty Foreclosure Paperwork Mess Might Cost Banks Billions

The foreclosure mortgage mess might cost banks billions of dollars. Concern over the cost has caused nervous investors to unload bank stock, sending the prices of those stocks in a downward spiral. View full post on Banking Stories