Banking industry
On December 21, 2011, the Department of Justice hosted a press conference to announce a settlement with Countrywide Financial Corporation, resolving allegations of discriminatory mortgage lending practices against over 200,000 qualified African-American and Hispanic borrowers from 2004 to 2008. The settlement provides $335 million in compensation to victims, who
Banks (Finance)
U.S. stocks fell sharply on Monday due to ongoing concerns over the European debt crisis and its potential impact on the global banking system. The Dow Jones industrial average, the S&P 500, and the Nasdaq all experienced significant losses. The banking sector was particularly affected, with Bank
Banking industry
Insider trading reports and equity research have been released for several major companies, including Bank of America, Amgen, Clearwire, Halliburton, Alpha Natural Resources, and Petroleo Brasileiro. The reports highlight significant events, trends, and insider activities in each company, providing valuable insights for investors. Bank of America, for instance, has yet
Banking industry
US stocks surged to close in the positive territory as the Financial Times reported that the European Union is considering doubling the size of its bailout fund. Earlier, stocks were mixed-to-lower following Standard & Poor's move to put the ratings of 15 euro-zone nations on negative watch. Despite
Banks (Finance)
Financial stocks saw a decline in pre-market trading on December 1, 2011, despite the sector having made gains in the previous two sessions. Toronto-Dominion Bank (TD) shares rose after acquiring MBNA Canada's credit card portfolio from Bank of America (BAC). Meanwhile, Western Union (WU) shares tipped lower after
Banks (Finance)
The coordinated effort by central banks to reduce the cost of U.S. dollar funding has provided a short-term boost to major U.S. banks such as Bank of America, Wells Fargo, JPMorgan Chase, and Citigroup. However, experts believe that this move will not have a lasting impact on the
Banking industry
eBay Inc., a leading e-commerce platform, has secured a $3.0 billion revolving credit facility with a group of lenders, including JPMorgan Chase Bank, N.A., Citibank, N.A., and Deutsche Bank Securities Inc. The facility, which was established on November 22, 2011, provides for an unsecured five-year revolving credit
Banking industry
Market uncertainty and high volatility may hinder the Dow Jones Industrial Average's laggards, which include Bank of America, Alcoa, Hewlett-Packard, and General Electric, from turning into leaders. The Dow has declined only 1.8% in 2011 after increasing 11% last year, but its future performance is clouded by
Banks (Finance)
As the dust settles on the debit card fee fiasco, credit unions are reaping the benefits of disgruntled consumers fleeing big banks. Despite initial losses, big banks have regrouped and introduced new fees to compensate. Credit unions, meanwhile, are continuing to promote their no-fee or low-fee policies, attracting members who
Banking industry
The third round of stress tests conducted by the Federal Reserve will feature a set of stringent economic assumptions that will likely put a damper on dividend increases for even the strongest of the big U.S. banks. The tests, which begin early next year, will evaluate the capital plans
Banks (Finance)
The nation's largest mortgage servicers, including Bank of America, Citigroup, and Wells Fargo, have been working to clean up their loan servicing and foreclosure practices after being slapped with cease and desist orders by the Office of the Comptroller of the Currency (OCC) in April. The servicers have
Banking industry
Bank stocks, including Bank of America and Citigroup, took a hit in pre-market trade, with losses of 2.5% and 3% respectively, as investors reacted to a Reuters report that seven banks, including the two titans, were sued by pension funds over the collapse of MF Global. The lawsuit alleges
