In what is only the latest instance of questionable mortgage practices coming to light, a new lawsuit claims that 13 banks and mortgage companies — including Bank of America, Wells Fargo, JPMorgan and PNC Bank — charged hidden, illegal fees to military veterans trying to refinance their homes. The lenders, unable to charge certain fees [...]
In the man-versus-machine competition, machine is winning. And it’s not just Watson beating humans on “Jeopardy.” Since the recession ended, businesses had increased their real spending on equipment and software by a strong 26%, while they have added almost nothing to their payrolls. In August, new orders and shipments of “capex goods” — defined as [...]
NEW YORK — Kentucky Attorney General Jack Conway has added his name to a list of state law enforcers who fear that a settlement being negotiated among government officials and big banks isn’t backed by a sufficient investigation into potential wrongdoing. As law enforcers approach a deal with banks to settle allegations that the companies [...]
Rochdale Securities’ analyst Richard Bove said fears of a possible impact of a European debt crisis on U.S. banks were overblown, with only Citigroup and JP Morgan Chase having a significant exposure to the crisis. “Assuming some relatively worse case developments, it appears that Citigroup and JP Morgan Chase are at risk to the developments [...]
Big U.S. banks in talks with state prosecutors to settle claims of improper mortgage practices have been offered a deal that may limit their legal liabilities in return for a multibillion-dollar payment, the Financial Times reported on Tuesday. The talks aim to settle allegations that banks including Bank of America, JPMorgan Chase, Wells Fargo, Citigroup [...]
Robo-signing practices have wreaked havoc across the housing market for some time now, allegedly even leading to wrongful foreclosures. In Hawaii, though, a recent bank-related incident could best be described as robo-dialing. Bank of America reportedly pestered a grieving widow with up to 48 calls per day over a missed mortgage payment after her husband [...]
Over the last decade, some of country’s most dominant industries have become those least liked by Americans. And that downturn in public perception has been particularly pronounced amongst sectors playing direct roles in the economy’s collapse, according to a poll released by Gallup on Monday. Gallup interviewed 1,008 adults during August 11-14 to find out to [...]
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