Tag Archives: Wells Fargo

Wells Fargo and JPMorgan have agreed to pay a combined $35.7 million in penalties and redress over their roles in an alleged kickback scheme with a Maryland title company, according to an announcement from the Consumer Financial Protection Bureau (CFPB) on Thursday.

Two of the nation's largest mortgage lenders, JPMorgan Chase and Wells Fargo, reported year-over-year increases in their net incomes for 2014, according to the banks' respective earnings statements released on Wednesday. JPMorgan Chase reported a record net income of $21.8 billion for the full year of 2014, up from 2013's net income of $17.9 billion. The firm's earnings per share for 2014 was $5.29, which was also a record (for 2013, earnings per share was $4.35). Revenue experienced s slight decline, however, from $99.8 billion in 2013 down to $97.9 billion in 2014.

Cook County, Illinois, home of the third most populated city in the U.S., has filed a lawsuit against Wells Fargo, accusing the nation's largest residential mortgage lender of predatory lending practices.

Settlement talks between Wells Fargo and the U.S. government over alleged mortgage insurance fraud have stalled, according to a media report.

Wells Fargo and Ocwen Financial have mutually agreed to cancel the sale of billions of dollars residential mortgage servicing rights after New York's top financial regulator put the deal on hold, according to multiple reports.

While home sales prices posted moderate gains in September, the housing market recovery as a whole is moving slowly, according to the Wells Fargo Economics Group Housing Wrap Up for October 2014.

Wells Fargo & Company is teaming with several housing organizations to announce the formation of the Cincinnati chapter of the Wells Fargo NeighborhoodLIFT program, an initiative designed to offer $5.2 million from Wells Fargo to improve Cincinnati neighborhoods and increase homeownership in the area.

Mortgage banking net income was $439 million, down $266 million from a year ago and $270 million from the prior quarter. Much of the year-over-year decline stemmed from a reduced benefit from credit loss provisions—$19 million compared to last year's $1 billion.

Now that the overall economy is on more solid ground, Wells Fargo economists suggest that housing may soon follow in its footsteps, according to Wells Fargo's Housing Chartbook for October 2014 released on Thursday.

The U.S. Department of Housing and Urban Development (HUD) has reached a $5 million settlement with Wells Fargo Home Mortgage, the largest provider of residential mortgage loans in the nation, to resolve allegations that Wells Fargo discriminated against women who were either pregnant or on maternity leave, HUD announced Thursday.