Finance & Mortgage

China PBOC Urges Lending to First-home Buyers

The People's Bank of China (PBOC), the central bank, said Monday thatcommercial banks should put in place a differentiated credit policy to guarantee housing loansto qualified first-home buyers.

Watchdog Says Banks Impeded Foreclosure Inquiry

Top banks impeded a federal inquiry into their foreclosure processes, according to a report released Tuesday, dragging their feet on turning over documents and blocking investigators' attempts to interview bank employees.The inquiry led to the wide-ranging $25 billion mortgage settlement with the five largest mortgage servicers that was announced last month and filed in federal court on Monday.

Michigan to Present Detroit Consent Agreement on Tuesday

JPMorgan Chase & Co is paying the federal government $45 million to settle a lawsuit alleging it charged veterans hidden fees in mortgage refinancing.