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☆ US Accuses Pennsylvania Lender FNB of Redlining in North Carolina
▼ + stars: | 2024-02-05 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - First National Bank of Pennsylvania was sued on Monday by the U.S. Department of Justice and the state of North Carolina, which accused it of lending discrimination known as redlining in the Charlotte and Winston-Salem, North Carolina markets. Redlining occurs when lenders deny or discourage mortgage applications and loans in neighborhoods based on the race, color, or national origin of people who live there. The Pittsburgh-based bank's redlining allegedly included locating and maintaining nearly all branch locations and mortgage loan officers outside these neighborhoods, and relying on majority-white areas for referrals and loan applications. The lawsuit seeks restitution to victims, a civil fine, an injunction against further redlining and other remedies. The lender ended 2023 with about $46.2 billion of assets and 350 branches in seven states plus Washington, D.C.(Reporting by Jonathan Stempel in New York, editing by David Ljunggren)

Persons: FNB, redlining, Salem, Jonathan Stempel, David Ljunggren Organizations: Reuters, National Bank of Pennsylvania, U.S . Department of Justice, Charlotte, Housing, Winston, Washington , D.C Locations: North Carolina, Winston, Salem , North Carolina, Pittsburgh, Salem, Washington ,, New York

NEW YORK (AP) — First National Bank of Pennsylvania discriminated against Black and Latino homebuyers in North Carolina for a period of at least four years, the Justice Department said Monday, the latest in a long list of banks who have been caught redlining. In its complaint, the DOJ alleges that First National closed branches in majority-minority neighborhoods, failed to provide mortgage services to Black and Latino potential borrowers, and ignored entire neighborhoods for potential lending. The case comes from when FNB bought Yadkin Bank, a regional bank in the Carolinas, in 2017. “The playing field isn’t level, and that is not what we want for the people of North Carolina,” said Josh Stein, North Carolina's Attorney General. The DOJ brought the largest redlining lawsuit in history in 2023 against Los Angeles-based City National Bank, which was also found to have discriminated against Black and Latino communities over a similar time period, from 2017 to 2020.

Persons: redlining, FNB, ”, Josh Stein, Biden, General Merrick Garland Organizations: National Bank of Pennsylvania, Justice Department, The Justice Department, Black, DOJ, National, FNB, Yadkin Bank, Biden Administration, Los, National Bank Locations: North Carolina, Charlotte, Winston, Salem, Black, Carolinas, Yadkin, North, Los Angeles

☆ US second home sales slide in pandemic-era vacation hot spots
▼ + stars: | 2023-10-30 | by ( Amina Niasse | ) www.reuters.com time to read: +4 min

And as secondary home activity dwindles, some smaller housing-related businesses in leisure hot spots say they are feeling the pinch as well. “Services for existing rentals has grown, but services for larger ticket remodeling work on new vacation rentals has stopped," said Tim Allen, owner of Kopa Home Services, based in Flagstaff, Arizona. Allen has had to decrease unit prices in his separate vacation rental business, Local Vacation Team, to keep occupancy figures above market. For Flagstaff, that figure is 14%, according to data from AirDNA, a short-term rental data provider. "With the acceleration of the creation of vacation rentals during the pandemic, now if visitors are at 1,000, there are 3,000 rentals available,” he said.

Persons: Kevin Lamarque, ”, Chuck Tuttle, they’re, ” Tuttle, Tuttle, Tim Allen, Jessica Lautz, Allen, “, Amina Niasse, Daniel Burns, Bill Berkrot Organizations: REUTERS, National Association of Realtors, William, Hilton, Lake Havasu, Federal Reserve, Mortgage Bankers Association, realtors, “ Services, Kopa Home Services, NAR, Thomson Locations: Island , South Carolina, U.S, Lake Havasu City , Arizona, William Raveis, Cape Cod, Massachusetts, Lake, Lake Havasu City, Flagstaff , Arizona, Flagstaff, AirDNA

☆ Warren Buffett's Berkshire Hathaway revealed that consumers are cutting back - and a recession could be the result
▼ + stars: | 2023-08-07 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Rapid inflation and hikes to interest rates have fanned fears of an economic slowdown or recession. Berkshire Hathaway HomeServices - real estate brokerage revenues fell 22% and after-tax earnings fell 60%, as transaction volumes fell and revenues from mortgage services dropped. - real estate brokerage revenues fell 22% and after-tax earnings fell 60%, as transaction volumes fell and revenues from mortgage services dropped. However, the slowdown in Berkshire's consumer businesses may well signal a broader downturn in consumer spending across the US economy. The Federal Reserve responded by hiking interest rates from nearly zero to north of 5% today.

Persons: Warren, Berkshire Hathaway, Berkshire Hathaway HomeServices, James Shanahan, Edward Jones, They've, they've Organizations: Service, BNSF Railway, Berkshire, Manufacturing, Clayton Homes, Berkshire Hathaway Automotive, Federal Locations: Wall, Silicon, Berkshire, Here's, Forest, McLane

☆ HDFC Bank director says Indian mega merger won't face 'insurmountable challenges'
▼ + stars: | 2023-07-04 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +3 min

In this article HDFC-INHDFCBANK-IN Follow your favorite stocks CREATE FREE ACCOUNTThe merger between HDFC Bank and HDFC now makes the entity the world's fourth largest bank. Nurphoto | Nurphoto | Getty ImagesThe merger between India's HDFC Bank and the Housing Development Finance Corporation (HDFC) will increase the entity's customer base and provide more opportunities for cross-selling, the non-executive director of HDFC Bank told CNBC. HDFC, India's largest mortgage lender, merged with HDFC Bank, the country's biggest private lender, in a $40 billion deal which took effect on July 1. HDFC Bank has around 83 million customers but only 2% have a housing loan with HDFC. HDFC Bank is currently India's second most valued company by market cap after Reliance Industries .

Persons: HDFC, Keki Mistry, Mistry Organizations: HDFC Bank, Nurphoto, India's HDFC Bank, Housing Development Finance Corporation, CNBC, HDFC, Mortgage, JPMorgan Chase, Industrial, Commercial Bank of China, Bank of America, Reliance Industries Locations: India, China, South East Asia

Compare Third Federal Savings and Loan to Other Mortgage LendersThird Federal Savings and Loan vs. Carrington Mortgage ServicesCarrington Mortgage Services Types of mortgages Conforming, Smart Rate Adjustable Mortgage, jumbo, bridge loan, HELOC, home equity loan Types of mortgages Conforming, jumbo, FHA, USDA, VA, Carrington Flexible Advantage Standout feature Low Cost Mortgages Standout feature Carrington Flexible Advantage mortgage Compare rates Compare RatesCarrington Mortgage Services is our "best overall' lender for borrowers with low credit scores. How Third Federal Savings and Loan Mortgages WorkThird Federal Savings and Loan offers mortgages in California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Virginia, Washington, and Washington, DC. Is Third Federal Savings and Loan Mortgage Trustworthy? Third Federal Savings and Loan Mortgage FAQIs Third Federal Savings and Loan a safe bank? Yes, Third Federal Savings and Loan is a safe bank to get a mortgage from.

Persons: HELOC, Carrington, you'll, It's, Marc Stefanski, Grace, Molly Grace, Molly, mgrace, Read Organizations: Federal Savings, PMI, Loan, DC, Loan Mortgage, Cost Mortgage, Third Federal, Mortgage, Carrington Mortgage, FHA, USDA, Carrington, Mortgage Services, Guild Mortgage, Third Federal Savings, ARM, Federal, Better, BBB, preapproval, Financial Corporation, Finance, Insider, Rocket Companies Locations: Washington, Ohio, Florida, California , Colorado , Connecticut, Georgia , Illinois , Indiana , Kentucky, Maryland , Massachusetts , Missouri , New Hampshire , New Jersey , New York, North Carolina , Ohio , Oregon , Pennsylvania, Tennessee, Virginia, DC, VA, New York, Chevron

U.S. Bank, Member FDIC Learn more U.S. Bank, Member FDICU.S. Bank Personal Checking Account FeaturesU.S. Bank has over robust national presence, with over 2,000 branches in 26 states and 4,000 ATMs throughout the US. The bank has two checking accounts: U.S. Bank Safe Debit account and U.S. Bank Smartly™ Checking. U.S. Bank Checking Accounts vs. Chase Checking AccountsChase offers a greater variety of options, including checking accounts specifically suited for teens and college students. Chase Total Checking® has a $12 monthly service fee, while U.S. Bank Smartly™ Checking has a $6.95 monthly service fee (with options to waive). U.S. Bank Checking Accounts vs. Wells Fargo Checking AccountsWells Fargo has four types of checking accounts, including a checkless bank account similar to the U.S. Bank Safe Debit account.

US Bank personal checking account featuresUS Bank has over robust national presence, with over 2,000 branches in 26 states and 4,000 ATMs throughout the US. The bank has two checking accounts: US Bank Safe Debit account and US Bank Smartly™ Checking. US Bank checking accounts vs. Chase checking accountsChase offers a greater variety of options, including checking accounts specifically suited for teens and college students. Chase Total Checking® has a $12 monthly service fee, while US Bank Smartly™ Checking has a $6.95 monthly service fee (with options to waive). US Bank checking accounts vs. Wells Fargo checking accountsWells Fargo has four types of checking accounts, including a checkless bank account similar to the US Bank Safe Debit account.

☆ Banks’ profit picnic will attract ant invasion
▼ + stars: | 2023-01-12 | by ( John Foley | ) www.reuters.com time to read: +7 min

JPMorgan (JPM.N), Bank of America (BAC.N), Wells Fargo (WFC.N) and Citigroup (C.N) all report fourth-quarter earnings on Friday. The good news is that for the year ahead, rising interest rates twinned with growing loan books should more than make up for sliding investment banking fees. The CFPB squeezed a $3.7 billion settlement from serial miscreant Wells Fargo in December for wrongly levying charges on customers. CONTEXT NEWSJPMorgan, Bank of America, Citigroup and Wells Fargo will report fourth-quarter 2022 earnings on Jan. 13. The CFPB said that Wells Fargo will also allocate over $2 billion in redress to customers.

☆ Well Fargo shrinks mortgage services business
▼ + stars: | 2023-01-11 | by ( Hugh Son | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWell Fargo shrinks mortgage services businessCNBC's Hugh Son joins 'The Exchange' to discuss drops in Wells Fargo mortgage volumes, risk associated with mortgage markets and top mortgage firms leaving the space.

☆ Wells Fargo labors under $100 bln sin discount
▼ + stars: | 2023-01-10 | by ( John Foley | ) www.reuters.com time to read: +6 min

Wells Fargo shows what happens when misbehavior becomes a feature rather than a bug. TRAGIC NUMBERSerial mischief has cost Wells Fargo investors in three ways. Second, there are the expenses Wells Fargo has incurred from its internal deep clean. A little more than seven years ago, Wells Fargo, Bank of America (BAC.N) and JPMorgan (JPM.N) were roughly the same size in terms of market cap. At $161 billion, Wells Fargo now sits $110 billion short of Bank of America and a whopping $243 billion below JPMorgan.

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We selected Ally, Bank of America, PNC Bank, Navy Army Community Credit Union, and GECU as the best banks and credit unions in Texas. Best banks and credit unions in Texas AllyBank of AmericaPNC BankNavy Army Community Credit UnionGECU Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Editor's rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Category Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Best savings account Savings APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. We looked at the top 10 biggest banks and credit unions in the state, plus state financial institutions featured in our Black-owned banks and credit unions guide and Hispanic American-owned banks and credit unions guide.

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