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Time To Act: Mortgage Rates Likely To Rise Over Next Few Months

Time To Act: Mortgage Rates Likely To Rise Over Next Few Months

Wells Fargo Must Act Big To Restore Its Credibility

The latest mess at Wells involves, they say, a computer glitch. The bank developed software to decide whether homeowners qualified for reduced mortgage payments or interest rates under a federal program created during the mortgage crisis. But the software crunched the numbers wrong for some people who were seeking help.

As a result, between 2010 and 2015, Wells denied help – or didn’t offer it in the first place – to about 625 homeowners. The bank ended up foreclosing on at least 400 of those homes. 

So the bank has set aside the $8 million to pay those original 625 homeowners at least some of what they lost. (That comes out to $12,800 per home, although it’s not clear if that comes anywhere near matching the loss.) The whole thing might be an honest mistake. Which makes it different from some of the other mistakes Wells has made over the past few years. Those are more the dishonest kind.

Less than two weeks ago, the Justice Department fined Wells more than $2 billion for, among other things, giving false information about the terrible subprime mortgages that got repackaged with other terrible mortgages into giant terrible mortgage sandwiches that investors gladly swallowed, thinking the filling was chicken salad instead of … you know.

RBS faces $4.9B settlement over mortgage-backed securities

The Justice Department this week announced a $4.9 billion settlement with The Royal Bank of Scotland Group RBS) resolving federal civil claims that it misled investors in the underwriting and issuing of residential mortgage-backed securities (RMBS) between 2005 and 2008.

The penalty is the largest imposed by the Justice Department for financial crisis-era misconduct at a single entity under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, which authorizes the federal government to seek civil penalties against financial institutions that violate various predicate criminal offenses, including wire and mail fraud.

“Many Americans suffered lasting economic harm as a result of the 2008 financial crisis,” Acting Associate Attorney General Jesse Panuccio said in a statement. “This settlement holds RBS accountable for serious misconduct that contributed to that financial crisis, and it sends an important message that the Department of Justice will pursue financial institutions that illicitly harm the American economy and our consumers.”

Can a letter of hardship apply toward Mortgage forgiveness Act?

I am looking to move closer to my job, which I currently commute 200 miles on a daily round trip. My current property is $200k under my purchase price. I plan on trying to rent my home or I will probably attempt to short sale it.

If you chose to buy a home 200 miles to job, that's a choice you made, your election, hardship you chose. Now if you got transferred after purchasing home, then it's a hardship.