Home >> Tag Archives: Top Corporate Headlines 2011

Tag Archives: Top Corporate Headlines 2011

Big Four Release Earnings, Citing Economy, Litigation

Litigation fees, bold restructuring moves, and new regulation helped shape earnings figures over the third quarter for the nation's largest lenders and financial institutions in October. Along with numerous other banking holding companies and investment firms, Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo released their reports to the media and investors over the past two weeks. The results: more mortgage lenders continue to exit the business, while financial institutions stepped up the public debate against onerous regulations.

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New President for NexGen

New

NexGen Compliance Solutions, LLC, has named a new president with the appointment of Cheri Shine to the position. Shine will take over from the current head of the company, Jeff Adam, who is departing NexGen to open his own financial consulting firm. Formerly NexGen├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós executive vice president, Shine boasts more than two decades in the mortgage business, and she has held diverse roles throughout the industry, including previous experience in lending and title vendor management.

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MetLife May Sell Stake in Originations, Citing Regulations

While it shreds other banking assets, MetLife may soon sell the share of mortgage originations it owns in the marketplace, marking another major selloff for the life insurer as federal regulators advance new rules and compliance measures for lenders. A MetLife spokesperson tells MReport that the life insurer will continue to originate reverse mortgages as it looks for a buyer for the MetLife Home Loans division. The move follows a decision by Bank of America to shut down its correspondent lending unit.

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Big Banks Sued for Allegedly Bilking Veterans, Taxpayers

In yet another blow to major mortgage lenders, two brokers unveiled suits Monday against a string of companies alleging the defendants bilked veterans out of millions by hiding illegal fees under other charges for their refinance loans. Quickly emerging as a hot-button topic inside the Beltway, with some pointing fingers at federal agencies, the suit joins a pack of other litigation on the way for big banks. The matter involves the Interest Rate Reduction Refinancing Loans program for veterans.

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B of A Moves to Shut Down Correspondent Lending Unit

An inconclusive search for a buyer will lead Bank of America to shutter the mortgage correspondent unit it had originally hoped to sell. The move means the mortgage giant will wipe its hands of the correspondent business by yearend, with a series of transitions in store for the 1,200 or so employees currently on the payroll. It also tracks a broader strategy deployed by the bank to trim billions in expenses, shore up liquidity, and fend off suits over mortgage-backed securities from federal agencies.

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FHFA Sues 17 Companies Over MBS Losses

Acting on behalf of Fannie Mae and Freddie Mac, the Federal Housing Finance Agency filed suits Friday against 17 of the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós largest banks and firms to recover losses stemming from mortgage-backed securities. At stake: tens of billions of dollars in assets, according to market watchers. Multiple news outlets fixed losses in mortgage-backed securities for the GSEs at $41 billion. The federal agency announced that it filed the suits on behalf of the GSEs in a New York federal court.

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U.S. Bank Sues BofA Over $1.75B in MBS

US Bancorp joined a field of investors taking issue with the $1.75-billion deal proposed by Bank of America, filing suit to recover losses over alleged falsifications, according to multiple news outlets. Following a filing in New York by the FDIC Monday, the suit emerges as the newest in a barrage of legal maneuvers to hit the bank over bad mortgage-backed securities. The litigation, which Bank of America continues to fend off as it seeks to finalize a $8.5-billion settlement, concerns loans allegedly misrepresented by Countrywide.

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BofA Sells Mortgage Rights to Fannie Mae

In an endeavor to get ahead of mortgage-related woes from the financial crisis, mortgage giant Bank of America has offered to sell a chunk of its mortgage portfolio servicing rights to GSE Fannie Mae, according to the Wall Street Journal. The sale of bad loan rights to the government entity may shift new bulk onto federal balance sheets at a time when the GSE recently posted second-quarter losses and announced plans to petition the government for more taxpayer funds.

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