Posted To: Pipeline Press
Another day, another settlement. Ally Financial Inc said it agreed to pay $52 million to settle claims made by the U.S. Department of Justice against its former mortgage unit related to alleged misstatements about its residential mortgage-backed securities (RMBSs). The investigations and potential claims were against former unit Residential Capital LLC and its units (ResCap RMBS). "Buy land - they're not making any more of it." Can the same be said for banks? There are about 5,100 banks in the United States. But it doesn't take a rocket surgeon to see the bank numbers heading downward. As there is more and more wealth created, and the number of banks steadily declines , more money will be in fewer banks - it is being concentrated. They must get bigger, right? Within the last week the banking...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/2ggydtd
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