Aug 22, 2014

Bank of America settlement likely to benefit few

Bank of America’s record $16.65 billion settlement for its role in selling shoddy mortgage bonds — $7 billion of it geared for consumer relief — offers a glint of hope for desperate homeowners. The settlement requires the second-largest U.S. bank to reduce some homeowners’ ...

Bank of America settles mortgage probes with DOJ for $16.65 billion

Aug 21, 2014

Bank of America settles mortgage probes with DOJ for $16.65 billion

Bank of America Corp. has reached a $16.65 billion settlement with U.S. regulators to settle charges that it misled investors into buying troubled mortgage-backed securities. The settlement announced on Thursday by the U.S. Department of Justice calls for the second-largest U.S. bank to pay ...

Aug 15, 2014

N.Y. Fed: U.S. auto loans soar to highest in eight years

U.S. auto loans jumped to the highest level in eight years this spring, fueled by a big increase in lending to risky borrowers, according to a report Thursday by the Federal Reserve Bank of New York. Yet the New York Fed also said that ...

Jul 24, 2014

IMF sees U.S. growth at weakest since recession

U.S. economic growth this year will likely be at the weakest pace since the Great Recession ended, the International Monetary Fund said, mostly because of a sharp, weather-related contraction in the first quarter. But the global lending organization said Wednesday that it still expects ...

Jul 15, 2014

Citigroup to pay $7 billion in subprime mortgages probe

Citigroup agreed Monday to pay $7 billion to settle a federal investigation into its handling of risky subprime mortgages, admitting to a pattern of deception that Attorney General Eric Holder said “shattered lives” and contributed to the worst financial crisis in decades. The settlement ...