Major U.S. banks and thrifts filed foreclosures with improper documentation and lacked sufficient staff to properly handle distressed borrowers, federal bank regulators said Wednesday as they ordered lenders to overhaul their foreclosure processes. Get the full story »
Wells Fargo
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Wells Fargo cuts 1,900 jobs as refinancings slow
Wells Fargo & Co said on Thursday it is shedding about 1,900 jobs, or less than 1 percent of its total workforce, as mortgage refinancings slow. Get the full story »
Banks plan to hike dividends after stress tests
JPMorgan Chase & Co, Wells Fargo & Co. and other major U.S. banks plan to boost their dividend payments after passing stress tests evaluated by the Federal Reserve.
The share buybacks signal that regulators view banks as being healthy enough to withstand the remaining uncertainties in the economy, after the banking system has been profitable for a year. Get the full story »
Home-builder sentiment stalled at low level
U.S. home-builder sentiment in January was flat at a low level for the third month in a row as the housing market struggled to recover from its collapse, a survey released Tuesday showed.
The National Association of Home Builders/Wells Fargo Housing Market Index held steady at 16 from last month. Get the full story »
Wells Fargo, US Bancorp foreclosures tossed out
In a ruling that may affect foreclosures nationwide, Massachusetts’ highest court voided the seizure of two homes by Wells Fargo & Co. and US Bancorp after the banks failed to show they held the mortgages at the time they foreclosed.
Bank shares fell, dragging down the broader U.S. stock market, after the Supreme Judicial Court of Massachusetts on Friday issued its decision, which upheld a lower court ruling. Get the full story »
SEC expands mortgage foreclosure probe
U.S. regulators have opened a new line of inquiry in their mortgage foreclosure probe and are asking big Wall Street banks about the beginning stages of mortgage securitization, two sources familiar with the probe said.
The Securities and Exchange Commission launched the new phase of its investigation by sending out a fresh round of subpoenas last week to big banks including Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Goldman Sachs Group Inc. and Wells Fargo & Co., the sources said. Get the full story »
Reuters: Wells Fargo traded 8% lower on CBOE
Shares of Wells Fargo & Co. traded on the CBOE Stock Exchange Thursday morning at a price about 8 percent below its price on other exchanges, Reuters data showed.
The action was notable because sudden drops in stock prices have become more scrutinized after the May 6 “flash crash,” when markets fell precipitously in minutes. Get the full story »
Wells Fargo earnings rise to $3.15 billion
Wells Fargo & Co.’s income rose 19 percent in the three months ending in September as losses from failed loans continued to fall.
Wells Fargo’s net income after paying preferred dividends was $3.15 billion, or 60 cents per share, ahead of the 55 cents per share analysts were expecting, the San Francisco bank reported Wednesday. The bank earned $2.64 billion, or 56 cents per share, in the same period a year earlier.
States to investigate mortgage industry
A coalition of as many as 40 state attorneys general is expected Wednesday to announce an investigation into the mortgage-servicing industry, an effort some of them hope will pressure financial institutions to re-write large numbers of troubled loans.
The move come amid recent allegations that mortgage-servicers, which include units of major banks such as Bank Of America Corp., submitted fraudulent documents in thousands of foreclosure proceedings nationwide. Get the full story »
Wells Fargo to modify ARMs in Illinois, 7 other states
At least 531 Illinois homeowners will be offered mortgage loan modifications by Wells Fargo Bank after an investigation into allegedly deceptive marketing of payment option adjustable rate mortgages.
Illinois and seven other states investigated Wachovia and Golden West’s marketing of pay-option ARMs, potentially risky loan products because they allow borrowers to pay only a minimum payment, with the rest of the funds due added to the balance of the loan, which eventually resets at much higher required payments. Wells Fargo owns Wachovia and Golden West. Get the full story »
Wells Fargo thinking big commercially
Wells Fargo & Co. has only eight retail branches in the Chicago area, but the San Francisco-based megabank has big growth plans for its local commercial and private banking arms.
It’s also looking for more space in the Loop area.
It has about 50 commercial bankers in the Chicago area, but plans to beef up that staffing by about 50 percent in the next year. Its local business customers include Freedman Seating, which serves the public transit industry and employs about 500, and Stoller Wholesale, a family-run wine and spirits distributor. Get the full story »
