BofA & JPMorgan Say They Have Fulfilled Mortgage Settlement Terms

Wells Fargo says it is “90% of the way” to meeting its obligations, and Citigroup declines to characterize its progress. E. Scott Reckard, Los Angeles Times Bank of America Corp. and JPMorgan Chase & Co. say they have satisfied their obligations to help troubled borrowers under last year’s landmark mortgage settlement with state and federal officials. Another bank […]

Bookie Turned Glorious Leader Of Mortgage Lending Buys Ally Servicing Rights

Dan Gilbert’s Quicken To Pay $280M For $34 Billion Portfolio Of Fannie/Freddie Loans   Dow Jones Newswire via Fox Business Quicken Loans Inc., the online home lender, is buying a $34 billion mortgage-servicing portfolio from government-owned Ally Financial Inc. for about $280 million. The deal will expand the size of Quicken’s servicing business by nearly […]

ResCap Goes Broke Leaving Families In Limbo

Catherine Curran, NY Post Two weeks ago, a Westchester family had finally reached the end of seven years in foreclosure hell. Then the plate tectonics of the massive bank that controls their fate shifted. Ally Financial, formerly GMAC, filed Chapter 11 bankruptcy for its troubled Residential Capital mortgage unit last Monday. Ally owes taxpayers roughly […]

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