More than a decade after the mortgage crisis blew a hole in the United States economy, banks and prosecutors are still sorting out the tab for the damage.
The latest reckoning came on Thursday, when Morgan Stanley agreed to pay $150 million to settle claims by the State of California that it misled investors about the risks of mortgage-backed securities sold to two state pension funds for teachers and public employees.
The case was the last remaining government lawsuit against the bank over issues related to the financial crisis, according to Mark Lake, a spokesman f...
In the waning days of the Obama administration, Deutsche Bank made a series of unusually frank admissions in a U.S. court filing.
The German bank acknowledged that during the housing boom it made intentionally false representations to buyers of its mortgage-backed securities, concealing the actual risks from purchasers of the bonds. It lied, for example, about borrowers’ credit scores. It also lied about the amount of equity that borrowers held in their homes.
Banks typically do not fess up to deliberate wrongdoing, and when they do, their language is usually more eq...
Broadies Key-Byas' health troubles led her into foreclosure. In 2005, she sought treatment for what she would later learn was multiple sclerosis; she missed a few home equity loan payments in the process. In 2008, her bank told her she needed to repay her loan in full to avoid losing her childhood home. Desperate for a solution, she says she unwittingly signed away her deed to a company that promised to guide her, but instead tried to push her family out of their home.
"I didn't know how foreclosure works," she says. "All I know is I go to court and the judge says,...
Los Angeles County protects homeowners defrauded under the Property Assessed Clean Energy (PACE) Program, enabling them to get relief from immediate property tax burdens, and supporting the prosecution of an allegedly predatory contractor.
Under the direction of the Los Angeles County (County) Board of Supervisors (Board), the Department of Consumer and Business Affairs (DCBA), Treasurer and Tax Collector and the Internal Services Department, have made significant strides in addressing allegations of fraud in regards to PACE programs that operate across the County.