PNC Bank N.A. has agreed to pay the United States $7.1 million to settle claims under the False Claims Act that it failed to engage in prudent underwriting practices in connection with the issuance of loans guaranteed by the Small Business Administration (SBA).
Robert Ranieri, 37, of Glendora, N.J., pleaded guilty today to committing loan sharking activities on behalf of the Philadelphia La Cosa Nostra (LCN) Family.
An indictment was unsealed today charging nine people in a loan sharking and illegal gambling ring allegedly run out of several Philadelphia businesses.
Federal agents arrested Bryan D’Antonio and Charles Wayne Farris for operating the Rodis Law Group and America’s Law Group, businesses that allegedly offered bogus loan modification assistance to struggling homeowners; and Attorney Ronald Rodis surrendered to federal agents on for his alleged role in the operation.
The Department of Justice today announced that JPMorgan Chase (JPMC) will pay $614 million for violating the False Claims Act by knowingly originating and underwriting non-compliant mortgage loans submitted for insurance coverage and guarantees by the Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).
Two Florida men were sentenced today to serve 84 months in prison for defrauding thousands of homeowners in a $4 million nationwide home loan modification scheme.
A Maryland man was sentenced today to serve one year and a day in prison for defrauding thousands of homeowners in a $4 million nationwide home loan modification scheme.
The Department of Justice today announced the federal government’s first lawsuit filed against owners and servicers of student loans for violating the rights of servicemembers eligible for benefits and protections under the Servicemembers Civil Relief Act (SCRA).
The Justice Department, Department of Housing and Urban Development (HUD), and the Consumer Financial Protection Bureau (CFPB), along with 49 state attorneys general and the District of Columbia’s attorney general have reached a $968 million agreement with SunTrust Mortgage Inc. (SunTrust) to address mortgage origination, servicing, and foreclosure abuses
The Justice Department, the Department of Housing and Urban Development (HUD) and the Consumer Financial Protection Bureau, along with 49 state attorneys general and the District of Columbia’s attorney general, have reached a $470 million agreement with HSBC Bank USA NA and its affiliates (collectively, HSBC) to address mortgage origination, servicing and foreclosure abuses
As the economy has cratered, mortgage lenders tightened standards for people who are still interested in buying or refinancing a home.
RBI's COVID-19 Regulatory Package: From Repo Rate & CRR Cuts to 3-months moratorium on term loans, RBI Governor Shaktikanta Das announced several measures while addressing the media after the release of Seventh Bi-monthly Monetary Policy Statement 2019-20.
Executive summary In a previous Evidence Speaks report, I described the high rates at which student loan borrowers default on their repayment within 12 years of initial college entry, often on relatively modest amounts of debt. One of the most striking patterns emerging from that report and other prior work is how dramatically default rates…
abstract This paper proposes a way to make reverse mortgage loans more attractive to both borrowers and lenders by reducing the risk that the loan balance grows to exceed the value of the mortgaged home. In particular, loan amounts would be increased at origination to purchase a life annuity. The annuity would be used to…
Forty-two million Americans, or one in every eight, have student loans, and they owe a total of $1.6 trillion, the second largest pool of consumer credit after mortgages. According to the Federal Reserve, 20 percent of adult borrowers who borrowed for their own educations were behind on their payments in 2018. Of those who are…
If it seems like you've read a variation of the above headline before you're not wrong, and as much as anything it's a sign of the rock road cellulosic ethanol and biofuels in general have had in the past few years. The details: The Department of
“I think it is an opportunity for nurses to learn a skillset you don’t learn in nursing school.” – Jeffin Bush
“I think it is an opportunity for nurses to learn a skillset you don’t learn in nursing school.” – Jeffin Bush
CNBC Make It spoke to female entrepreneurs about the impact today's pandemic is having on their companies as they fight for federal funding, pivot business operations and manage child-care.
Electric carmaker Tesla has entered into an agreement for a working capital loan of up to 4 billion yuan ($565.51 million) with a lender from China for its Shanghai car plant, according to a regulatory filing on Friday.
"We literally have 10,700 franchisees in the U.S., and on average they own two restaurants apiece," Subway CEO John Chidsey told CNBC.
"I mean, Congress went out of its way to carve out businesses that have more than 500 employees but are restaurants, chain restaurants," ex-TARP watchdog Neil Barofsky told CNBC.
Cuban, who owns parts of many small businesses through "Shark Tank," also said owners should apply to multiple banks to boost their chances of getting relief.
Business owners who successfully got loans during the second round of the Paycheck Protection Program describe the emotional roller coaster of the process.
The second round of the Paycheck Protection Program launched last Monday and has so far provided over 2 million loans worth over $175 billion out of the total $310 billion Congress authorized in the latest relief package.
Only 13% of small businesses that applied for relief through the Paycheck Protection Program have received funding, according to the CNBC/SurveyMonkey Small Business Survey released Monday.
The men are charged with fraudulently applying for more than $500,000 in assistance from the new CARES Act Payroll Protection Program, which is designed to help businesses affected by the coronavirus outbreak.
States enduring the brunt of the Covid-19 crisis are receiving a smaller proportion of emergency small business loans, a Fed study found.
The "Shark Tank" investor also tried to look at the bright side: "So 80% are going to make it, in my view. That means it was a great investment."
Tyson Foods on Monday reported that its fiscal second-quarter net income fell 15% from a year earlier, as production disruptions weighed on its results.
Squeezed by a lack of ridership, the authority that runs New York City's subways and buses may go to the Federal Reserve for a loan
Presidential campaign proposals and recently introduced legislation aim to rewrite the rules around student loan interest, repayment and refinancing. Some of the plans would reduce – or altogether erase – people's balances.
Presidential campaign proposals and recently introduced legislation aim to rewrite the rules around student loan interest, repayment and refinancing. Some of the plans would reduce – or altogether erase – people's balances.
Student debt has become a central issue in the 2020 presidential campaign. Legislation is being introduced to address the crisis. And the U.S. Department of Education is also considering some big changes for borrowers.
The historic stimulus Congress passed grants the millions of Americans with student debt a break from their payments for at least six months.
Three financial advisors share how they have helped clients apply for emergency funding through the Paycheck Protection Program, and sought aid for their practices.
Footwear company Allbirds announced this week it has returned its Paycheck Protection Program small business loan. Joey Zwillinger, Allbirds co-founder and co-CEO, joins "Squawk Box" to discuss.
Companies that were able to make the cut and qualify for the Paycheck Protection Program have another fight on the horizon: having their loan forgiven. Here's why it's so hard to figure that out.
If you had other sources of liquidity available to your company, and applied for the Paycheck Protection Program anyway, now might be the time to think about giving the cash back. You have just over a week to act.
The Small Business Administration has sharply curtailed the Economic Injury Disaster Loan program, limiting new applicants to only agricultural businesses and capping max loan amounts at $150,000, down from $2 million, according to reports.
Adam Philipson, The Count Basie Center for the Arts president and CEO, joins 'Power Lunch' to discuss how the company is making it through the Covid-19 pandemic and how long the PPP loan will carry them.
Banks see stampede for bounce-back loans within hours of the new government scheme going live.
Firms will be able to borrow up to £50,000, which will be interest free for the first year.
