Gene J. Puskar, Associated Press
Because of multi-billion dollar penalties issued during the financial crisis, many big banks have been ditching mortgages, according to Mark DeCambre at Quartz.
“Big US mortgage banks like Wells Fargo, Citigroup and Bank of America, facing stricter capital requirements in the wake of the financial crisis, have been increasingly offloading rights to manage residential mortgages to lightly-regulated non-bank entities,” DeCambre writes.
In other words, the bank that issued your mortgage probably isn’t managing it anymore.
- How much does President Obama donate to his...
- The dangers of financially illiterate...
- Which county in Utah has the least poverty?
- Balancing act: French ban on after-hours...
- Dave Ramsey says: Invest in growth stock...
- Obamacare may not be as expensive as we thought
- College football, basketball athletes worth...
- City life offers better health, bigger ladder
- The dangers of financially illiterate... 28
- White House equal pay push faces... 18
- How much does President Obama donate to... 15
- Obamacare may not be as expensive as we... 6
- Do we work too much, or too little? 5
- Balancing act: French ban on... 5
- U.S. 'tax freedom day' is 3 days later... 4
- Savers beware: Fees may be shrinking... 2