Wells Fargo is laying off workers from its mortgage unit, the latest sign that the mortgage refinancing boom has cooled.
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.
Two banks are suing the city of Richmond over its plan to invoke eminent domain to help struggling homeowners refinance into new mortgages in line with their homes’ current value.
A Wells Fargo bank in Burlingame was robbed Saturday afternoon. The suspect is described as a white male, approximately 35 to 45 years old, standing 6 feet tall and weighing 175 pounds.
Lower expenses and fewer bad loans helped lift Wells Fargo’s second-quarter profit by 20 percent, the company reported Friday.
The FBI and authorities were looking into whether it is tied to three other recent similar crimes in San Francisco and Millbrae.
The FBI and local authorities are asking for the public’s help in identifying three men who allegedly robbed two banks in San Francisco and Millbrae on Monday as well as another San Francisco bank in April.
More than 200,000 Californians will each receive checks worth nearly $1,500 this month as part of the national mortgage settlement, the state attorney general’s office said Tuesday.
The nation’s biggest U.S. mortgage lender, based in San Francisco, said Tuesday that its next dividend is payable June 1 to shareholders of record on May 10.
San Francisco-based Wells Fargo, the nation’s biggest mortgage lender, said its first-quarter profit surged 23 percent after the bank cut expenses.