Tag: banking sector
Bank of America Hit With Foreclosure Lawsuit
by Hugh Collins on Feb.03, 2011, under Towing
Bank of America Corp. (BAC) is the subject of a lawsuit that accuses the bank of hiding foreclosure problems that contributed to a drop in its share price.
The suit, filed by a union benefit plan, says Bank of America concealed problems in its recording of mortgages, Reuters reported. This damaged investors when the company suspended foreclosure proceedings last year, the suit says.
“We are…
Continue reading Bank of America Hit With Foreclosure Lawsuit
Bank of America Hit With Foreclosure Lawsuit originally appeared on DailyFinance on Thu, 03 Feb 2011 08:32:00.
Filed Under: Company News, Bank of America, Real Estate, Credit
Investors Extend Talks With Bank of America Over Mortgage Bonds
by Hugh Collins on Dec.16, 2010, under Towing
Bank of America (BAC) said talks will continue with bondholders who are demanding it buy back securities backed by billions of dollars of bad mortgages.
Bank of America has been in talks with investors including Pacific Investment Management Co (Pimco), BlackRock Inc (BLK) and the Federal Reserve Bank of New York over $47 billion of mortgage bonds, Bloomberg News reported.
Some of these investors…
Continue reading Investors Extend Talks With Bank of America Over Mortgage Bonds
Investors Extend Talks With Bank of America Over Mortgage Bonds originally appeared on DailyFinance on Thu, 16 Dec 2010 07:51:00.
Filed Under: Company News, Investing, Fannie Mae, Bank of America, Real Estate, Freddie Mac, Credit
Bailouts Earn $35 Billion for U.S. Taxpayers
by Hugh Collins on Dec.10, 2010, under Towing
The federal governments bailout program has earned the taxpayer nearly $35 billion in the last two years, The Associated Press said.
Income from the Troubled Asset Relief Program (TARP) rose by almost 17% through November compared with the estimate in October, the AP said.
Part of the extra income came from the government’s ongoing sale of stock in Citigroup (C). The government sold off the last…
Continue reading Bailouts Earn $35 Billion for U.S. Taxpayers
Bailouts Earn $35 Billion for U.S. Taxpayers originally appeared on DailyFinance on Fri, 10 Dec 2010 06:42:00.
Filed Under: Company News, Economy, American International Group, Citigroup, General Motors, Taxes, Insurance, Credit, Autos
U.K. Banks Face Government Levy
by Hugh Collins on Dec.09, 2010, under Towing
Five U.K. banks may have to pay hundreds of millions of pounds in a levy that aims to charge them for the risks they pose to the country’s economy.
The planned bank levy will raise a total of 2.5 billion pounds ($3.59 billion) a year from 2012 onwards, The Wall Street Journal said.
The levy has two goals, according to Financial Secretary to the Treasury, Mark Hoban.
“First, ensuring…
Continue reading U.K. Banks Face Government Levy
U.K. Banks Face Government Levy originally appeared on DailyFinance on Thu, 09 Dec 2010 09:02:00.
Filed Under: Company News, Taxes, Credit
FDIC Confirms Good News, Bad News for U.S. Banks
by Douglas McIntyre on Nov.23, 2010, under Towing
The financial headlines of the last several months have shown large banks making near-record profits, and small banks being closed at a pace of three or four per week. The FDIC has released its comprehensive report on the industry for the third quarter, and it confirms that fairly positive assessment.
Continue reading FDIC Confirms Good News, Bad News for U.S. Banks
FDIC Confirms Good News, Bad News for U.S. Banks originally appeared on DailyFinance on Tue, 23 Nov 2010 13:39:00.
Filed Under: Economy, Investing, Earnings, Market News
-
You Can Reach Us At:
For All Of Your Towing and Recovery Needs.
Tele: (847) 587-6076
Fax: (847) 587-8610 Some Of Our Pics
