Worth Reading – New Tack in Default Battle: Cutting Mortgage Principal

Reducing the principal on mortgages is “a last resort,” says Paul Koches, executive vice president at Ocwen Financial Corp., a West Palm Beach, Fla., loan servicer that has shrunk the amount owed on 10,884 delinquent mortgages as of Sept. 30. That is 23% of all the loans modified by Ocwen so far this year. Ocwen … Read more

Citigroup to Say Goodbye to 39,500 More Workers

Kerthunk! That’s the sound of the other shoe dropping on Citigroup. I thought I was ahead of the game when just last week I wrote Citibank to Fire 10,000 Workers And Raise Your Interest Rates. Well at least I got the raise your rates part right. Seems I was off by about 38,000 more Citigroup … Read more