The 2010 United States foreclosure crisis, sometimes referred to as Foreclosure-gate or Foreclosuregate, refers to a widespread epidemic of improper foreclosures initiated by large banks and other lenders. The foreclosure crisis was extensively covered by news outlets beginning in October 2010, and several large banks, including Bank of America, JP Morgan, Wells Fargo, and Citigroup.
A few weeks after both the Senate and House held hearings on the scandal in September 2016-where Wells Fargo CEO John stumpf faced tough grilling from Republicans and Democrats alike-the bank’s board fired him, rescinded $41 million of unvested stock he had been awarded, and replaced him with Tim Sloan, a 30-year veteran of the San.
· Foreclosure Scandal Shows Need for Consumer Agency.. For the first time, banks and non-bank lenders (such as payday lenders, check cashers, and mortgage brokers) will be subject to the same federal oversight to ensure that they are all playing by the same rules-no more turning sideways and slipping through the regulatory cracks.
by Marian Wang, ProPublica The unfolding foreclosure scandal just keeps expanding. Scrutiny first fell on the “robo-signers” who rubber-stamped banks’ foreclosure paperwork, but they’re one of the many players who may have contributed to the mess.To help sort it all out, we’ve drawn up a cast of characters. Let’s start with the basics: Loan Originators/Mortgage [.]
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The foreclosure scandal erupted in 2011 after it was discovered that many. shorter timetable than the original review," said Marcey Zwiebel, spokeswoman for PNC Bank. She added that PNC’s payment. For investors seeking good, stable earnings, a stock like Royal Bank of Canada (TSX:RY. as it is still not at the price it.
The Foreclosure Settlement Scandal: It’s All About Paying Former Regulators Billions.. The bank agreed to pay $185 million in penalties and $5 million to customers in that case and then fired 5,300 people over the scandal,