Bank layoffs might thrill Occupy Wall Street

A recent article on Equities.com by Brittany Barrett tells us which Wall Street Banks are laying off the most people. Our Lender watch articles reflect layoff announcements as they happened, but Barrett puts figures all in one place. You might find the results both interesting and revealing. Morgan Stanley (MS): The most recent of the …

New suit alleges deceptive foreclosure practices

SPRINGFIELD, Mass. (WWLP) – This week, Massachusetts slapped a huge lawsuit on five major U.S. banks. The lawsuit claims the banks’ shady practices have contributed to people illegally being removed from their home. State Attorney General Martha Coakley says she is not going to wait any longer to hold banks accountable for allegedly deceptive foreclosure …

NY attorney general investigating eight banks

The New York attorney general has begun an investigation into eight banks to determine whether they provided misleading information to agencies that rate mortgage securities, The New York Times reported on Thursday. New York Attorney General Andrew Cuomo’s office issued subpoenas late on Wednesday notifying the banks of his investigation, the Times reported on its …

Advice for those applying for a HAMP mortgage modification

From our Saxon Mortgage watchdog and consumer advocacy website comes this information concerning the HAMP program. The information was submitted by a HAMP applicant who initially was told of missing paperwork. The complaint is frequently heard about mortgage servicers including Saxon Mortgage. Citigroup had similar complaints about missing paperwork. Here is a detailed report from …

Citigroup hires 1400 people while Saxon adds 30

A few months ago Morgan Stanley said Saxon Mortgage would hire “up to thirty people” to help with Saxon’s backlog. Somehow Saxon claims to lead the field with 25 percent of mortgages modified. Something is wrong with those numbers. Citigroup today unveiled data on its efforts to help people avoid foreclosure. Bloomberg reports the company’s …