Citigroup Monday said it reached an agreement with a group of 18 institutional investors to pay $1.125 billion to settle claims on some mortgage-backed securities sold ahead of the financial crisis.
Wells Fargo said Wednesday it had agreed to pay $335 million to settle claims by Fannie Mae and Freddie Mac that it overstated the quality of mortgage securities it sold them.
Obama's recent proposal to wind down Fannie Mae and Freddie Mac and give the private sector a monopoly on issuing mortgage-backed securities came under fresh scrutiny on Monday after previously-sealed court documents in USA et al v. American Home Mortgage Servicing Inc et al revealed that many mortgage-backed security issuers never had legal title to the mortgages backing their securities, David Dayen at Salon reports.
US officials have launched an independent review process in which individuals can challenge foreclosures carried out by 14 major lenders in the wake of the 2008 financial crisis.
WASHINGTON — Federal Reserve policymakers viewed the US economy's outlook as particularly clouded, and some wanted to ramp up large-scale asset purchases, according to the minutes of their last meeting published Wednesday.
WASHINGTON — The internal procedures of one of the world's top three ratings agencies appear to allow leaks of its decisions, according to a report by the US Securities and Exchange Commission (SEC).
