A coalition of seven major public pension systems has called on the boards of directors of Bank of America (NYSE: BAC), Citigroup (NYSE: C), JP Morgan Chase (NYSE:JPM), and Wells Fargo (NYSE: WFC) to immediately undertake independent examinations of the banks’ mortgage and foreclosure practices. more »

Large US financial groups are bracing for a new battery of stress tests that will determine which institutions are now healthy enough to raise dividends and buy back shares. more »

Massachusetts' highest court voided the seizure of two homes by Wells Fargo & Co and U.S. Bancorp after the banks failed to show they held the mortgages at the time they foreclosed. more »

Chris Whalen, of Institutional Risk Analytics, has dire predictions for the financial system because of the problems in the mortgage securitization process and, more recently, problems with foreclosure processing. more »