The banking giant isn’t giving up the mortgage-lending top spot without a fight
The fight could end up in the Supreme Court
American borrowers owe approximately $19 billion less on their mortgages, and they expect to continue paring their debt as 2013 continues. Those mortgage write-downs are part of the landmark National Mortgage Foreclosure Settlement of 2012, an agreement executed by the Big Five mortgage lenders in the United States: Ally, Bank of America, Citi, JP Morgan Chase, and Wells Fargo.
While the greater American economy has been slowly lifting itself from the recession, the housing market has been particularly slow to turn around.
Matthew Inman is the Seattle-based writer, artist, and coder for a popular webcomic called The Oatmeal. Inman is also a content genius - a champion for creative people everywhere.
Total housing inventory at the end of January fell 4.9 percent to 1.74 million existing homes available for sale, which represents a 4.2-month supply 2 at the current sales pace, down from 4.5 months in December, and is the lowest housing supply since April 2005 when it was also 4.2 months, according to the National Association of Realtors’ existing home sales release.