Feds Sue Wells Fargo Over FHA-Insured Loan DefaultsThe federal government has sued Wells Fargo Bank in New York, blaming the nation’s largest originator of home mortgages for thousands of loan defaults over the last decade.
Pelosi Blames House Republicans For Postal Service DefaultAs the U.S. Postal Service was bracing for its first default on billion dollar loan payments due to the Treasury, Minority House Leader Nancy Pelosi placed the blame on inaction by the GOP.
California Mortgage Defaults Hit 13-Month HighThe real estate tracking firm RealtyTrac recorded a 17 percent increase in default notices in California during October, a sign the housing market has yet to hit bottom despite a marked improvement from 2010.
California-Based Lawyers Accused Of Loan Lawsuit ScamCalifornia prosecutors have filed a major lawsuit against several lawyers and call center operators for allegedly running a nationwide scam to dupe desperate homeowners into paying thousands of dollars to join dubious lawsuits against the country’s largest banks.
Budget Deal Could Jeopardize Bay Area High Speed RailFunding for high speed rail, which remains uncertain, could be further jeopardized by the budget deal that avoided default.
SJSU Professor Says Default Preferable To Debt DealSan Jose State Economics Professor Jeff Hummel has said it would have been a good thing if the government had defaulted on its debt.
California Mortgage Default Notices Drop To 4-Year LowMortgage default notices in California have dropped in the second quarter of 2011 to their lowest level in four years.
Foreclosure Process Slowing Down In Silicon Valley The latest numbers show that fewer homes in Silicon Valley are being foreclosed on, but that may not necessarily be a good thing.
Wells Fargo 4th Quarter Profit Jumps, Aided By Lower ReservesWells Fargo & Co., one of the largest lenders to consumers among U.S. banks, on Wednesday said its fourth-quarter profit shot up, as its customers payment habits improved and it was able to lower the amount of reserves set aside to cover souring loans.
Wells Fargo Erred In Thousands Of ForeclosuresWells Fargo admitted Wednesday it made mistakes in the paperwork for thousands of foreclosure cases and promised to fix them.
California Default Notices Crept Higher In Third QuarterMortgage default notices in California have edged up from last quarter for the first time since early last year but remain below their year-ago numbers.