Daily Archives: March 13, 2013

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Does Your Bay Area Neighborhood Have a High Wells Fargo Foreclosure Rate?

Does Your Bay Area Neighborhood Have a High Wells Fargo Foreclosure Rate?

California is still struggling to get back on its feet after a devastating housing crisis. And Wells Fargo is partly to blame for the sluggish recovery because it is refusing to modify home loans, according to a coalition of homeowners groups.

By foreclosing on homeowners who can’t make their payments, the San Francisco-based bank will suck billions of dollars out of the state’s economy, according to the Alliance of Californians for Community Empowerment, the Center for Popular Democracy and the Home Defenders League.

In a new report, the coalition charges that Wells Fargo has been less inclined to reduce the principle of home loans than have other banks, such as Bank of America.

Wells Fargo responded that it has a low foreclosure rate compared to the industry in general.

Wells Fargo’s bias toward foreclosures is disproportionately affecting predominantly black and Latino neighborhoods, the report charges.

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A Bank of America happy ending

A Bank of America happy ending

Las Vegas, NV (KTNV) — It’s not often that we get to share a happy ending to a foreclosure story.

But this time we do.

Contact 13 Chief Investigator Darcy Spears talks with a local teacher who lost every battle to keep her home but finally won what she describes as a war with Bank of America.

When we first met Colleen Roybal last September, she was patiently attending to her autistic grandson at the home they share in Summerlin.

But underneath that, the special needs school teacher was at the end of her rope.

“It’s been like running hurdles and just as I get over one, I see another one crop up and I thought this was the last hurdle and I was ready to run across the finish line and they took the finish line away,” Colleen told Contact 13 in September.

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Dimon’s Extra $1.4 Million Payout Hangs on Fed Decision

Dimon’s Extra $1.4 Million Payout Hangs on Fed Decision

JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon personally stands to miss out on about $1.39 million a year if the Federal Reserve decides last week’s stress-test results don’t justify a dividend increase.

That’s how much extra income Dimon could get from his stake of about 6 million shares if his New York-based bank raises its payout as much as analysts predict. The sum dwarfs the combined $73,300 of new annual dividends at stake for his CEO peers at Bank of America Corp., Goldman Sachs Group Inc. (GS) and Wells Fargo & Co., based on forecasts compiled by Bloomberg.

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Out of Control | JPMorgan Chase had almost 16 billion in litigation expenses since 2009

Out of Control | JPMorgan Chase had almost 16 billion in litigation expenses since 2009

A must read. Check out this findings on JPM risk  management and internal control environment.

California residents gain access to new mortgage resource directory

Residents of California now have access to a tool designed to tell them if they are eligible for down payment assistance programs, reported Mercury News. 

The California Association of Realtors launched the California Mortgage Resource Directory in order to give homebuyers up-to-date information and an easy way to find down payment programs. 

“Millions of dollars go unused every year because home buyers are unaware of the various buyer assistance programs available to them,” said Don Faught, the state’s group president. “With California Mortgage Resource Directory, Realtors and buyers can quickly connect with any number of home buyer resources without having to search within each municipality individually.”

Read on.