Wells Fargo uses a “happy to grumpy ratio” to keep tabs on employees’ workplace satisfaction, according to The Wall Street Journal’s Emily Glazer and Christina Rexrode.
Wall Street “culture” has become a buzzword for bank regulators, and the banks are taking heed. In particular, the Federal Reserve is looking to include more “qualitative components” in its annual stress tests, designed to gauge how well banks might handle upsets in the markets.
Banks are taking “qualitative components” to mean how confident employees are in the firms, how satisfied they are at work, or whether they frequent office happy hours.
Read more: http://www.businessinsider.com/wells-fargo-happy-to-grumpy-ratios-2015-2#ixzz3QcUJZ2q7
Thousands of struggling Michigan homeowners who got a break on their mortgage during the financial crisis will get a letter this year with a bit of bad news.
It’s a notice that their monthly mortgage payment is going up.
The five-year limit on many federal mortgage-assistance modifications is ending. Interest rates will inch up to more realistic rates. Mortgage payments will go up between $50 and $100 a month initially — and possibly creepup further in a few years. The jumps would vary based on the size of the mortgage and when the mortgage was modified.
After all the interest rate step-ups take place, the cumulative monthly payment increase would be about $200 for a typical loan, according to the Making Home Affordable data.
In Michigan, where about half of the more than 40,000 modified loans come from metro Detroit, the average increase will be $127 a month.
The big question: Has the economic recovery been strong enough to enable many people to afford higherpayments? Or could some be heading for trouble again?
Despite all the concern about forbearance reporting discrepancies over time, transparency remains an issue.
This is the year that should change.
Regulatory attention is supposed to be laser-focused on servicers right now, especially when it comes to how consistent they are in applying workouts. So regulators should be looking closely at whether loans have forbearance.
It’s getting a little easier to see forbearances in investor reporting, but not as easy as it should be given all the concern voiced about it by investors, regulators, researchers, reporters and ratings agencies like Fitch, Standard & Poor’s and Moody’s in recent years.
“The information has become more expanded and more transparent,” according to Natasha Aikins, a director at Fitch Ratings in New York.
But it’s still not always clear in reporting whether a loan includes forbearance, and that means all stakeholders have a lot more work to do.
A senior police officer cleared of fraud has demanded answers after it emerged a key page of a prosecution witness statement vanished.
A jury took just 20 minutes to clear Chief Inspector John Buttress, 48, of a charge of mortgage fraud.
During the trial it emerged that a key page in the statement of a bank official had gone missing from the prosecution papers.
The page backed up the officer’s claim that his main residence was Overton Vale Farm in Wrexham, part of which he rented out to holiday-makers.
The court heard the officer himself realised the omission when he listened to a recording of the two-hour police interview and discovered the official’s opinion had not been included in her four-page statement.
It later emerged page three of her five-page original was missing.
When it was found on the eve of the trial, the prosecution dropped one of the two fraud charges the officer faced at the time.
The charge had alleged that the father-of-three had dishonestly failed to inform his mortgage provider that he didn’t live at the Wrexham farmhouse.