Category Archives: Headline News
Banks accused of conflict of interest in receiving Fed low interest loans
When a provision in a financial reform bill forced the Federal Reserve to publicly disclose all loan transactions it entered into with leading financial institutions between Dec. 2007 and July 2010, it revealed that many of the banks who received … Continue reading
Posted in Headline News
Tagged Chase Bank, Federal Reserve, JPMorgan Chase & Co., PNC Bank
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Chase Bank tied to Madoff Ponzi scheme scandal with lawsuit
Chase Bank thought they had enough to worry about with the ongoing foreclosure crisis and the potential of billions of dollars in losses. They can now add one more worry to the mix. Irving Picard, the trustee for the victims … Continue reading
Posted in Headline News
Tagged Bernie Madoff, Chase Bank, JPMorgan Chase & Co., Ponzi scheme
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Wells Fargo accused of duping homeowners?
In a suit filed in Northern California, Wells Fargo and one of its servicers are facing charges of deliberately duping their home loan borrowers. America’s Servicing Company, along with Wells Fargo, were both named in a class action lawsuit filed … Continue reading
Congress tackles foreclosure crisis with leading bankers and regulators
Officials at two top federal agencies are being called to the carpet by the Senate today to provide updates on the ongoing foreclosure crisis, and whether or not the federal agencies can help in solving the crisis. Daniel Tarullo, Federal … Continue reading
Posted in Headline News
Tagged Congress, Fannie Mae, FDIC, Federal Reserve, Freddie Mac, Senate Banking Committee, Sheila Bair
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Bank of America thought to be target of WikiLeaks document leak?
Bank of America thought they had enough to worry about with the foreclosure crisis. Now, they have one more potentially damaging item on their plate. Julian Assange, the founder of WikiLeaks, has claimed that he has thousands of documents from … Continue reading
Cyber Monday sales show significant increase over prior year
In a sign that consumers are doing a better job in handling of personal finances, Cyber Monday saw the first time ever that over $1 billion was spent in one day on the internet. According to figures released by comScore, … Continue reading
Posted in Headline News
Tagged Amazon.com, consumer confidence, Cyber Monday, eBay, online holiday sales
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Wachovia Bank still costing Wells Fargo
When Wells Fargo & Co. swooped in to purchase the troubled Wachovia Bank two years ago, it incurred the wrath of Citigroup. Now, Wells Fargo will be paying quite a bit more. Wells Fargo agreed on Friday November 19 to … Continue reading
Is Countrywide sinking Bank of America with bad paperwork?
A very important fact came to light in a recent foreclosure case heard in the state of New Jersey that could ultimately spell doom for Bank of America. In the case of Kemp v. Countrywide Home Loans that was heard … Continue reading
Posted in Headline News
Tagged Bank of America, Countrywide Financial, foreclosure crisis
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Wells Fargo and Bank of America to further tighten credit requirements
Bloomberg News is reporting that several mortgage lenders have recently raised the minimum credit score requirements needed to secure an FHA backed mortgage loan. Wells Fargo and Bank of America raised their credit score requirements to 640. Considering that 6.3 … Continue reading
