Tag Archives: Citigroup

Ally has satisfied its consumer relief obligations required under last year's National Mortgage Settlement (NMS), according to settlement monitor Joseph Smith Jr.

Bank brand values across the globe are on the rise, charting their highest values ever and double their values in 2009, during the financial crisis, according to the results of an annual study by Brand Finance. The most valuable bank brand worldwide is Wells Fargo, with a $26 billion brand, according to the study.

Bank of America and Citigroup both released their fourth-quarter earnings Thursday, revealing the scars their legacy mortgage issues have left. BofA reported net income of $732 million, a significant decline from $2 billion in Q4 2011. The bank did better on a year-long scale, coming in at $4.2 billion (well above its $1.4 billion income in 2011). Legal expenses also weighed down profits at Citigroup, though the company did manage to come out ahead on a yearly basis with a $1.2 billion profit in Q4.

Standardization and stability brought on by regulation will pave the way for a bright future for mortgage banking, FBR speculates.

As of September 30, the five servicers named in the national mortgage settlement reported they have provided $26.11 billion in actual consumer relief.

Mortgage origination was up in the third quarter, and it looks like there's a little more room at the top.

One day after posting better-than-expected├â┬ó├óÔÇÜ┬¼├óÔé¼┬Øalbeit reduced├â┬ó├óÔÇÜ┬¼├óÔé¼┬ØQ3 quarterly earnings, Citigroup announced the resignations of CEO Vikram Pandit and president and COO John P. Havens. Pandit's sudden and unexpected announcement has some analysts and investors baffled. Michael Jones, chairman and chief investment officer of Riverfront Investment Group, LLC, told Reuters he thinks the move raises "red flags everywhere."

Higher mortgage revenues helped Citigroup see retail banking revenues increase 35 percent to $1.7 billion from the third quarter of 2011.

Experts across the country wasted no time in responding to Friday's unemployment report, and the responses ranged from celebration to healthy skepticism. As pundits waged a war over the significance of the report, Capital Economics focused its view less on politics and more on its own breakdown of the data, noting that while the growth was modest, the overall report was encouraging. Wall Street also reacted, with banks and construction firms seeing stock upticks.

In her first monthly report as California Monitor, Katherine Porter described the servicers' efforts to reform their practices before the October 2 deadline.