HSBC Closes Indirect Channels HSBC's mortgage unit will no longer accept business from mortgage brokers and mortgage banking correspondents. More than 300 employees are impacted by the move.
18 November 2008
FDIC Gets Aggressive With Modifications The Federal Deposit Insurance Corporation has proposed paying servicers $1,000 to modify delinquent loans and sharing in losses of modified loans that re-default. Around 1.5 million foreclosures would be prevented under the proposal.
18 November 2008
JPMorgan Won't Stand Behind WaMu Repurchases JPMorgan Chase & Co. is not honoring Freddie Mac's requests for Washington Mutual Bank to repurchase mortgages. Freddie reported recent mergers have created three major customers that account for around 60 percent of its business.
