Items Tagged with 'Financial crisis'

ARTICLES

FBR: Wells Fargo's next move is critical, for the bank and for the industry

CEO John Stumpf to face grilling on Capitol Hill
What happens over the next few days will go a long way in determining how Wells Fargo, and the banking industry as a whole, will weather the storm currently swirling around the megabank from the “widespread unlawful” practices of more than 5,000 former employees who opened more than 2 million fake accounts in order to get sales bonuses.
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Goldman Sachs passes first round of compliance testing for $5 billion settlement

First monitor report finds consumer relief efforts are "logical and appropriate"
Goldman Sachs is meeting its consumer relief requirements as part of its $5 billion settlement reached in April over toxic mortgage bonds, a new report from the settlement’s monitor showed. The report, published Friday by Eric Green, who serves as independent monitor of the settlement, showed that Goldman Sachs passed its first round of compliance testing for the consumer relief portion of the settlement.
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Senator Warren calls DOJ's financial crisis response an "abysmal failure"

Wants to know why executives got off "scot-free"
Thursday, Sept. 15, 2016 marked the eight-year anniversary of Lehman Brothers declaring bankruptcy, sending shockwaves through the economy and sending the U.S. into a recession. Sen. Elizabeth Warren, D-Mass., used the anniversary of the “failure of the fourth-largest U.S. investment bank” to loudly question again why individuals were not held responsible for the conduct that led to the financial crisis, and this time she did it armed with some disconcerting new information.
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DOJ mortgage settlement with Deutsche Bank to cost $14B?

Settlement talks still in progress
While an official settlement is not yet public, it’s rumored that the U.S. Justice Department proposed that Deutsche Bank AG pay $14 billion to settle a case that dates back to the financial crisis. An article in The Wall Street Journal cites sources close to the matter for what outcome the industry could possibly expect.
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Wells Fargo fake accounts fiasco proves big banks don't learn

$185 million fine erases goodwill earned by industry since the crisis
For many people, their trust in the country’s financial system was broken (perhaps irreparably so) by the financial crisis. In the aftermath, the financial services industry needed to take steps to repair that broken trust. But the $185 million fine levied against Wells Fargo for opening up two million fake accounts shows that the financial industry still hasn’t learned its damn lesson.
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Loan officer successfully sued Trump Mortgage, but judgement came too late

Trump admits mortgages "not a business I particularly liked or wanted to be part of”
In the brief 18 months that it existed, Trump Mortgage managed to inspire at least one successful lawsuit against it. A loan officer sued Trump Mortgage in early 2007 after allegedly being stiffed out of a payment of $238,000, but by the time the two sides settled the suit, the company had no assets.
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Equifax: Mortgage defaults projected to keep going down

The ten states with the highest write-offs
The remnants of the financial crisis continue to slowly disappear as the number of foreclosures begin to return to levels witnessed before 2008. This news isn’t universal though as some areas remain elevated. Here's what Amy Crews Cutts, senior vice president and chief economist at Equifax, says is keeping the housing market healthy, along what areas aren't seeing results.
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