4th Bank Failure of 2016
For the fourth time this year, a federally insured bank has failed. This time it was a financial institution out of the South.
FDIC Settlement Nets Chase Over $600 Million
A settlement reached between JPMorgan Chase & Co.'s banking unit and the Federal Deposit Insurance Corp. will cover more than $600 million in litigation costs paid by the bank.
Mortgage M&As Move Forward
A home lender that focuses on the Hispanic market recently received an equity injection. Two other mortgage businesses were acquired, while another is part of a bank acquisition.
Mortgage Servicer Defrauds Ginnie
The president of a servicer has been charged with stealing nearly $3 million from loans included in mortgage-backed securities guaranteed by the Government National Mortgage Association.
Arch M.I. to Buy Far Bigger Rival United Guaranty
With the upcoming acquisition of its much larger rival, Arch Mortgage Insurance Co. will become the biggest mortgage insurance company in the industry.
Sterling Bancorp Unloads Mortgage Business
Sterling Bancorp has followed through with its plan to sell its mortgage business. The buyer in the transaction is a non-bank that ranks among the nation's biggest home lenders.
Bankers Charged With TARP Crimes Reach 80
Eighty executives of banks that received funds from the Troubled Asset Relief Program have so far been charged with crimes.
EverBank Sale Unveiled
A deal to acquire EverBank Financial Corp. has been disclosed. The per-share price of the transaction puts the value at $2.5 billion.
PHH Home Lending, Delinquency Up as Losses Decline
Quarterly residential loan originations picked up at PHH Mortgage. While the company cut its losses, delinquency rose and the servicing portfolio declined.
Mortgage Closures Include Wholesale, Correspondent
A correspondent investor, wholesale lender and bank were among recent mortgage-related entities to meet their end. A failed credit union is back, though.