Recent Articles
All is not rosy at HSBC. Bad debts in the US continue to rise, while regulators extended the open comment period on HSBC’s proposed sale of the banks credit card business to Capital One.
A federal judge rejected class certification for more than 500,000 borrowers who say predatory lending schemes made them fall victim to “toxic” adjustable-rate or subprime-mortgage loans offered by Countrywide and Bank of America.
President Barack Obama said the mortgage finance practices that led to the economic meltdown were “immoral, inappropriate and reckless,” but not necessarily illegal, making it difficult to punish key players, specifically in the subprime debacle.
JPMorgan Chase & Co and Bank of America Corp were hit with new lawsuits by investors claiming losses on $4.5 billion of soured mortgage debt, adding to litigation targeting the two largest U.S. banks.
Bank of America plans to start charging customers a $5 monthly fee for using their debit card to make purchases. The fee will be rolled out starting early next year.