Jackie Stewart is the executive editor of American Banker Magazine. Previously, she covered breaking news, community banks and mergers and acquisitions for American Banker before being named as the managing editor of the Credit Union Journal. After graduating from Northwestern University in 2006, Jackie taught for two years in the Bronx, N.Y., through Teach for America.
Bank of America will lay off 675 employees in Florida as part of the bank's broader plan to reduce its head count.
Abacus Federal Savings Bank and more than a dozen of its former employees are facing criminal charges related to a scheme in which it allegedly falsified information on mortgage applications so that unqualified borrowers could secure loans.
Lenders are writing off fewer loans because consumers have improved in repaying their debt and there are fewer bankruptcies, Equifax said.
Jay Sidhu has stepped down as the chairman of Atlantic Coast Financial because he believes the Jacksonville, Fla.-based lender was failing to “mitigate or significantly reduce risks facing the bank.”
Buoyed by stronger credit quality and higher mortgage banking income, Lakeland Financial of Warsaw, Ind., reported record first-quarter income of $8.6 million, up 45% from a year earlier.
Hudson City Bancorp—a large correspondent buyer of loans in the New York/New Jersey area—intends to limit its mortgage lending this year as it looks to diversify its mortgage-heavy balance sheet and improve its regulatory capital ratios.
Fueled by record revenue from mortgage banking, Washington Trust Bancorp. in Westerly, R.I., reported a record $8.4 million profit in the first quarter, an increase of 24% over the same period in 2011.
Technology vendor Fiserv has named an Ally Financial executive as its new chief information officer.
Hudson Valley Holding Corp. has completed the sale of $474 million in loans after it was required to reduce its concentrations in commercial real estate and classified loans.
After more than a decade as head of the Financial Services Roundtable, Steve Bartlett will be stepping down at the end of this year.
Flagstar Bancorp Inc. increased its loss for the fourth quarter and 2011 by $4.2 million after revising a payment to settle claims regarding underwriting practices associated with loans insured by the Federal Housing Administration.
The New York Investment firm Prospect Capital Corp. has agreed to acquire a majority stake in specialty-finance company, First Tower Corp., for roughly $266 million.
First Mariner Bancorp Inc. in Baltimore is looking to grow its mortgage business even as it continues to deal with elevated levels of loan losses and a shrinking balance sheet.
For the second time in less than a year, Colony Financial Inc., Los Angeles, has raised fresh capital through a stock offering.
Slight rises in delinquency rates in the fourth quarter on credit cards and mortgages contributed to the index's increase
William S. Haraf, the commissioner of California's Department of Financial Institutions, has resigned from the post, effective March 16.
David Julian of Wells Fargo & Co. is back in familiar territory. Wells, the nation's largest residential lender and servicer, named Julian, 50, its next chief auditor - a title he held at Wachovia Corp.
Flagstar Bancorp, the nation's ninth largest residential lender, late this week agreed to pay up to $133 million to settle claims regarding unspecified underwriting practices associated with loans insured by the Federal Housing Administration.
Bank of America Corp. is switching its U.S. employees -- according to its mortgage workers -- to a single defined contribution retirement plan at the end of the second quarter.
Two private equity investors have agreed to buy TransUnion Corp. Advent International and GS Capital Partners VI Fund LP will buy the credit bureau from its current stockholders, including Madison Dearborn Partners and the Pritzker family business interests.