Santander Payment Protection Insurance Busted

What do HSBC and Santander have in common? Aside from Santander buying HSBC’s auto loan business in the U.S., they both have insurance problems. Santander UK yesterday revealed that its half year profits had dropped after it set aside more cash to cover claims over the mis-selling of payment protection insurance (PPI). In the six …

Almost 9 percent of U.S. homeowners missed a payment

The Mortgage Bankers Association said Monday that 8.44 percent of homeowners missed at least one mortgage payment in the April-June quarter. That figure, which is adjusted for seasonal factors, rose 0.12 percentage point from the January-March period of 2011. In a normal market, the percentage of delinquent borrowers is about 1.1 percent, according to the …

Deutsche Bank sued over MortgageIt lies

We already know that Deutsche Bank is the investor for many Saxon Mortgage home buyers. We also know Deutsche Bank was involved in many bad Ohio mortgages. Now we know the bank, which bought MortgageIt, was less than truthful there too: Deutsche Bank AG knew in 2006 that a mortgage company it was preparing to …