lending
Public Banking
California Gov. Gavin Newsom signed a bill Wednesday allowing local governments to form local or regional banks to provide infrastructure funding and lending to local institutions not already being serviced by other banks.
Read moreFalse Claims
Federal prosecutors claim Lakeway Regional Medical Center, et al., of Texas, cost the Department of Housing and Urban Development $172 million by “conspir(ing) to make numerous false statements and material omissions during the application process,” for a loan to open a hospital, which failed and defaulted.
Read moreFrom Prison, Shkreli Accuses Ex-Mentor of Fraud
Lodging his second federal complaint from behind bars Friday, former pharmaceutical wunderkind Martin Shkreli is taking aim at a man who testified against him at his securities fraud trial.
Read more
China Eases Up on Banks to Boost Economy
China’s central bank Friday announced it was cutting the reserve requirements for banks, in a bid to boost lending and bolster the slowing economy.
Read moreWells Fargo
Reversing, a California appeals court found that Wells Fargo’s mortgage modification contract was ambiguous, as the borrower claims, about the bank’s ability to demand a balloon payment after completion of the temporarily lowered mortgage payments.
Read moreWells Fargo
A federal judge refused to dismiss a lawsuit Sacramento filed against Wells Fargo bank, accusing it of offering bad, misguided loans to minority homebuyers during the Great Recession, thereby denying the city tax revenue.
Read moreCondo Mortgages See Boost From Federal Housing Agency
The Federal Housing Administration will now back more loans for Americans interested in buying their first condominium, after announcing new guidelines Wednesday for the types of insurable financing.
Read morePrivate-Equity Firms Emerge in Warren’s Crosshairs
The private-equity industry needs a complete overhaul, Senator Elizabeth Warren said Thursday, unveiling a new policy initiative for her 2020 presidential campaign.
Read moreUsed Cars
A federal judge confirmed an arbitrator’s award of $35,000 in punitive damages against a used car dealer for having written a higher income to pressure a customer into a substantially more expensive credit deal despite having the customer’s pay stubs in its possession.
Read moreDrive-By Inspections
A class action accuses Ocwen Loan Servicing of charging homeowners for drive-by “inspections,” even when there was no report to show that an inspection occurred, in Palm Beach County Court.
Read moreFeds Say Bank CEO Bent the Rules for Trump Job
A federal indictment unsealed Thursday against Federal Savings Bank founder and CEO Stephen Calk says the ex-economic adviser to the Trump campaign tried to bribe his way into a senior position in the administration.
Read moreIllegal Loans
North Carolina claims in court Approved Financial made more than 380 illegal loans at interest rates typically between 120% and 200% though the state limit for unlicensed lenders is 16%.
Read moreDodd-Frank Act
The California Reinvestment Commission sued the Consumer Financial Protection Bureau and its director for failing to collect and publish data on loan applications for women-owned, minority-owned and small businesses, as required by the Dodd-Frank Act.
Read moreMortgages
A federal judge remanded to state court some claims in which CMG Mortgage is accused of failing to modify the homeowners’ loan after they obtained $100,000 in mortgage assistance from the Keep Your Home California state program.
Read moreWells Fargo
Reviving fair-housing claims, the 11th Circuit ruled that Miami plausibly alleged Wells Fargo’s discriminatory mortgage-lending practices injured the tax base, resulting in “a disproportionate and excessive number of defaults by black and Latino homebuyers.”
Read moreLenders Who Bought Into NFL Concussion Settlement Score Reversal
In a reversal where the court itself noted the potential for exploitation by usurious lenders, the Third Circuit ruled Friday that NFL players were entitled to trade their shares of a $1 billion concussion settlement for a quick cash payout.
Read more