Wisconsin Banking Update
Providing banking news in Wisconsin that Wisconsin Bankers can use. Keep on top of all the banking issues that are affecting Wisconsin in one place. If you would like to receive these updates by email please subscribe by entering your email address on the right. There is no cost and no obligation.
-
MGIC No Stranger to B of A Issues
Posted on October 22nd, 2010 No comments“The recent hubbub over Bank of America’s ‘foreclosure gate’ scandal can’t be surprising to Milwaukee-based MGIC Investment Corp, which has tangled with the mega-bank for nearly a year over what MGIC considers faulty or fraudulent mortgage documents,” wrote banking reporter Rich Kirchen in the Business Journal’s Milwaukee Biz Talk blog.
-
Chase, B of A, Wells Lead in Foreclosures
Posted on October 13th, 2010 No commentsThe nation’s Big Three of banking have the most homes in foreclosure, according to research firm SNL Financial. J.P. Morgan Chase has $19.5 billion, or 7.5 percent of its one-to-four family mortgages, in foreclosure. Bank of America has $18.7 billion, or 4.39 percent, and Wells Fargo has $17.5 billion, or 4.74 percent. Chase and Wells Fargo have sizable deposit market shares in the Milwaukee area. Read the article in the Business Journal of Milwaukee. -
Wisconsin Joins Mortgage Investigation
Posted on October 13th, 2010 No commentsWisconsin officials have joined a nationwide investigation into whether mortgage servicers improperly submitted documents used to foreclose on homeowners around the country, an issue that could further delay the revival of the housing market. Read more in the Milwaukee Journal Sentinel or the Business Journal of Milwaukee. -
Milwaukee Council Plans Foreclosure Resolution
Posted on October 11th, 2010 No commentsMilwaukee Common Council members plan to introduce a resolution calling for a nationwide moratorium on foreclosures. Ald. Michael Murphy, the measure’s lead sponsor, said all mortgage lenders should follow the lead of Bank of America, which recently suspended foreclosures. Read the Milwaukee Journal Sentinel article. -
No Foreclosure Moratorium for Wells Fargo
Posted on October 8th, 2010 No commentsWells Fargo has no plans to adopt a foreclosure moratorium despite Bank of America’s and other banks’ decisions to halt all foreclosures, the Business Journal of Milwaukee reported.
-
PNC Financial Also Suspends Foreclosures
Posted on October 8th, 2010 No commentsPNC Financial Services Group Inc. joined Bank of America Corp., JPMorgan Chase & Co. and Ally Financial’s GMAC Mortgage Unit in stopping mortgage foreclosures and evictions for a month so it can review whether documents it submitted to courts complied with state laws, the Small Business Times of Milwaukee reported. -
Wis. Foreclosure Filings Back Up Again
Posted on October 4th, 2010 No commentsThe foreclosure crisis reasserted itself in September, setting a one-month record for filings in Wisconsin. A preliminary count by Madison-based ForeclosureAlarm.com shows there were 2,942 foreclosure filings, up about 5 percent from 2,803 in September 2009, the Milwaukee Journal Sentinel reported. -
M&I Continues Foreclosure Moratorium
Posted on October 1st, 2010 No commentsMarshall & Ilsley Corp. said Friday it has extended its mortgage foreclosure moratorium again – the seventh three-month extension since late 2008, the Milwaukee Journal Sentinel reported.
-
JPMorgan Chases Postpones Foreclosures
Posted on October 1st, 2010 No commentsJPMorgan Chase & Co. is asking that rulings be postponed in some pending foreclosures so the bank can review statements. New York-based Chase is looking at filings again because it learned that some of its employees had not reviewed underlying records before signing affidavits. About 56,000 foreclosures are affected by the delay, the Business Journal of Milwaukee reported.
-
Well-Publicized Subprime Mortgage Cancelled
Posted on September 24th, 2010 No commentsMore than three years after he says he was duped into buying an inner city house and taking out a subprime mortgage loan, buyer Pedro Medellin is off the hook. Central States Mortgage Co., the now-closed mortgage lender, agreed to agreed to cancel the $103,500 mortgage Medellin took out in 2007. Medellin, a Waukesha bank teller, said he was tricked into buying the house when he thought he was just filling out a lengthy job application, according to the Milwaukee Journal Sentinel.