Peer-to-peer lending site Prosper.com has stopped letting high-risk borrowers use its site because too many of them failed to repay their loans. The site's problem, says columnist and one-time lender Alex Salkever, is that Prosper got in the way of letting a social bond form between microborrower and microlender.
No longer such a high-flyer, the David J. Stern law firm is now being investigated and sued in a class action. The impact on pending Florida foreclosures and what the firm's underlying conduct means for the future of the state's real estate market will be felt for years.
Bank of America's persistent failure to modify home loans has resulted in the inevitable: a consumer class action lawsuit. Last week, Susan Fraser of Missouri filed suit on behalf of herself and other qualified homeowners whom the bank failed to give permanent loan modifications to.
Allstate is suing Bank of America and its Countrywide Financial division over Countrywide's sale of $700 million in mortgage-backed securities to the insurance giant, alleging that Countrywide knew in advance that the assets would drop in value because of a high percentage of defaults.
Las Vegas has always been a place of dreams, promising that pennies can turn into fortunes, cities can rise from the desert, and property values can rise without limit. But you can also lose your shirt there, and the real estate crash has hit Sin City harder than any other place in the country.
When WikiLeaks founder Julian Assange asserted that his next big leak would involve documents from a major unnamed bank, investors in Bank of America got nervous and the stock has been on bumpy ride. The question now is: Have the WikiLeaks worries made BofA shares a better buy?
Bank of America challenges testimony by one of its operational leaders -- that Countrywide may have held on to homeowners' notes that it should have put into a trust. But the testimony is reinforcing fears that BofA is in big trouble.
The percentage of unemployed managers and executives relocating for new positions fell to a record low in the third quarter, according to analysis by Challenger, Gray & Christmas. The relocation rate for the last four quarters has averaged just 7.3%.
The rescue of mortgage giants Fannie Mae and Freddie Mac could cost as much as $363 billion over the next three years -- more than double the amount spent so far -- the Federal Housing Finance Agency announced Thursday.
JPMorgan Chase kicks off earnings season for the financial sector Thursday, and investors will be keen to see whether a pick-up in mergers and acquisitions has offset an industry-wide drop-off in trading activity.
New data from RealtyTrac shows that the real estate market is still on shaky ground. Banks repossessed 95,364 homes in August -- more than in any month since the beginning of the U.S. mortgage crisis.
Countrywide Financial, once the nation's largest mortgage lender, has agreed to pay $600 million to settle shareholder lawsuits. It's the largest mortgage settlement to come out of the meltdown so far.
The SEC's commissioners were split over the decision to settle fraud charges with investment bank Goldman Sachs. Observers say the SEC probably had some doubts about the strength of its case.
Despite other signs of a growing economic recovery, foreclosures aren't slowing. March racked up 367,056 filings, according to RealtyTrac. That was up 19% from February, and the highest number since RealtyTrac began reporting on them in 2005.
Home prices declined slightly in January from last year, but the pace of the price declines has slowed, according to S&P/Case-Shiller's Home Price Indices, a monthly report that monitors residential home prices in 20 metro areas across the U.S.