Entries Tagged 'Mortgage Loans' ↓
November 29th, 2009 — Government Intervention, Mortgage, Mortgage Loans, Treasury Department
The U.S. Treasury Dept. is planning to meet with mortgage lenders and servicers on Monday to urge them to do more to rework troubled home loans.
The Treasury Department’s assistant secretary for financial stability, Herbert Allison, will meet with the mortgage lenders because the Department has been expressing dissatisfaction with lenders recently over the slow rate at which they are amending loan agreements to help borrowers meet their monthly obligations.
In addition, the Treasury Department will be taking steps to enhance mortgage servicer accountability as part of a broader program to increase conversion rates to permanent modifications.
September 26th, 2008 — Bank Failure, Bank Run, Banking, Chase, Credit Crisis, Economy, JP Morgan Chase, Mortgage Loans, Subprime Crisis, WaMu, Washington Mutual
In the largest bank failure in U.S. History, Washington Mutual crumbled last night, and was seized by federal regulators.
Under a deal brokered by the government, JPMorgan Chase [[JPM]] will acquire all the banking operations of WaMu, including $307 billion in assets and $188 billion in deposits.
WaMu’s assets were equal to about two-thirds of the book value of assets from almost 750 failed banks that were sold off during the previous S&L crisis that lasted from 1989 through 1995.
The acquisition of WaMu is JPMorgan Chase’s second major purchase this year. The first, of course, was its March acquisition of failed investment bank Bear Stearns, a deal that was also assembled by the government.