Bank Of America To Pay $800 Million For Duping Customers

By: Thursday April 10, 2014 5:22 am

Ever wonder about those “credit card protection” services? In exchange for added fees each month, your card is supposed to be protected from identity theft. Apparently when that service was offered by Bank of America it was a scam with lots of dubious fine print. Even when the banksters offer protection it’s a predatory act. [...]

Executive At Center Of Bank Of America Mortgage Fraud Case Now Working For JPMorgan Chase

By: Friday October 25, 2013 10:58 am

The Bank of America executive at the center of the recent mortgage fraud case – for which Bank of America was found liable by a jury – is not only still working on Wall Street, she is still working in the housing market. Rebecca Mairone, the architect of the scam known as “the Hustle”, now [...]

Bank Of America Found Liable For Selling Fraudulent Mortgages

By: Thursday October 24, 2013 6:04 am

Reality comes shining through as once again the facts reveal that the blame for the financial crisis falls on Wall Street not Main Street. Yesterday a jury found Bank of America liable for knowingly selling defective mortgages. Bank of America’s Countrywide unit was ground zero for the housing crash by degrading credit standards, creating horrendously [...]

JPMorgan Under Criminal and Civil Investigation Over Mortgages

By: Thursday August 8, 2013 8:04 am

One of Wall Street’s Too Big To Fail banks is under criminal investigation for its practices in the mortgage market.  JPMorgan Chase & Co. disclosed in a SEC filing that it was under criminal investigation and had already been notified by the Department of Justice’s civil division that it had violated federal securities laws in [...]

Jury Acquits Bank Of America Protester Of Vandalism Charges

By: Tuesday July 2, 2013 8:31 am

A San Diego jury decided that a man should not face up to 13 years in jail for protesting Bank of America by writing in water-soluble chalk on the sidewalk in front of bank branch buildings. The man, Jeff Olson, said he was inspired by the Occupy Wall Street movement and was engaging in political [...]

Bank of America Gave Bonuses to Foreclose on Clients, Lied To Homeowners

By: Wednesday June 19, 2013 5:58 am

Another heartwarming Bank of America story. The latest story is courtesy of one of those much maligned whistle-blowers who saw something and said something. In this case the whistle-blower disclosed that the Too Big To Fail/Jail bank had a bonus system setup encouraging foreclosure on desperate homeowners. Bank of America (BAC) rewarded staff with cash [...]

Elizabeth Warren Demands Mortgage Settlement Documents From Regulators

By: Thursday January 31, 2013 9:43 am

Elizabeth Warren is not wasting any time trying to get answers from Wall Street’s regulators. Warren asked for documents relating to the recent mortgage settlement. U.S. lawmakers on Thursday asked bank regulators to turn over documents related to the $8.5 billion settlement that ended a government-mandated review of crisis-era foreclosures, saying transparency was needed to [...]

Frontline Exposes DOJ’s Failure To Prosecute Wall Street

By: Wednesday January 23, 2013 5:55 am

Watch Alarm Bells In The Housing Market on PBS. See more from FRONTLINE. Last night Frontline aired a program on the Department of Justice’s failure to prosecute Wall Street executives over fraud in the mortgage market that caused the 2008 financial crisis. The program included compelling testimony from the “due diligence underwriters” those responsible for [...]

Banks Win Mortgage Settlement From Regulators

By: Tuesday January 8, 2013 6:32 am

In what can only be described as a slap to the face of victims of the housing crisis and an insult to even the vaguest notion of the rule of law, the banks responsible for the mortgage meltdown and subsequent financial crisis and recession have once again escaped justice. After criminal cases were dropped despite [...]

Banks Win Delay On Derivatives Rule

By: Friday January 4, 2013 7:35 am

In what is becoming a trend, the Wall Street banks have been able to once again dodge Dodd-Frank, at least for now. From Bloomberg: JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS) and Bank of America Corp. won a delay of Dodd-Frank Act requirements that they wall off some derivatives trades from bank [...]

Yes, Banks Are Paying “Penalties” in Foreclosure Fraud Settlement With Other People’s Money

By: Thursday November 15, 2012 8:30 am

This one offers a bit of vindication. I cannot tell you how much grief I got from “official sources” over the clear reality that banks would be able to pay off their penalties in the foreclosure fraud settlement with investor money. HUD Secretary Shaun Donovan flat-out said it, and then had to backtrack and obfuscate. [...]

Advertisement
FOLLOW FDL NEWS DESK

Close