Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Fed Fines 5 Big Banks $35 Million for Foreclosure, Mortgage-Servicing Issues

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/12/2018 | 05:16pm CEST
By Ryan Tracy 

WASHINGTON -- The Federal Reserve fined five big banks $35.1 million for issues related to financial-crisis-era mortgage servicing and foreclosures, while also moving them out of the penalty box for what it said was a "substantial improvement" in their practices.

The fines relate to deficiencies regulators saw in the wake of a meltdown in the U.S. housing market around the 2008-09 financial crisis. Goldman Sachs Group Inc. was fined $14 million, Morgan Stanley $8 million, CIT Group Inc. $5.2 million, U.S. Bancorp $4.4 million and PNC Financial Services Group Inc. $3.5 million.

Separately, the Fed said it was terminating enforcement actions against those five firms as well as five others: Ally Financial Inc., Bank of America Corp., HSBC Holdings PLC's U.S. unit, JPMorgan Chase & Co. and SunTrust Banks Inc.

The 10 firms had been slapped with enforcement actions in 2011 and 2012 for what the Fed said were "deficiencies in residential mortgage loan servicing and foreclosure processing." The Fed said the firms have made "substantial improvement" in their practices.

Separately, the Fed penalized Goldman Sachs $90,000 for violations related to the National Flood Insurance Act.

Write to Ryan Tracy at [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
ALLY FINANCIAL INC 0.00% 26.13 Delayed Quote.-10.39%
CIT GROUP INC. 0.10% 51.29 Delayed Quote.4.18%
GOLDMAN SACHS GROUP -0.22% 227.82 Delayed Quote.-10.38%
HSBC HOLDINGS -0.91% 720.3 Delayed Quote.-5.22%
PNC FINANCIAL SERVICES GROUP -0.56% 141.35 Delayed Quote.-1.48%
SUNTRUST BANKS -0.51% 68.58 Delayed Quote.6.18%
US BANCORP -0.74% 51.27 Delayed Quote.-4.31%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
12:23pKONKURRENCE : Kommissionen indleder undersøgelse af begrænsninger af den frie strøm af gas, der sælges af Qatar Petroleum i Europa
PU
12:13pFUEST : Using Tax Policy to strengthen Germany as a business location and Curb Profit Shifting
PU
12:13pESCAP ECONOMIC AND SOCIAL COMMISSION FOR ASIA AN : Regional Consultation on South-South Cooperation in Asia and the Pacific
PU
12:09pFINTECH SELECT : Signs an Agreement to deploy Its POS Cryptocurrency solution across 300+ locations
AQ
12:05pMARK MILLER : here is why
RE
12:05pParagon Insurance Holdings LLC Adds Tonya Fuller and Ashley Forslund to Winery and Brewery Team
SE
12:04pEU opens investigation into Qatar's long-term LNG contracts
RE
12:03pNATIONAL FARMERS' UNION OF SCOTLAND : NFUS Gets Tough on Livestock Worrying
PU
12:03pNATIONAL FARMERS' UNION OF SCOTLAND : Farmers and Crofters Look to UK Government to Step Up the Pace on Brexit
PU
12:03pSCOTTISH WATER : Partnership boosts sustainability potential of Scotland’s waste water
PU
Latest news "Economy & Forex"
Advertisement