4 million homeowners can get foreclosure review
About 4 million homeowners who may have been improperly foreclosed upon in 2009 and 2010 are getting an opportunity to have their cases reviewed. Whether they will be reimbursed is up to the same lenders who are accused of moving too swiftly to seize their homes.
The Office of the Comptroller of the Currency said Monday that mortgage services will begin sending out letters this month that ask borrowers whether they want their case reviewed.
The nation’s 14 largest mortgage servicers, including Citibank, Bank of America, JPMorgan Chase and Wells Fargo, were ordered to offer to review cases after the government found that some rushed the foreclosure process without carefully reviewing documents.
Insurance giant repays $972 million to government
The Treasury Department said it received $972 million from American International Group on Monday, and the latest repayment brings the insurance giant’s outstanding balance with Treasury down to roughly $50 billion.
The government provided AIG with $182 billion at the height of the 2008 financial crisis. Treasury has recouped $18 billion of the $68 billion it provided to the company through the government’s Troubled Asset Relief Program. The rest of the money came from the Federal Reserve.
The government still owns 77 percent of AIG’s common stock. Treasury officials would not comment on a published report that future sales of AIG stock have been delayed until market conditions become more favorable.
Trucks, SUVs drove vehicle sales in October
DETROIT — Fans of SUVs and trucks shoved car buyers aside last month, helping propel sales in October to levels not seen since the start of the year.
The shift was a boon for Detroit’s automakers, who posted sizeable increases in sales of pickups such as the Chevy Silverado and Dodge Ram, big SUVs including the Ford Explorer, and compact models such as the Ford Escape.
While sales of cars lost momentum from earlier in the year, some carmakers, including Hyundai and Volkswagen, continue to post impressive numbers and steal away their share of small-car sales. Toyota and Honda, for years the category leaders, continued to struggle with earthquake-related shortages of popular models.
U.S. sues mortgage broker over alleged lending fraud
NEW YORK — The federal government sued one of the nation’s largest privately held mortgage brokers Tuesday, saying its decade-long fraudulent lending practices cost the government hundreds of millions of dollars and forced thousands of American homeowners to face eviction.
The lawsuit in U.S. District Court in Manhattan sought unspecified damages and civil penalties and named as defendants Houston-based Allied Home Mortgage Capital Corp., founder Jim Hodge and Jeanne Stell, the company’s executive vice president and director of compliance.
Joe James, a company spokesman, said he was aware of the lawsuit but had not seen it. He declined immediate comment.
In the lawsuit, the government said Allied until recently had the authority to originate mortgage loans insured by the U.S. Department of Housing and Urban Development.
• From wire dispatches and staff reports
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