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Wells Fargo, one of the largest home lenders in the U.S., is stepping away from the market for home equity lines of credit because of uncertainty tied to the coronavirus pandemic.

The bank informed its mortgage personnel of the news Thursday in a conference call, according to a source, and the move was confirmed by company spokesman Tom Goyda.

“Wells Fargo Home Lending will temporarily stop accepting applications for all new home equity lines of credit after April 30,” Goyda said in an emailed statement. The choice “reflects careful consideration of current market co...

Following a ruling in the U.S. Supreme Court, North Carolina's largest insurer says it will receive hundreds of millions of dollars to recover losses it incurred through the Affordable Care Act – money that could help offset huge expenses the company estimates it will face due to the coronavirus pandemic.

via bizjournals

As Americans delay elective surgeries and avoid doctors and hospitals during the coronavirus pandemic, healthcare spending declines have more than offset the added costs of COVID-19 care, insurance executives and experts say, boosting U.S. health insurer profits.

Those gains, however, could be short term, depending on how quickly the coronavirus outbreak subsides and healthcare business begins to return to something close to normal.

UnitedHealth Group Inc, the largest U.S. health insurer, last week posted first-quarter earnings above Wall Street expectations and kep...

Thousands of Connecticut therapists say they aren't getting paid, even though they're seeing patients.

Before COVID-19, therapists said they would see their patients, file the claim with the insurance company Anthem Blue Cross and Blue Shield, and would get paid within a week.

Now, they said it’s been six weeks and they haven’t gotten their money.

Licensed Marriage and Family Therapist Rebecca Burton has been seeing her patients virtually, but says she isn’t getting paid for some of the services she’s providing.

“I don’t know if I’ll be able to pay my rent this month,”...

The federal government must “honor its obligations” and pay private insurers $12 billion owed to them under an Obamacare provision aimed at encouraging them to offer medical coverage to uninsured Americans, the U.S. Supreme Court ruled on Monday.

The 8-1 ruling authored by liberal Justice Sonia Sotomayor paves the way for a significant one-time cash infusion for major companies such as Humana Inc, Anthem Inc and Centene Corp. The justices reversed a lower court’s ruling that Congress had suspended the government’s obligation to make such payments under the Affordab...

Jasmine Esposito-Gullo lost most of the income she makes arranging concert tours for musicians. The coronavirus pandemic has shut down those tours. Like many other homeowners, she says her lender told her that if she skips mortgage payments on her Long Island, N.Y., home — as Congress says she can — the consequences will be punishing.

"You know, it stresses us out," she says. "It's like a black cloud hanging over my head."

More than 3.4 million homeowners are temporarily skipping their mortgage payments because they've lost income during the pandemic. Under the CARES...

Goldman Sachs bought up mortgage bonds during a wave of panic selling last month, a bet that’s almost certainly made money since the Federal Reserve unveiled massive stimulus turning a crash into a rally.

The Wall Street giant amassed mortgage-backed securities from funds that had bought them with borrowed money and needed to sell quickly, according to people familiar with the matter, who asked not to be identified because the details are private.

Goldman charged a fee for helping funds and investments trusts exit repurchase agreements and it also stood to gain if th...

The historic coronavirus bailout package directed $349 billion to small businesses hammered by lockdowns and closures. Such business owners were told that cash would be doled out on a first-come, first-serve basis.

But some big banks reportedly gave their wealthiest clients a different option: To skip the line.

JPMorgan Chase, Citibank, and US Bank gave their richest patrons privileged access to the loans, the New York Times reported on Wednesday, citing six bank employees and industry professionals who spoke on condition of anonymity. The Times described the bank pr...

  • The Paycheck Protection Program was supposed to help struggling small businesses weather pandemic fallout, but many business owners claim they were sidelined by big banks instead. 

  • Business Insider found that at least five separate class action lawsuits have been filed in federal court against banking giants including JPMorgan Chase, US Bank, Bank of America, and Wells Fargo. Another class-action suit omits US Bank and names CitiBank instead.  

  • Five of the lawsuits usesimilar language, arguing that the banks "prioritized corporate greed" in how t...

U.S. Bank Trust NA was not required to have a face-to-face meeting with a mortgage borrower before initiating foreclosure because it did not have a branch that conducted mortgage-related business within 200 miles of the borrower, a federal appeals court has ruled.

The 4th U.S. Circuit Court of Appeals on Monday upheld the dismissal of a lawsuit filed by Jacqueline Stepp, who argued that the nearest U.S. bank office should be considered a “branch” under federal rules requiring a face-to-face meeting even though it was not open to the public and did not deal with mort...

As millions of Americans receive their delayed $1,200 checks from the U.S. Department of the Treasury, another looming story becomes more probable. Millions of working-class families are likely falling into debt as they struggle to pay for basic necessities. Untold numbers of people are going to need bankruptcy protection, and sooner than we think.

Personal bankruptcy is a lifeline for millions of working-class families who face financial shocks after layoffs, medical emergencies and family breakups. In the recession after the 2008 financial crisis, millions of peop...

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