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

MarketScreener 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 ryan.tracy@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ALLY FINANCIAL INC -0.15% 27.54 Delayed Quote.-5.56%
CIT GROUP INC. -0.81% 53.85 Delayed Quote.9.38%
GOLDMAN SACHS GROUP -0.87% 235.34 Delayed Quote.-7.62%
HSBC HOLDINGS 2.21% 680.4 Delayed Quote.-11.28%
PNC FINANCIAL SERVICES GROUP -0.31% 144.01 Delayed Quote.0.12%
SUNTRUST BANKS -0.10% 70.86 Delayed Quote.9.82%
US BANCORP -0.38% 55.14 Delayed Quote.3.30%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
10:15aIran oil minister says hopes OPEC will not follow U.S. orders - SHANA
RE
09:46aOPEC, NON-OPEC PANEL UNLIKELY TO RECOMMEND FURTHER OIL OUTPUT HIKE : sources
RE
08:29aIRAN WILL VETO ANY OPEC DECISION JEOPARDIZING ITS INTERESTS : oil minister
PU
08:10aAsian firms shuffle production around the region as China tariffs hit
RE
04:39aEUROPEAN EXTERNAL ACTION SERVICE : Remarks by High Representative/Vice-President Federica Mogherini at the joint press conference following the women Foreign Ministers’ meeting
PU
04:14aMEKONG TOURISM COORDINATING OFFICE : Influence of Chinese tourists increasingly seen in airlines
PU
01:39aPRESS RELEASES : Secretary Pompeo's Call With Chilean Foreign Minister Ampuero
PU
09/22While Trump Grumbles About Fed, His Picks Exude Pragmatism
DJ
09/22NASA NATIONAL AERONAUTICS AND SPACE ADMINIST : When Earth and the Moon Block SDO’s View of the Sun
PU
09/22PRESIDENCY OF REPUBLIC OF TURKEY : “First condition of independence in today's world is to become a country that develops and exports technology”
PU
Latest news "Economy & Forex"
Advertisement