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Tag Archives: Citigroup

Wells, Citi, and PHH Maintain Foreclosure Procedures Are Sound

All the news of flawed, perhaps fraudulent, foreclosure paperwork has many worried that housing's feeble recovery could quickly derail. A number of large lenders have frozen foreclosure actions and REO sales, but there are several major names that are standing by initial claims that their foreclosure affidavits are legitimate. Wells Fargo says its process is ""sound"" despite a newly uncovered deposition by a self-proclaimed robo-signer and former employee. Citigroup and PHH Mortgage also say they have no reason to stop foreclosures in process.

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NAR Meets with Major Lenders on Short Sales and REO Disposition

The National Association of Realtors (NAR) is holding meetings with the nation's four largest lenders to address growing concerns about their processes for short sales and selling REO homes. The trade group's leadership team has already met with representatives from Bank of America and Wells Fargo to discuss, as NAR put it, ""the problems Realtors face every day when working to get deals to the closing table."" Meetings are scheduled later this year with Chase Home Mortgage and CitiMortgage.

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Ohio Attorney General Files Fraud Suit Against GMAC Mortgage

The foreclosure paperwork gaffe at GMAC Mortgage has garnered heavy attention from the highest legal counsels in states across the country, and at least one attorney general is pressing charges. In a lawsuit filed Wednesday against GMAC Mortgage and Ally Financial, Ohio Attorney General Richard Cordray accuses the loan servicer and its agents of filing fraudulent affidavits in an attempt to mislead Ohio's courts. He is seeking a preliminary foreclosure injunction, $25,000 for every violation, and consumer restitution.

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OCC Orders Largest Servicers to Review Foreclosure Processes

One of the nation's foremost banking regulators has issued a directive to large mortgage servicers, ordering them to reassess their procedures for foreclosing on defaulted borrowers. John Walsh, head of the Office of the Comptroller of the Currency (OCC) told lawmakers that he contacted seven institutions his agency supervises, after several large lenders announced a halt on foreclosures in states where filings might contain erroneous paperwork and preparers may have broken the law in their haste to process large volumes of cases.

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REOs the Topic du Jour in Washington

Neighborhoods across the country are riddled with empty bank-owned homes and unoccupied foreclosures that erode neighboring property values and open the door for blight and criminal activity. The nation's glut of vacant REOs took center stage in Washington Wednesday. HUD announced a new nationwide REO ""First Look"" program, in partnership with the nation's largest mortgage lenders, and it was the first of a two-day Federal Reserve summit to examine the community impacts of foreclosed and vacant properties.

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Four Major Banks Could Be Hit with $180B in GSE Loan Buybacks: Fitch

About 50 percent of the loans held by Fannie Mae and Freddie Mac come from the nation's four largest banks - Bank of America, JPMorgan Chase, Wells Fargo, and Citi. Lately, the GSEs have become more aggressive in forcing originators to buy back bad loans. Based on Fannie and Freddie's current ""distressed"" numbers (a combined $354 billion in delinquent mortgages and REOs), Fitch Ratings estimates that the big four could be on the hook to repurchase as much as $180 billion in nonperforming assets.

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Federal Judge Rejects Citi’s $75M Settlement with SEC

A federal judge is refusing to sanction an agreement between Citigroup and the Securities and Exchange Commission (SEC) to settle charges that the company misled investors about its exposure to subprime home loans, even as the subprime market began to unravel. Citi agreed to pay a $75 million penalty to settle the charges, but at a hearing this week, a U.S. district judge asked how the parties could expect her to ""find this reasonable and fair.""

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Goldman Sachs and Citigroup Ready $788M CMBS Offering

The two corporate names linked in recent weeks to high-profile settlements with the Securities and Exchange Commission (SEC) over questionable practices related to mortgage investments are teaming up to bring to market the year's third multi-borrower bond backed by commercial real estate. Goldman Sachs and Citigroup are putting together a $788.5 million commercial mortgage-backed security (CMBS) offering comprised of debt from 48 retail and office properties.

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Citi Charged with Misleading Investors about Subprime Exposure

The Securities and Exchange Commission (SEC) on Thursday charged Citigroup Inc. with misleading investors about the company's exposure to subprime mortgage-related assets. The SEC also charged former CFO Gary Crittenden and Arthur Tildesley, Jr., currently the head of cross marketing at Citigroup, for their roles in causing the company to falsely state in an SEC filing that its subprime exposure was a quarter of what it really was in 2007, just as the mortgage market was rapidly deteriorating.

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