Until recently, home loans generally covered two types of properties: primary residences or investments. That was before services like Airbnb allowed anyone with an extra room to make a bit of extra money by renting it out for short periods of time. This blurred line between “my house” and “my investment” is causing trouble for some homeowners when they go to refinance their mortgages. [More]
If you live in a certain kind of urban area, you see it all the time: those new mixed-use buildings go up, and on the ground floor of practically every single one there’s a bank branch or two. And if you thought to yourself, “Why are there so freaking many bank branches opening in an era when all the young folk living in those buildings bank by phone?” you’re not alone. But it turns out there’s an easy reason that bank branches keep proliferating: customers are using ’em.
Nearly eight years after Bank of America bailed out Countrywide Financial, a federal appeals court has ruled that BofA should not have been held liable for Countrywide’s “Hustle” scam in which the company sold Fannie Mae and Freddie Mac a ton of poorly underwritten mortgages knowing that they were worthless. [More]
Back in January, Bank of America jumped on the card-free bandwagon by developing new ATMs that allow customers to withdraw cash or complete other tasks using their cellphones instead of their bank cards. This week, the company took that initiative a step farther, announcing it would let customers perform those tasks through Android Pay. [More]
Only hours after Deutsche Bank canceled its plans to expand its presence in North Carolina — and following a similar decision last week by PayPal — the state’s governor has signed an executive order that softens some aspects of a controversial bill that restricts cities’ ability to protect the rights of people based on sexual preference or gender identification. [More]
Show me someone who supports robocalls, and I’ll show you someone that has very few friends. Which is why it’s baffling that the Senate has yet to act on a bill introduced last fall that would close a loophole allowing the government to make debt-collection robocalls. But you know who does support robocalls? The student loan companies that are currently trying to convince Congress that these invasive annoyances are really for our benefit. [More]
The Consumer Financial Protection Bureau has released its latest report on the various complaints the agency has received about banks, lenders, debt collectors, and other financial services. Amid a sudden increase in the number of complaints involving credit report errors, the country’s largest credit bureaus now dominate the top of the CFPB’s list of most complained-about companies. [More]
From Apple To Walmart, Over A Dozen Of The Biggest Businesses In The U.S. Sign On To White House Climate Pledge
A huge number of the world’s nations are coming together in Paris this December to negotiate an agreement to stem emissions and forestall further climate change. Ahead of this winter’s United Nations talks, however, some well-known names here at home are pledging their own contributions to the cause.
Consumers’ Changing Banking Habits Led To 1,400 Bank Of America Branches Shuttering, More Cuts To Come
Over the past several years, Bank of America has revamped the way it provides banking services in an effort to cut costs and respond to consumers’ changing banking habits. Those operation modifications have not only included shutting down some drive-thru windows, but the closure of nearly a fifth of the company’s branches. [More]
Back in 2011, several of the nation’s largest banks entered into a settlement with federal regulators that required the institutions to correct widespread foreclosure abuses that helped to trigger the housing crisis. While the agreement was revised in 2013 to make things a bit easier for the offending banks, regulators today announced that six of the lenders – including JPMorgan Chase and Wells Fargo – still haven’t met requirements and face new restrictions on their mortgage operations.
Consumers taking out a second mortgage will now have to consider the fact that if they encounter financial difficulties and file for bankruptcy, they won’t be able to strip off the additional loan obligation. [More]
Two of the country’s largest banks are finally getting around to removing the debt consumers eliminated during bankruptcy proceedings from their credit reports, a move that puts Bank of America and JPMorgan Chase in line with federal law. [More]
When looking to manage one’s money, it wouldn’t be unusual to seek advice from the financial professionals at one of the country’s largest banks. But an NFL linebacker says his decision to rely on Bank of America to manage his finances cost him millions of dollars and led to the closing of his budding restaurant business. [More]