Wholesale funding can be quick to arrange butdangerous to rely on, as banks discovered during the global financial crisis when the wholesale funding market collapsed. Excessive use of short-term wholesale funding—instead of retail deposits—andrepurchase agreementsleft banks exposed toliquidity riskwhen...
By 2007, a subprime mortgage crisis had developed in the country when mortgage companies started filing for bankruptcy and there was no market for the mortgages they owned. Global financial firms Lehman Brothers and Bear Stearns went on to collapse, due in large part to their involvement in ...
The scandal, which first came to light in 2016, was a severe blow to the bank's floundering reputation and an even bigger blow to its share price. Although Wells Fargo stock rose with the rest of the market over the following five years, the bank continued to pay out civil penalties, w...
Since Detroit’s record bankruptcy in July, investors have been more skittish than ever about municipal bonds, once a strong strand in the safety net of boring investments for Americans investors. Debt issued by Puerto Rico is particularly of concern; large investment houses are busy warning their...
Long story short, for discharged bankruptcys, receiving a 1099-C is a non-event; simply file with the proper form the next time you file your taxes and the 1099-C becomes moot. Chapter 13: Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California...
City Manager Bob Deis said officials sought the status Thursday in federal bankruptcy court in Sacramento, as expected. The filing comes after officials were unable to reach a deal with the city's creditors to restructure hundreds of millions of dollars of debt under a new state law designed to...
Many businesses will conduct an informal restructuring during their existence, (outside the court system), although some may follow a legal corporate restructuring strategy as the result of a court judgement, or after filing for bankruptcy.
“In a Chapter 13 bankruptcy, you get to pay off mortgage arrears (amounts you are behind in payments on mortgages) monthly over a maximum of five years (60 payments). You have to be able to do that as well as pay current mortgage payments as they come due. If you do that over th...
The company and its United States subsidiaries filed for bankruptcy in January, 2009. Workers threatened to occupy Hartmarx’s plant if the company’s creditor, Wells Fargo Bank, attempted to lay off workers and liquidate the company’s assets. ...
The New York-based wholesale brokerage said in a filing Friday that the agency had zeroed in on its “information barriers policies and procedures” and sent a Wells Notice indicating a lawsuit was likely. /jlne.ws/43W9PmM The climate crisis requires a wartime footing; Only by invoking the ...