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(LOS ANGELES) — Homeowners with a Bank of America mortgage have good reason to check their mailbox.
The lender said Tuesday it has begun mailing out letters to customers who may qualify to have their home loans reduced as part of a multistate settlement over alleged foreclosure abuses.
Thursday’s $25 billion foreclosure settlement received praise from some consumer groups, but the reaction was not all positive. One detail of the deal that has raised questions and concerns is reports that the five major U.S. banks will get credit for principal reduction of mortgages they do not own. While the fine print of the [...]
A key step was taken yesterday in moving the country beyond the housing crisis, a crisis that triggered the worst recession in decades and whose lingering effects continue to hinder the nation’s nascent recovery. The deal, which brought together 49 state attorneys general and the Justice Department, was a large-scale compromise between states, the federal [...]
This post was updated at 1:25pm It’s been a long slog, but government officials and representatives from major U.S. banks have come to terms on a settlement that would put an end to federal and state investigations into alleged foreclosure abuses by financial institutions.
You can’t have a strong economy without strong banks. That’s why President Bush’s and, later, President Obama’s first attempts to save the economy from a deep recession were focused around bank bailouts. And the fact that the banks have remained weak, despite the government’s efforts, is one of the major reasons the economic recovery has [...]
Next Wednesday marks the launch of the World Economic Forum in Davos, Switzerland. The annual meeting of the most powerful men and women in business, government and the non-profit world will focus on the theme “The Great Transformation: Shaping New Models.” Much has transpired since last January’s meeting, from the European debt crisis to the [...]
UPDATED (5:29 PM) Banks have a new remedy for America’s ailing housing market: bulldozers. There are nearly 1.7 million homes in the U.S. in some state of foreclosure. Banks already own some of these homes and will soon repossess many more. Many housing economists worry that a near constant stream of home sales by banks [...]
As Hugh McColl built North Carolina National Bank into NCNB into Nationsbank into Bank of America, Ken Lewis was the guy who made all those mergers work. McColl was the swashbuckler, Lewis the beancounter. From a 2005 profile in by Fortune by Shawn Tully: Lewis’s cool restraint impressed McColl. “He always had good credit judgment,” [...]
