Discover Financial closes mortgage unit, lays off hundreds in Irvine
Rewards card specialist Discover Financial Services, which got into the mortgage business via an acquisition in 2012, is shutting down its struggling home-lending business and laying off 460 employees,...
View ArticleStudy: Many crisis-scarred homeowners becoming eligible for home loans
Credit tracker TransUnion estimates that 700,000 homeowners whose credit was scarred by missed payments, foreclosures or other negative events during the financial crisis could re-enter the mortgage...
View ArticleRegulators: Wells Fargo, Chase, U.S. Bank still fail mortgage service tests
Four years after pledging to clean up wide-ranging foreclosure abuses, Wells Fargo & Co., JPMorgan Chase & Co. and four other banks still aren’t complying with customer-service standards...
View ArticleJimmy Lee dies at 62; prominent JPMorgan investment banker
The cream of the investment and corporate worlds gathered nearly a decade ago when JPMorgan Chase & Co. celebrated Jimmy Lee's 30 years in the banking business — a seemingly endless list of names...
View ArticleMortgage rates level off at 4% amid positive housing news
Mortgage lenders were offering conventional 30-year loans at an average rate of 4% this week compared to 4.04% a week ago, Freddie Mac's weekly survey showed.
View ArticleGroup drops protest of City National takeover by Royal Bank of Canada
Royal Bank of Canada's planned takeover of City National Corp. in Los Angeles moved closer to reality Wednesday when an advocacy group for minority consumers, churches and businesses reversed course,...
View ArticleAverage rate for 30-year mortgage edges up to 4.02%, Freddie Mac says
Mortgage rates are looking stable amid an improving housing market, with Freddie Mac’s latest survey showing that lenders were offering 30-year fixed-rate home loans this week at an average interest...
View ArticleReport: Banks are meeting mortgage service rules; jury still out on Ocwen
Four giant banks that signed a $26-billion settlement of investigations into abuses of troubled mortgage borrowers appear to be complying with 304 best-practice standards imposed as part of the...
View ArticleJanus buys stake in Kapstream Capital, gaining help for Bill Gross
Bill Gross — the deposed "bond king," formerly of Pacific Investment Management Co. in Newport Beach — acknowledged recently that he was disappointed with his performance for his new employer, Janus...
View ArticleMortgage rates hit high for 2015; 30-year loan averaging 4.08%
The economy's slow improvement is nudging mortgage interest rates higher, with home finance giant Freddie Mac saying the average for a conventional 30-year mortgage rose to 4.08% this week, its high...
View ArticlePimco Total Return still shrinking, 9 months after exit of 'bond king'
Investors withdrew $3 billion last month from Pacific Investment Management Co.'
View ArticleTwo-tier system in mortgage market means higher costs for some borrowers
Even as the housing and mortgage markets are stabilizing, many borrowers with good credit remain shut out of the home loan market or saddled with a new array of fees and extra costs.
View ArticleChase settles many debt collection abuse cases -- but not California's
JPMorgan Chase & Co. will pay more than $200 million to settle allegations that it sold faulty credit card debts to third-party collectors, including accounts with legally flawed judgments and...
View ArticleFreddie Mac: Rates sink on China woes; 30-year mortgage averages 4.04%
Worries over the Greek debt crisis and the swooning Chinese stock market made it a bit cheaper to get a mortgage this week.
View ArticleCentury City investment bank Houlihan Lokey plans to go public
Houlihan Lokey Inc., a boutique Los Angeles investment bank that advises companies on acquisitions during good times and bankruptcies during bad, plans to offer stock to the public.
View ArticleCredit cards: the good, the bad and the subprime lender with 12 fees
If you ever needed proof of the punishment accorded borrowers who fail to pay their debts, a new credit-card survey should fit the bill.
View ArticleFed probes RBC role in City National loan, possibly delaying merger deal
The Federal Reserve is investigating allegations that Royal Bank of Canada teamed up improperly with City National Corp. to make a loan to a client while the proposed combination of the two banks is...
View ArticleL.A. suit accusing Wells Fargo of predatory mortgage lending practices is...
A federal judge dismissed a city of Los Angeles lawsuit accusing Wells Fargo & Co. of violating the federal Fair Housing Act by engaging in predatory mortgage lending practices targeting minority...
View ArticleBanking regulators OK merger of OneWest with CIT Group
Federal regulators approved a New York lender's controversial $3.4-billion takeover of Pasadena's OneWest Bank, a deal that would create a hybrid company with a national commercial lending business and...
View ArticleL.A.'s Banamex to close, pay $140 million in money laundering probe
Banamex USA, a Century City unit of Citigroup Inc. that served customers doing business in Mexico and the U.S., has agreed to shut down and pay $140 million in penalties to settle state and federal...
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