Articles Tagged with ''Wells Fargo''

Wells Fargo to pay $17 million to Illinois pension funds over crisis-era mortgage bonds

Brings state’s total recovery to more than $500 million
Wells Fargo will pay more than $17 million to a series of Illinois pension funds after settling with the state over the bank’s “misconduct in its marketing and sale of risky residential mortgage-backed securities leading up to the 2008 economic collapse,” Illinois Attorney General Lisa Madigan announced this week.
Read More

Experts: Housing starts signal trouble ahead

Inventory and affordability concerns create supply and demand stalemate
In October, growth in housing starts was propelled by development in the multifamily sector, but some experts are warning that there could be trouble ahead for the housing market. In fact, several believe that affordability and inventory concerns are contributing to a turn in the market, negatively impacting homebuilder confidence.
Read More

Homebuilder confidence falls as affordability concerns grow

Interest rates, home prices hindering builder optimism
Affordability concerns contributed to homebuilder confidence falling eight points to 60 in November, according to the National Association of Home Builders/Wells Fargo Housing Market Index. NAHB Chief Economist Robert Dietz said for the past several years, shortages of labor and lots along with rising regulatory costs have led to a slow recovery in single-family construction.
Read More

Wells Fargo eliminating 900 mortgage jobs

Cutting approximately 1,000 positions overall
A few months ago, Wells Fargo revealed that it is planning to cut as many as 26,500 of its employees over the next few years as the bank works to reorganize itself amid the shifting landscape surrounding the financial services industry. And now, the first of those cuts are hitting home, right in the mortgage division.
Read More

Wells Fargo to pay $43 million to settle pre-crisis RMBS trust lawsuit

Reaches settlement with investors, including BlackRock and PIMCO
In the past few years, Wells Fargo, once thought of as a shining example in the financial services industry, has been dragged down by scandal after scandal followed by settlement after settlement. Well, guess what? It’s a day that ends in "y," and that means it's time for another Wells Fargo settlement.
Read More

Wells Fargo reveals software error led to hundreds of faulty foreclosures

Internal review shows more modifications were improperly denied due to software error
Earlier this year, Wells Fargo revealed that a software error in its mortgage underwriting system led to hundreds of unnecessary foreclosures, but now it appears the problem is even bigger than the troubled bank first thought. Wells Fargo revealed Tuesday that the problem actually affected hundreds of additional borrowers.
Read More