The Department of Justice has struck a multi-billion dollar deal with Morgan Stanley in what is expected to be one of the last major steps in resolving investigations related to banks’ roles in the subprime mortgage crisis. [More]
Morgan Stanley To Pay $2.6B To Settle Charges Of Selling Troubled Mortgages Leading Up To The Financial Crisis
If your next trip to the bank involved going to the drive-thru, you might find no one there to greet you. That could certainly be the case if you put your financial needs in the hands of Bank of America, which has plans to close some of its drive-thru windows this year. [More]
The magical disappearance of debt sounds like a wonderful thing, doesn’t it? Unless of course, someone else is getting their debt canceled while you’re still stuck in the mud. When homeowners in foreclosure in Charlotte, N.C. heard that the city wouldn’t have to pay back millions of debt it owed Bank of America and Wells Fargo for a underperforming NASCAR Hall of Fame, they couldn’t help but ask why they’re still facing the loss of their homes.
Back in August, the Department of Justice announced a record-setting $16.65 billion settlement with Bank of America to resolve multiple federal and state claims involving the bank’s bad behavior leading up to the collapse of the housing market. Now, the former executive who became a whistle-blower to assist federal prosecutors in the matter is set to receive $57 million of the hefty settlement. [More]
Earlier today, we told you about a $1 million judgement against Bank of America for making five years of unwanted robocalls to a couple who sent the bank multiple cease and desist demands. Since then, BofA has reached out to Consumerist with an explanation that is too funny to just post as an update within that story. [More]
If you’ve got a problem paying your mortgage, the bank is allowed to call you about collecting that debt. But after you’ve repeatedly told the bank — verbally and in writing — to stop robocalling your cellphone, it should do so. And if a recent ruling by a federal court in Florida holds up, Bank of America will have to fork over more than $1 million to a couple who say the bank spent five years ignoring their demands for the calls to cease. [More]
After Bank of America customers complained this afternoon of not being able to access their accounts online for a few hours, the bank said the issue has been fixed.
If you’re a Bank of America customer who’s used Apple Pay, you might want to check your statement right about now and make sure you don’t have duplicate charges. Some BofA customers are reporting trouble with double charges, prompting the bank to apologize to those affected.
In every common-sense, everyday way, a corporation is not a person. Corporations don’t date, don’t have families, don’t go catch a movie on Friday night. They also don’t go to jail when they do something criminal. But in the eyes of the law, corporations enjoy many of the same rights — including free speech and religious expression — and protections afforded to individuals.
Between settlements, fines, legal fees, and loan reductions, Bank of America’s tab for its part in the mortgage meltdown is well over $50 billion, including last week’s record-setting $16.65 billion deal. And yet BofA is still trying to fight a nearly year-old jury verdict involving a scam by Countrywide Financial that sold off oodles of worthless home loans before the housing bubble collapsed. [More]
More than two weeks after it was first reported that the Justice Dept. and Bank of America were coming to terms on a record-setting deal worth nearly $17 billion, the two parties have finally confirmed the details of a settlement that will resolve multiple federal and state claims involving the bank’s bad behavior in the lead-up to the collapse of the housing market. [More]
Earlier this summer, when it looked like Bank of America and the Justice Dept. were reported to be on the brink of a settlement that would close the books on multiple cases involving the bank’s mishandling of toxic home loans in the run-up to the collapse of the housing market, it looked like BofA would be on the hook for around $12 billion. But now comes news that the deal could hit the bank for anywhere from $16-17 billion. [More]
It’s been about nine months since a federal jury found Bank of America liable for the “Hustle,” a pre-bubble Countrywide Financial program that removed safeguards to the mortgage underwriting process, resulting in a mountain of toxic, worthless loans. Yesterday, the judge in the case finally decided how much BofA — and the former Countrywide exec in charge of the program — should pay. [More]
Processing transactions for drug traffickers is a big no-no, which is why Bank of America has agreed to pay $16.6 million to resolve federal allegations that it was involved in moving money around for ten traffickers over the course of four years.
Have you ever cut ties with a friend or loved one, thinking you’d never want to see them again? Have you later had second thoughts about taking the axe (metaphorically) to that relationship and wished you could rebuild what you once had? When it comes to banks, many of them just assume that people who opted out of junk mail are just sitting at home regretting that they ever stopped asking for their mailboxes to once again be filled with credit card, mortgage, and savings account solicitations. [More]
Bank of America has reportedly been working out a settlement deal with the Department of Justice over its mortgage-related misdeeds. Last week, the arrangement was for a rumored $12 billion at least. But the negotiations stalled out, and the two parties haven’t talked in a week or more. Apparently, the bank is blinking first, and trying to get the Attorney General back to the table.
Payday lending is illegal in more than a dozen states, including New York, but some lenders manage to fly under the radar by operating online or hiding their loans as part of another business. In an effort to crackdown on loans that violate state laws, New York has created a database for banks to use to help identify sketchy lenders, and Bank of America — no stranger to the issue of questionable loans — is the first to sign on. [More]
Bank of America has already agreed to mortgage meltdown-related settlements totaling more than $50 billion, so what’s another dozen or so billion dollars heaped on top of that pile? That’s the latest figure being thrown about in the seemingly never-ending series of complaints and settlements tied to the bank’s bad behavior in the home loan business. [More]