Although Wells Fargo executives had not yet seen a lawsuit filed against it by ACORN Monday in California, the company's top home loan executive denied the accusations made by the consumer advocacy group Monday afternoon.Mark Oman, executive vice president of the home and consumer finance group for Wells Fargo & Co., Des Moines, Iowa, said ACORN has taken facts about Wells Fargo Financial's customer relationships out of context to paint a false and misleading picture. He said the allegations "are false and totally contrary to our ethical standards and business practices." Mr. Oman went on to say, "We do not tolerate any attempt to sell a customer any product or service unless the terms are fully disclosed. We do not lend to customers unless we believe they can make loan payments, period." ACORN also said that more than 2,000 of its members participated in a rally in Los Angeles to demand that Wells Fargo end allegedly predatory lending practices.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28