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Tag Archives: Citigroup

Standard & Poor’s Announces Servicers Must Prove Compliance

Ratings agency Standard & Poor's says mortgage servicers must provide documentation that their foreclosure processes are in compliance with foreclosure laws, or risk receiving a revised outlook or rating from the company. Many mortgage servicers have been under scrutiny recently because of reports of ""robo-signing."" S&P says it expects all residential servicers in its Select Servicer program to prove their compliance with proper foreclosure affidavit procedures by the end of first quarter of 2011.

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Bank of America Gets Low Marks for Delinquency Resolution

The time mortgage loan servicers take to resolve delinquent loans through modification or foreclosure varies widely. According to an analysis by Moody's Investors Service, Bank of America has demonstrated the weakest performance measured both by its speed in resolving the status of delinquent loans and by its proportion of delinquent loans that have yet to be resolved. The ratings agency found that GMAC Mortgage, on the other hand, has generally performed better than its peers.

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Treasury Divests Ownership Stake in Citi with $10.5B Stock Sale

The U.S. Treasury Department has priced a public offering of its remaining 2.4 billion shares of Citigroup Inc. common stock at $4.35 per share, bringing the government's ownership of the nation's third largest bank to an end. The deal should yield about $10.5 billion. Treasury expects to reap total proceeds of $57 billion from its $45 billion investment in Citigroup, netting a tidy $12 billion profit for taxpayers for the bank's bailout. The total amount of TARP funds returned to taxpayers now exceeds $261 billion.

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Citigroup to Re-File 14,000 Foreclosure Affidavits

A Citigroup official says the company's review of foreclosure cases has uncovered some 14,000 affidavits that will likely need to be re-filed with the courts. Since the paperwork controversy surfaced and triggered foreclosure suspensions by several major mortgage servicers, Citi has been unwavering in its claims that the foreclosure processes it has in place are ""sound."" The company says for the most part, it has been able to steer clear of the robo-signing mess because of a restructuring that began more than a year ago.

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Wells Fargo to Pay Citi $100M in Wachovia Settlement

Wells Fargo says it has agreed to pay Citigroup $100 million to settle claims related to a dispute over Wells' 2008 acquisition of Wachovia. Wells Fargo and Citi found themselves in a bitter tug-of-war over the troubled North Carolina lender when regulators stepped in to engineer a take-over of Wachovia ahead of the institution's impending collapse from souring real estate loans. Wells Fargo won out with a $15.1 billion offer for Wachovia. Citi subsequently sued alleging breach of contract and was originally seeking $60 billion in damages.

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New York City Comptroller Wants Banks to Perform Independent Audits

New York City Comptroller John C. Liu has called on the directors at Bank of America, Wells Fargo, JP Morgan Chase and Citigroup to conduct an independent audit of their mortgage and foreclosure practices. Liu, who is a trustee of the New York City Pension Funds called upon the banks to perform the audit on behalf of the group.

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J.D. Power and Associates Survey Shows Borrower Satisfaction Declining

A study released Thursday by J.D. Power and Associates shows that the time from submission of a mortgage application to approval time has increased by more than a week when compared to a year ago, despite changes in RESPA guidelines intended to streamline the process. J.D. Power says this longer timeline has had a negative impact on borrower satisfaction. The nation's largest mortgage lenders - BofA, JPMorgan, and Citi - ranked lowest in the firm's customer satisfaction survey.

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Citi Sells Real Estate Investment Group to Apollo Global

Citigroup Inc. has found a buyer for its real estate investment management group, Citi Property Investors (CPI). Apollo Global Management says one of its affiliates has completed the acquisition of the Citi investment unit. Terms of the transaction were not disclosed. Citigroup has been selling off various assets and businesses to shore up its operations and help repay the $45 billion in took in bailout money from the federal government. CPI had assets under management of over $3 billion as of June 30.

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Wells Fargo Ranked Top Mortgage Originator, BofA Largest Servicer

Industry data released Monday shows that the biggest originator of home loans is based on the West Coast, while the biggest mortgage servicer is based on the East Coast. With more than $100 billion in new home loans, Wells Fargo held onto the top spot among mortgage originators during the third quarter of this year. Bank of America took the lead spot in the mortgage servicer rankings, with just over $2 trillion in residential home loans in its servicing portfolio as of September 30th.

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Nation’s Biggest Banks Each Hold over $20B in Foreclosures: Report

New data released this week shows that the nation's largest banks are holding monstrous volumes of soured home loans. According to an analysis by Weiss Ratings, JPMorgan Chase, Bank of America, and Wells Fargo each reported more than $20 billion in single-family mortgages currently foreclosed or in the process of foreclosure as of midyear. In addition, for each dollar these banks held of mortgages in foreclosure, there were another $2 in loans in the pipeline that were 30 days or more past due.

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