U.S. Bank fined $1.2M by federal government
Posted by Natasha Everingham | Posted in Real Estate Agent | Posted on 21-05-2011
Tags: Bank, Bank Fined
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Minneapolis-based U.S. Bank (NYSE: USB) did not admit liability in the settlement, which was announced by HUD on Friday, according to HousingWire.com, a financial news source for the mortgage industry.
>Click here to read more from HousingWire.com.
HUD said in a 2006 investigation that the mortgages, which were written in 2003 and 2004, failed to meet Federal Housing Administration underwriting standards. HUD said it lost $465,000 on those loans.
The investigation found that U.S. Bank violated FHA rules by including overdue principal, interest and late charges in the refinancing of the mortgages, the website said.
U.S. Bank is the eighth-largest mortgage lender in the country and fifth-largest bank in Dayton.
In terms of assets, Bank of America Corp. held $2.27 trillion in assets at the end of last year, while JPMorgan Chase had $2.12 trillion in assets at year-end. Citigroup Inc. had $1.91 trillion and Wells Fargo & Co. had $1.26 trillion. All of those banks have operations in the Dayton region.
Minneapolis-based U.S. Bank (NYSE: USB) did not admit liability in the settlement, which was announced by HUD on Friday, according to HousingWire.com, a financial news source for the mortgage industry.
>Click here to read more from HousingWire.com.
HUD said in a 2006 investigation that the mortgages, which were written in 2003 and 2004, failed to meet Federal Housing Administration underwriting standards. HUD said it lost $465,000 on those loans.
The investigation found that U.S. Bank violated FHA rules by including overdue principal, interest and late charges in the refinancing of the mortgages, the website said.
U.S. Bank is the eighth-largest mortgage lender in the country and fifth-largest bank in Dayton.
In terms of assets, Bank of America Corp. held $2.27 trillion in assets at the end of last year, while JPMorgan Chase had $2.12 trillion in assets at year-end. Citigroup Inc. had $1.91 trillion and Wells Fargo & Co. had $1.26 trillion. All of those banks have operations in the Dayton region.
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