The crisis could hit bank earnings in several ways, not all of them directly related to the foreclosure problem. One big risk is “putbacks,” the faulty loans banks could be forced to repurchase. JPMorgan puts that cost at up to…
Five of the six largest U.S. issuers of credit cards reported a drop last month in then percentage of credit-card balances deemed uncollectable. The drop suggests consumers may be making headway in their efforts to pay off thei…
Countrywide Financial Corp. co-founder Angelo Mozilo, along with two others, has reached a settlement agreement with the Securities and Exchange Commission related to charges of insider trading and civil fraud.
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Angelo Mozilo, the former CEO of Countrywide Financial, is in talks with the SEC about a possible deal that could let him avoid standing trial for fraud charges, The Wall Street Journal said.
Talks between Mozilo, two other former executives and the …
JPMorgan Chase says it’s doubling its review of foreclosure documents to some 115,000 cases, which could slow foreclosures in 41 states. Meanwhile, officials in all 50 states have launched a joint investigation into the allegat…