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U.S. banking earnings paint a mixed picture
Earnings released in recent days by leading banks and other large financial institutions might be thought of as the good, the bad and the ugly. On one side, banks like Goldman Sachs, Morgan Stanley and JPMorgan Chase zoomed ahead with earnings that either set new records, beat expectations or accomplished…
10 home loan servicers will pay $8.5 billion in settlement to borrowers
Ten US home loan servicers will pay $8.5 billion in cash and assistance to homeowners for mishandling mortgages under foreclosure over the past two years, US regulators announced Monday. The Federal Reserve and the Office of the Comptroller of the Currency said the servicers, which include leading banks like Bank…
Bank of America supplied answers on ‘independent’ foreclosure review
By Paul Kiel, ProPublica The Independent Foreclosure Review is the government’s main effort to compensate homeowners for harm they suffered at the hands of banks u2014 and, as its name indicates, it’s supposed to be independent. But until recently, that was hardly the case with Bank of America. Supposedly independent,…
Documents: Government foreclosure audit held off on looking at largest banks
By Paul Kiel, Pro Publica The Obama administration launched its main program to prevent foreclosures in the spring of 2009 with $50 billion and abundant promises. What the Home Affordable Modification Program, or HAMP, lacked u2014 and wouldn’t have for years u2014 was effective oversight of the big banks that…
U.S. sues Bank of America for $1 billion over bad mortgages
WASHINGTON — The United States sued Bank of America Wednesday for more than $1 billion for allegedly having sold dodgy mortgages to state-controlled mortgage financers Fannie Mae and Freddie Mac. The government charged that Countrywide — the mortgage giant now owned by Bank of America — labeled defective mortgages as…
Banks found to be conducting their own foreclosure reviews
By Paul Kiel, ProPublica The idea behind the Independent Foreclosure Review seems simple. During the peak of the foreclosure crisis, the banks broke laws and made errors that hurt homeowners. In response, the government mandated they compensate the victims. But there is growing evidence some banks are playing a major…
Bank of America settles Merrill Lynch acquisition suit for $2.4 billion
Bank of America has agreed to pay $2.43bn to settle a shareholder lawsuit brought over its controversial acquisition of Merrill Lynch in the midst of the credit crunch. Shareholders brought a suit against the bank in 2009 claiming it had misrepresented the financial health of both institutions. In a statement,…
Islamist group warns of new cyber attacks on U.S. banks
DUBAI — An Islamist group on Tuesday said it will carry out new cyber attacks on US banking targets, according to SITE Intelligence Group, following similar attacks last week in response to an anti-Islam film. In a statement a group of hackers calling themselves the “Cyber Fighters of Izz al-Din…
‘Restructuring’ Bank of America to cut 16,000 jobs: report
Bank of America plans to cut 16,000 jobs as part of a major restructuring plan by the end of 2012, when it would no longer be the largest US banking employer, the Wall Street Journal reported Thursday. The cuts will take the banking giant’s total employment to 260,000, the Journal…
U.S. finance industry warned of cyber attacks
NEW YORK — A US financial industry group warned banks and other institutions to beware of cyber attacks Wednesday, after some firms reported sporadic problems with their websites. The Financial Services Information Sharing and Analysis Center said it raised its cyber threat level from “elevated” to “high.” The group, which…
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