Items Tagged with 'Illinois'

ARTICLES

  • 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
  • Waterstone Mortgage opens new branch in Illinois

    Joe Amato and Joe Spisak will lead the team
    As housing affordability continues to plague the industry, some companies are either downsizing or closing their doors, but not Waterstone Mortgage. It's expanding its reach, announcing the opening of a new branch in Libertyville, Illinois.
    Read More
  • RBS to pay $20 million to Illinois pension funds over crisis-era mortgage bonds

    New settlement is bank’s eighth such settlement in recent years
    For the third time this year, the Royal Bank of Scotland is about to pay up over the bank’s mortgage practices in the run-up to the housing crisis. RBS has already reached a nearly $5 billion settlement with the Department of Justice and a $500 million settlement with the state of New York. Now, the bank has agreed to a new $20 million settlement with the state of Illinois.
    Read More
  • Sitting Cook County judge convicted in mortgage fraud scheme

    Timetable on removal from office unclear
    A sitting Cook County, Ill. judge is facing removal following a conviction in a $1.4 million fraud scheme. Judge Jessica Arong O'Brien, who was elected to the bench in 2012, was convicted Thursday on two counts of fraud for scamming several different lenders through the purchase of two properties on the city’s South Side prior to becoming a judge.
    Read More
  • Redfin Mortgage expanding to Illinois

    Online real estate brokerage rolled out mortgage lending in Texas earlier this year
    Redfin’s play to become a true digital "one-stop shop" for homebuyers is about to take another step forward. Earlier this year, Redfin rolled out a mortgage lending business, launching Redfin Mortgage in Texas. Now, Redfin is expanding Redfin Mortgage into Illinois and has plans to keep growing.
    Read More
  • Hey first-time homebuyers! Chicago bank now offers high yield down payment savings account

    Offers account with 5% annual percentage yield
    Chicago-based Countryside Bank is rolling out a new program for first-time homebuyers in the area who need help saving for a down payment. Besides assistance from bankers who will help create a customized savings plan, the bank’s new program also includes the option of a high yield savings account that has an annual percentage yield of 5%.
    Read More
  • Ocwen begins settling with states to remove mortgage servicing restrictions

    Consent orders reached with Illinois and Montana

    Back in April, more than 20 states clamped business restrictions on Ocwen Financial for alleged rampant errors with homeowners’ escrow accounts and other mortgage servicing issues. Now, five months later, Ocwen is beginning to dig its way out of from under those restrictions, but the company isn’t getting away clean.


    Read More
  • Ocwen takes Massachusetts, Illinois to court to fight mortgage restrictions

    Nonbank says that states’ restrictions will cause “significant harm” to consumers
    Last week, a raft of state regulators clamped new business restrictions on Ocwen Financial for alleged rampant errors with homeowners’ escrow accounts and other issues at the nonbank. Ocwen said that it intended to fight back against the state regulators’ accusations and business restrictions, and the company did just that on Tuesday, announcing that it is taking the regulators in Massachusetts and Illinois to court to fight for its ability to operate within the states.
    Read More