Freddie Mac announced late Friday that it sold $305 million in seriously delinquent loans from its mortgage investment portfolio.
The sale, which was initially announced last month, was completed via auction, with two pools containing 1,611 total loans being sold to a pair of buyers.
According to Freddie Mac, these loans have been delinquent for approximately two years, on average.
In its announcement, Freddie Mac said that given the deep delinquency status of the loans, the borrowers have likely been evaluated previously for or are already in various stages of loss mitigation, including modification or other alternatives to foreclosure, or are in foreclosure.
General Electric Co. (GE) is close to selling about $30 billion in loans to Wells Fargo & Co. (WFC), according to Reuters late Friday, citing a source close to the matter. Wells Fargo has outbid others for GE’s vendor financing, commercial distribution finance and direct lending assets, according to the report (http://www.reuters.com/article/2015/10/09/us-gespecialtyfinance-m-a-wellsfargo-idUSKCN0S32LZ20151009). The source said, however, that negotiations were ongoing and could still fall apart, according to Reuters. Recently, GE announced it agreed to sell its to Wells Fargo for an undisclosed sum.
NEW YORK (Reuters) – JPMorgan Chase & Co on Friday won the dismissal of a U.S. whistleblower lawsuit filed by a former vice president who claimed the bank ignored red flags about a client’s potential fraud, even after authorities exposed the massive Ponzi scheme operated by longtime JPMorgan client Bernard Madoff.
U.S. District Judge Robert Sweet in New York granted the bank’s motion to throw out the complaint, finding that Jennifer Sharkey had failed to demonstrate that her termination in August 2009 was in retaliation for speaking out.
Instead, he said, JPMorgan had shown there were legitimate performance-related reasons to fire her at the time.
Ben Bernanke’s hawking his new book, “The Courage to Act: A Memoir of a Crisis and Its Aftermath,” and telling every interviewer he doesn’t really get why Main Street remains bitter over his efforts.
Well, Ben, the Cowardly Lion had more courage than you.
In several of Bernanke’s interviews, he attempts to strike a populist note by exclaiming that he wrote in the book, “more bankers should have gone to jail” or been criminally prosecuted.
To begin with, I watched virtually all of Bernanke’s testimony to various congressional committees and his press conferences.
I can’t recall a single time that he expressed the view that there were criminals behind the 2007-2008 financial crisis when he was leading the Fed.
Furthermore, does anyone think that, back in the days of the crisis, if the Fed chairman had called for a few heads or pointed out some names of people who he felt were criminally responsible for the predicament, that prosecutors wouldn’t have at least investigated?
He had every opportunity to put the finger on culprits in home funding who issue no-look mortgages, or the credit agencies that blessed the junk as AAA debt, or the bankers who sold this paper far and wide.
So who were the bad actors, Ben?