U.S. Bank employees were warned Thursday that under no circumstances are they to attempt to capitalize on Wells Fargo’s situation — at least publicly, The Star Tribune reports.
CEO Richard Davis told investors that the company won’t tolerate employees who publicly and overtly go after Wells Fargo customers, because that’s just not how the bank does business.
“So help me God, if I find a branch in one market with an orange flier that says ‘if you bank at Wells come to U.S. Bank,’ they’re going to be let go,” Davis said.
Barclays Bank and a defunct subprime lending unit of the company are off the hook for allegedly misrepresenting the quality of the mortgages that made up a $619 million mortgage bond after the Supreme Court of the state of New York ruled that U.S. Bankand the Federal Housing Finance Agency waited too long to file a lawsuit against Barclays.
Law360 first reported the news of the dismissal.
According to court documents, Judge Marcy Friedman ruled recently that U.S. Bank, acting as the trustee for Structured Asset Securities Corporation Mortgage Loan Trust, and the FHFA, acting as the conservator for Freddie Mac, filed suit against Barclays and the now-shuttered EquiFirst beyond the statute of limitations, and is therefore dismissing the lawsuit.
Law360, New York (May 13, 2016, 8:00 PM ET) — A New York federal judge said Friday he is wrestling to come up with the best method for ruling on trustee U.S. Bank’s contract claims against UBS AG over $2 billion in bundled home loans as a three-week bench trial featuring 39,000 separate allegations of breach flowing from 8,000 allegedly defective mortgages wrapped.
U.S. Bank’s attorney pressed the judge to order UBS to pay for a swath of allegedly defective loans. (Credit: AP) U.S. District Judge P. Kevin Castel stressed again during a daylong closing session…
The Office of the Comptroller of the Currency announced Tuesday that it is terminating mortgage servicing-related consent orders against U.S. Bank National Association and Santander Bank, lifting the mortgage servicing restrictions placed on both banks last year due to failure to comply with requirements of the Independent Foreclosure Review.
The banks were also fined a total of $13.4 million for failing to correct “deficiencies” related to each bank’s compliance with 2011’s Independent Foreclosure Review in a “timely fashion.”
The OCC said Tuesday that it is assessing a $10 million civil money penalty against U.S. Bank for violations of the Independent Foreclosure Review that took place from Oct. 1, 2014 through Aug. 30, 2015.
Santander was also assessed a $3.4 million civil money penalty for violated the 2011 consent order from Oct. 1, 2014 through Dec. 31, 2015.
The banks will pay the assessed penalties to the U.S. Treasury.
Law360, New York (November 6, 2015, 5:11 PM ET) — U.S. Bank NA, along with units of Deutsche Bank AG and HSBC Holdings PLC, on Friday asked a New York judge to sign off on a $1.1 billion residential mortgage-backed securities settlement with Citigroup Inc., saying an exhaustive review has shown it to be a reasonable deal.
Attorneys for the moving lenders gathered in New York Supreme Court in Manhattan to petition Judge Marcy Friedman for approval of the settlement, under which Citigroup will make a binding offer to the trustees of 68 Citigroup-sponsored trusts that…
When does the clock start ticking on a mortgage foreclosure case?
That’s the question being argued Wednesday before the Florida Supreme Court in the case of Bartram v. U.S. Bank. Back in 2006, the Law Offices of David J. Stern filed a mortgage foreclosure suit against Lewis Bartram of Ponte Vedra Beach. Years later, after Stern’s “foreclosure mill” collapsed leaving tens of thousands of foreclosure cases in limbo, lender, U.S. Bank missed a case management conference and its foreclosure case was dismissed.
However, the case was revived and Bartram received another favorable judgment in 2011 based on the fact that the five-year statute of limitations on mortgage foreclosures had expired. But U.S. Bank appealed that ruling, and in 2014 Florida’s Fifth District Court ruled in the bank’s favor, throwing out Florida’s five-year statute of limitations on mortgage foreclosures.
The ruling was a victory for banks in Florida who continue to foreclose on loans that defaulted years ago. Many of those loans are so called “zombie mortgages,” or a foreclosure that has been started but not completed.
Over the past few years it has taken an average of 62 months to clear such foreclosures and many have been dismissed because they fell under the state’s five-year statute of limitations rule. At the heart of the case being argued on Wednesday is the issue of mortgage acceleration. Most mortgage contracts carry an acceleration clause, which allows the lender to sue for the entire loan amount immediately, starting a five-year clock on the foreclosure process.
But the Fifth District ruled that the court’s dismissal of U.S. Bank’s lawsuit in 2011 negated the loan’s original acceleration date that had been set in 2006, effectively resetting the acceleration date to 2011.
– See more at: http://therealdeal.com/miami/blog/2015/11/03/high-profile-mortgage-foreclosure-case-moves-to-florida-supreme-court/#sthash.qSPdebSB.dpuf
A group of local unions and their allies have launched a new campaign against U.S. Bank and Wells Fargo, demanding that they pay a $15 minimum wage to tellers and the janitors who clean their offices, and work harder to move more minorities into management.
The group, backed by SEIU Local 26, the St. Paul Federation of Teachers, Minnesotans for a Fair Economy and Neighborhoods Organizing for Change, among others, issued the first of what they promise will be a series of reports under the title, “Inside the Vault: Exposing how US Bank and Wells Fargo Harm Minnesota Communities.”
The first report, citing GlassDoor.com, says that Wells Fargo tellers earn only an average of $11.81 per hour and that U.S. Bank tellers earn only an average of $11.60 per hour. Both wages, the group contends, are below average for tellers nationally and force a significant percentage of bank tellers to rely on some form of public assistance to make ends meet.