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Tag Archives: Citigroup

Servicers Work Toward Fulfilling National Settlement Terms

Five months after the nation's top five servicers settled with the states attorneys general and several federal agencies to address iniquities in foreclosure processes, Joseph A. Smith, Jr., the settlement monitor, released a preliminary report to inform the public of the servicers' progress so far. Thus far, the five servicers ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô offered $10.56 billion in relief to borrowers and have implemented between 35 and 72 percent of the 304 servicing standards detailed in the national settlement.

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Originations Outpace Expectations in Second Quarter

Outpacing industry forecasts, mortgage originations ticked up 5.2 percent in the second quarter, totaling $405 billion during the three-month period, according to a report released this week from Keefe, Bruyette & Woods. On an annual basis, originations are up 44.6 percent, according to the study. Keefe, Bruyette & Woods suggests much of the increase came from refinance activity driven by low interest rates. Keefe, Bruyette & Woods predicts strong origination volume next quarter.

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Fitch: ‘Volatile’ Buyback Claims Up for Bigger Banks

While some signs suggest the housing recovery may finally be under way, others signal that banks will likely continue to see repurchase claims from Fannie Mae and Freddie Mac. Analysts with Fitch Ratings found in a report on Monday that repurchase risk remains high for several financial institutions, including Bank of America, JPMorgan Chase, and Ally Financial. According to Fitch, repurchase risk climbed to 41 percent for Bank of America. Roughly 60 percent of the claims stemmed from private-label requests.

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FDIC Goes After 12 Banks for Misrepresenting RMBS

The FDIC launched a suit against 12 banks Friday regarding misrepresentations of residential mortgage-backed securities sold to now-defunct, Alabama-based Colonial Bank. Among those accused are some of the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós largest banks, including JPMorgan Chase, Citi, Bank of America, and Wells Fargo. The 12 banks sold more than $3.88 million in securities to colonial bank, and the FDIC alleges the banks misrepresented several aspects of the loans making up the securities in the lead-up to the financial crisis.

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Settlement Monitor Chooses Secondary Law Firms

The Office of Mortgage Settlement Oversight recently chose five new firms to serve as its eyes and ears on the ground as the $25 servicer settlement grinds forward. The new secondary professional firms ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô including BKD, LLP; Baker Tilly Virchow Krause, LLP; Crowe Horwath, LLP; Grant Thornton, LLP; and McGladrey, LLP ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô will assist settlement monitor Joseph A. Smith, Jr., over the next three and a half years. Each firm will assist BDO Consulting, a division of BDO USA, LLP, and the primary professional firm responsible for evaluations.

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Citigroup Reports Earnings, Income Declines in Q2

Citigroup reported a net income of $2.9 billion, $0.95 per share, during the second quarter of this year, down 12 percent from the second quarter of last year, according to its earnings report released Monday. The bank├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós revenues totaled $18.6 billion in the second quarter, a 10 percent decline from last year. According to Citigroup, the decline in earnings is largely the result of the ongoing process of winding down Citi Holdings, a division opened in 2009 to house assets and businesses the bank hopes to unload.

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More Downgrades as Moody’s Goes After Several Banks

Count another major downgrade against the global financial community. On Thursday Moody├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Investors Service slashed credit ratings for 15 major financial institutions, including Bank of America, Citigroup, JPMorgan Chase, and Morgan Stanley, among others. The reason for Moody├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós actions: The biggest banks face too much risk from debt-saddled Europe, earnings volatility, and still-faulty mortgages stateside. The ratings agency grouped the downgraded institutions into three groups. Stocks slid for many of the banks.

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Settlement Monitor Talks Selection Process for Primary Firm

The Office of Mortgage Settlement Oversight continues to evolve as the monitor, a widely respected banking and housing finance chief, takes on new help from accounting and legal firms. Joseph A. Smith, Jr., onetime Federal Housing Finance Agency director-nominee, now responsible for overseeing servicer compliance under the $25 billion settlement, revealed Monday that BDO USA, LLP, would serve as the Raleigh, North Carolina-based office's eyes and ears. He spoke with MReport about the firm Wednesday.

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Settlement Monitor Selects Primary Firm to Oversee Compliance

The monitor responsible for reviewing $25 billion in settlement funds announced Monday that his office has selected BDO USA, LLP, to serve as the primary professional firm needed to oversee the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós servicers. The firm will play a critical role in the oversight process as Joseph A. Smith, Jr., the former North Carolina banking commissioner selected by 49 state attorneys general to head up the settlement, begins the footwork necessary to fulfill terms and conditions under the landmark deal.

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FDIC Reportedly Files Suit Against Several Large Banks

The FDIC reportedly filed suit Friday against a number of large bank holding companies, including Bank of America, Citigroup, Deutsche Bank, and JPMorgan Chase. Media outlets reported that the FDIC seeks to recoup some $92 million for two banks that failed in 2009. The suit alleges that banks like the big four are responsible for misrepresenting mortgage-backed securities to Citizens National Bank and Strategic Capital Bank. Speaking with MReport, FDIC spokesperson David Barr declined to comment on the story. Bank of America and Citigroup reportedly appear as the only defendants cited in all three cases.

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