Jim Cramer: Put Wells Fargo in Charge of Housing

... I am not being facetious here. Think of this mortgage industry. Wells has a $1.8 trillion portfolio. It handles 26% of originations. It has had a remarkable decline in the total delinquency and foreclosure rate for residential mortgages in the last year, from 8.96% to 7.63%. That's a staggering level of improvement, especially when you consider the portfolio of terrible mortgages it got from its Wachovia acquisition, including a horrid top-of-the-market basket of mortgages from Wachovia's 2006 purchase of Golden West. ...

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U.S. Appeals court Agreed to Dispute Between Investors and BofA's $8.5 Billion Settlement

A U.S. appeals court agreed to resolve a dispute among institutional investors over whether Bank of America Corp's $8.5 billion mortgage debt settlement should be sent back to a New York state court for approval.

The 2nd U.S. Circuit Court of Appeals in New York on Tuesday said it plans to rule within a 60-day period on whether U.S. District Judge William Pauley in Manhattan correctly took the case from the state court.Click to continue

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Mozilo's California Palace Up for Sale at $3.4 Million

Angelo Mozilo was the founder of Countrywide Financial Corp., which grew to become the biggest residential lender in the country.

A California property that he has listed as his residence is up for sale.

The five-bedroom, six-bathroom house sits on a golf course and is listed for $3.4 million. ...

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