Supplemental payments coming from Rust Consulting for loans serviced by former subsidiaries of Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.).

Supplemental payments coming from Rust Consulting for loans serviced by former subsidiaries of Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.).

Borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley and who were already sent a check as part of the Independent Foreclosure Review payment agreement will be sent an additional payment by the end May. Federal Reserve regulators ordered the payments to correct an error by Rust Consulting.

Rust Consulting announced last week that approximately 96,000 borrowers whose loans were serviced by the former subsidiaries of Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.) were sent checks for less than the payment amount that the Federal Reserve directed Rust to pay. The new checks will make up the difference between what was in the original check sent by Rust and what should have been paid. Borrowers should cash both the original checks and the supplemental checks.

Borrowers with questions regarding payments should contact the Paying Agent—Rust Consulting, Inc. at 1-888-952-9105, Monday through Friday, 8 a.m. – 10 p.m. or Saturday, 8 a.m. – 5 p.m.

Supplemental payments coming from Rust Consulting for loans serviced by former subsidiaries of Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.).

Supplemental payments coming from Rust Consulting for loans serviced by former subsidiaries of Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.).

Borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley and who were already sent a check as part of the Independent Foreclosure Review payment agreement will be sent an additional payment by the end May. Federal Reserve regulators ordered the payments to correct an error by Rust Consulting.

Rust Consulting announced last week that approximately 96,000 borrowers whose loans were serviced by the former subsidiaries of Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.) were sent checks for less than the payment amount that the Federal Reserve directed Rust to pay. The new checks will make up the difference between what was in the original check sent by Rust and what should have been paid. Borrowers should cash both the original checks and the supplemental checks.

Borrowers with questions regarding payments should contact the Paying Agent—Rust Consulting, Inc. at 1-888-952-9105, Monday through Friday, 8 a.m. – 10 p.m. or Saturday, 8 a.m. – 5 p.m.

UK regulators fine JPMorgan Chase $4.7M for failings in wealth management division

UK regulators fine JPMorgan Chase $4.7M for failings in wealth management division

London, England, United Kingdom (4E) – JPMorgan Chase was fined by UK regulators on Thursday of 3.1mn pounds ($4.7mn) for its failure to fix issues in its wealth-management unit.

The Financial Conduct Authority (FCA) said JPMorgan International Bank (JPMIB) Ltd. failed to resolve its failings for two years. These issues, which included updating client files, were not address by the bank until the FCA raised it with them.

UK regulators fine JPMorgan Chase $4.7M for failings in wealth management division

UK regulators fine JPMorgan Chase $4.7M for failings in wealth management division

London, England, United Kingdom (4E) – JPMorgan Chase was fined by UK regulators on Thursday of 3.1mn pounds ($4.7mn) for its failure to fix issues in its wealth-management unit.

The Financial Conduct Authority (FCA) said JPMorgan International Bank (JPMIB) Ltd. failed to resolve its failings for two years. These issues, which included updating client files, were not address by the bank until the FCA raised it with them.

HSBC’s $1.9bn money laundering settlement with US could be rejected

HSBC’s $1.9bn money laundering settlement with US could be rejected

Judge John Gleeson is considering cancelling December’s so-called deferred prosecution agreement that gave HSBC immunity from claims it allowed terrorists to move at least $881m (£584m) around the financial system.

This could leaving the bank open to criminal prosecution and a ban from operating in America. However, HSBC disputes this.

Wells Fargo Employee Accused Of Stealing $10K From 90-Year-Old Customer

Wells Fargo Employee Accused Of Stealing $10K From 90-Year-Old Customer

A personal banker at a Wells Fargo branch in Atlanta has been arrested and charged with felony theft for allegedly tricking an elderly customer into giving him more than $10,000. And she may not be the only victim.

 

The Atlanta Journal-Constitution reports that the Wells employee befriended the 90-year-old customer. He later called her and asked her to come into the branch to sign a transfer document that would move $10,600 from her checking account into savings.

Problem is, the form she signed wasn’t a transfer document, but a withdrawal slip.

Police say the former Wells worker then used the slip to take the cash out of the woman’s account and deposit it into his own.

Fidelity National Financial, Thomas H. Lee, in Talks to Acquire Lender Processing Services

Fidelity National Financial, Thomas H. Lee, in Talks to Acquire Lender Processing Services

Title insurer Fidelity National Financial Inc. FNF -4.43% and buyout shop Thomas H. Lee Partners are in advanced talks to acquire Lender Processing Services Inc. LPS -3.16% for about $2.9 billion, according to people familiar with the matter.

The deal would bring Lender Processing Services, which provides services to mortgage lenders, back under the umbrella of Fidelity National Financial, its one-time parent.

Under the terms being discussed, the buyers would pay with a mix of cash and Fidelity National Financial stock, these people said. The deal would value Lender Processing Services shares around $33, some of the people said.

Lender Processing Services shares closed down 3.2%, or about 95 cents, to $29.11 on Wednesday. The stock is up about 21% on the year, with most of the climb coming in the last month. Fidelity National Financial has a market capitalization of about $5.6 billion, while Lender Processing Services is worth about $2.5 billion.

A deal could be announced as soon as early next week, they said.