JPMorgan Chases Postpones Foreclosures

JPMorgan 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.

Settlement Reached in Housing Lawsuit

Plea Deal Reached in Embezzlement Case

Developer Sues M&I Over Agreement

Subdivision developer Simon Group is suing M&I Bank over an agreement reached earlier this year that allowed the bank to take back several undeveloped properties to settle 15 foreclosure cases. In the suit, Simon Group alleges that M&I did not follow the conditions of the agreement, according to the Business Journal of Milwaukee.

Falbo Leaves Nebraska Bank; Named in Suit

After a three-month stint leading TierOne Corp., former Associated Bank and State Financial Services executive Michael Falbo has left the Nebraska bank and now has been named as a defendant in a class-action lawsuit, according to the Business Journal of Milwaukee.

Wis. Court Approves Ambac Settlement

A Lafayette County, Wis., circuit court judge approved a deal in which 14 of the world’s largest banks will receive $2.6 billion in cash and $2 billion in debt as part of the restructuring of Ambac Assurance Corp. Ambac, a spinoff of MGIC Investment Corp. and an insurer of municipal bonds and bonds backed by subprime loans, owes the banks a total of $12.9 billion. Read the Milwaukee Journal Sentinel article.

Four Indicted in $8M Mortgage Fraud

A Sun Prairie tax preparer, a Madison bank loan officer and a real estate agent cooked up more than 50 fraudulent mortgage loans worth more than $8 million, according to an indictment issued Thursday by a federal grand jury in Madison. Read the Wisconsin State Journal article.

NAACP Drops Mortgage Suit Against Wells

The NAACP has dropped a lawsuit that accused Wells Fargo & Co. of steering African-American homeowners into subprime mortgages, the Business Journal of Milwaukee reported.

Associated Included in Class-Action Suit

A class action lawsuit filed Friday in U.S. District Court questions the way that Green Bay-based Associated Bank calculates and charges overdraft fees when customers use debit cards. Other banks in the lawsuit include bank of America, Citibank, JPMorgan Chase, Union Bank, U.S. Bank, Wachovia and Wells Fargo, the Wisconsin State Journal reported.

B of A Mortgage Policy Could Benefit MGIC

Bank of America, the largest mortgage servicer in the country, will forgive up to 30 percent of some customers’ total mortgage balance. It’s a move that could also benefit Milwaukee-based mortgage insurer MGIC Investment Corp. B of A’s Countrywide unit sued MGIC in December, claiming that MGIC denied millions of dollars in valid claims. Read the Milwaukee Journal Sentinel article.