Monthly Archives: February 2011

WASHINGTON—A J.P. Morgan Chase & Co. executive, at a U.S. House hearing Wednesday, apologized for wrongly foreclosing on military families and overcharging thousands for mortgages, as lawmakers weigh whether new legislation is needed to help prevent military personnel from losing their homes and getting hit with high interest rates. “We failed to comply with aspects of the law,” Stephanie Mudick, executive vice president of J.P. Morgan’s office of consumer practices, told the House Committee on Veterans’ Affairs. She said the company is embarrassed over the matter, and apologized for the bank’s errors. “We deeply regret that service members have been […]

Bank of America Corp appointed on Friday a new foreclosure and loan modifications czar, and created a new unit to oversee problem home loans in a bid to sort out its ongoing foreclosure issues, becoming the first large U.S. bank to do so.The new unit creates a seventh major division at the bank reporting directly to Chief Executive Brian Moynihan, an indication that the largest U.S. mortgage servicer is attempting to be more aggressive in resolving its problem loan portfolio.Analysts said the move is a signal that major U.S. mortgage lenders have not yet turned the corner on dealing with […]