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Enterprise Joins New York’s Attractions
NASA – The space shuttle Enterprise is seen shortly after the grand opening of the Space Shuttle Pavilion at the Intrepid Sea, Air & Space Museum on Thursday, July 19, 2012 in New York. Image Credit: NASA/Bill Ingalls
- Space Shuttle Update (52) (theneteconomy.wordpress.com)
By Rick Rothacker – Lenders like Bank of America Corp and Wells Fargo & Co say they are facing mounting pressure to buy back bad mortgages they sold to investors, signaling that banks‘ home-loan headaches could continue for years.
When selling the mortgages, banks made promises or “representations and warranties” about the loans. Investors can ask banks to buy back soured mortgages if these promises were evidently broken, for reasons such as poor underwriting, insufficient verification of income or other documentation errors.
Banks have fought some of these claims, but most lenders still expect to have to buy back many of the mortgages. more> http://tinyurl.com/7vab96n
Posted in Banking, Business, Economy
Tagged Bank, Bank of America, Capital, Credit, Loan, Mortgage loan, Refinancing, United States, Wells Fargo
By Katharina Bart and Diane Bartz – A group of banks being investigated in an interest-rate rigging scandal are looking to pursue a group settlement with regulators rather than face a Barclays-style backlash by going it alone.
The sources told Reuters that none of the banks involved now want to be second in line for fear that they will get similarly hostile treatment from politicians and the public.
Earlier this year, five top U.S. banks negotiated a $25 billion settlement with the U.S. Justice Department and other federal and state agencies to resolve allegations of mortgage services abuses. more> http://tinyurl.com/cemm6z3
By Ellen Messmer – It started out as an ordinary workday for Michelle Marsico, who runs a business based in Redondo Beach, Calif., handling escrow funds for clients in real estate. But when she went online to check the funds-transfer activity in her commercial bank account, she found to her horror that it had been cleaned out by cybercrooks to the tune of almost half a million dollars. more> http://tinyurl.com/czytcwp