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Bank of America sued for gouging former Arizona inmates on card fees

Bank of America Corp has been hit with a proposed class action accusing it of charging exorbitant fees to thousands of former Arizona prison inmates who were issued debit cards when they were released.... Read more»

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Some banks pulling back from doing business on border

In late September, U.S. Sen. McCain wrote letters accusing Bank of America, Wells Fargo, Chase and Citigroup of scaling back services and closing branches in communities along the U.S.-Mexico border. ... Read more»3

Bank of America

BofA lied to homeowners & rewarded foreclosures, former employees say

Bank of America employees regularly lied to homeowners seeking loan modifications, denied their applications for made-up reasons, and were rewarded for sending homeowners to foreclosure, according to sworn statements by former bank employees.... Read more»

Advocacy group: Minority foreclosures get poor treatment from banks

The National Fair Housing Alliance, an advocacy group, filed a federal housing discrimination complaint Tuesday accusing Bank of America Corporation of dealing with foreclosed homes differently in neighborhoods with predominately Latino and black populations.... Read more»1

Horne: $57M from mortgage settlement will help Az homeowners

Arizona will use $57 million from its share of settlements with mortgage lenders to help people facing foreclosure stay in their homes and provide counseling, legal assistance and oversight, Attorney General Tom Horne said Monday.... Read more»

Big banks targeted over transfer, laundering of drug cartel funds

Prosecutors in the U.S. and Mexico have major banks in their crosshairs for helping drug smugglers and money launderers transfer and hold their illegal earnings.... Read more»

The bailout: By the actual numbers

While Democrats paint a glowing picture of the bailout, this Bailout Tracker database tells the whole story. A look at the biggest losses and gains stemming from the TARP and Fannie, Freddie bailout. ... Read more»1

Grieving father struggles to pay dead son’s student loans

Francisco Reynoso is suffering a Kafkaesque ordeal in which he's hounded to repay loans that funded an education his dead son will never get to use — loans that he has little hope of ever paying off.... Read more»2

Judge approves $25B foreclosure settlement

A federal judge has approved a $25 billion settlement between the nation's five largest mortgage lenders and the attorneys general of 49 states and the District of Columbia over abuses in foreclosure processing.... Read more»

Pima County warns about mortgage settlement scams

The Pima County Housing Center is warning homeowners about potential scams related to February's $25 billion mortgage settlement.... Read more»

Az to get $1.6B in foreclosure settlement

Arizona will receive $1.6 billion of a $25-billion multistate settlement with five banks over mortgage lending practices and foreclosures, giving many borrowers some relief, the state Attorney General's Office announced Thursday.... Read more»1

Az closer to joining possible $25B foreclosure settlement

Arizona is one of a handful of states that have not yet agreed to a potential $25 billion mortgage settlement for suffering homeowners, but the state hopes to join soon, officials said.... Read more»

BofA cancels debit card fees

Bank of America announced Tuesday it has planned to drop its $5 monthly fee for debit card use. This latest move was spurred by the negative customer feedback Bank of America received after its debit-card fee announcement... Read more»

Bank of America could cut 40,000 jobs

Officials at Bank of America have considered cutting as many as 40,000 jobs during a company overhaul known as "Project New BAC."... Read more»

Buffett's 1-day score on BofA deal: $357 million

Billionaire investor Warren Buffett made headlines on Thursday when his company, Berkshire Hathaway, announced that it would invest $5 billion in Bank of America. And according to CNN, warrants related to the deal earned Buffett $357 million on Thursday alone. Nice work if you can get it.... Read more»

Analysis

Mortgage servicers spend millions on political contributions

As the financial markets roil, one of the critical factors weighing down the U.S. economy is the flood of home foreclosures. Thursday's crash underscores how difficult it will be for the economy to make significant strides while the housing market is still in tatters. ... Read more»

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