The mayor of a financially struggling East Bay city and several supporters showed up unannounced Thursday at Wells Fargo Bank’s headquarters to demand it drop a lawsuit fighting a novel plan to refinance hundreds of “underwater” mortgages.
The city is the first in the country to take the step of threatening eminent domain to handle underwater mortgages.
AC Transit foreclosed on the home in July, six months after former GM Rick Fernandez stopped making his loan payments.
Wells Fargo has reported higher earnings for the second quarter thanks to a pickup in lending and a decline in the amount of bad loans.
When you buy a car, you think it’s yours to keep. But a certain form of financing may lead to a call from the dealer asking for a higher payment or to bring the car back.
The clock is ticking for students who have taken out subsidized federal loans for college as an interest rate reduction is set to expire.
Wells Fargo said its first-quarter profit jumped 13 percent on strong mortgage lending and a drop in delinquent loans.
A Vallejo man who ran a mortgage scam from a Deli in Benicia has been forced to repay his victims. Rocky Prasad was convicted of two counts of grand theft for falsely offering mortgage loans to two Santa Clara County home-buyers.
An interest-free loan that’s forgiven after five years has done little to entice San Francisco police officers to buy homes in the city.
A northern California man has been indicted by a federal grand jury for stealing $2 million from an educational nonprofit.