A recent profile of Barbara Desoer, the president of Bank of America’s home loan unit, describes her as “Besieged.” But here’s who’s really beseiged: All those homeowners who are getting a raw deal from the banks.
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More mortgage investors appear to be joining the fight to force banks to buy back bad loans. These investors face big challenges in spite of their swelling ranks, as banks are understandably reluctant to pay.
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Two crashes in recent years are bad enough, but investors are also facing high-frequency traders, bearish insiders, less-than-honest corporate self-portrayals and a moribund mortgage market. It’s no wonder they’ve lost confiden…
Now that N.Y. Chief Judge Jonathan Lippman has considerably tightened the state’s foreclosure rules, his effort to eliminate robo-signing has greatly raised the stakes for the banks’ attorneys. But what will the practical impac…
Wells Fargo reported net income rose 3% to a record $3.34 billion in the third quarter, thanks to its merger with Wachovia, the bank said. Also, improving credit conditions managed to offset a 7% fall in revenue.
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