Jumana Bauwens News
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Bank of America Corp., plagued by complaints about customer service in its mortgage unit, said it hasn’t yet refinanced a “significant number” of loans as part of the industry’s $25 billion settlement of foreclosure abuses.
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Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe.
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Bank of America Corp.’s ReconTrust unit failed to conduct foreclosures as a neutral third party as required by law, Washington state Attorney General Rob McKenna said in a lawsuit.
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Wells Fargo & Co., the biggest U.S. home lender, said it reached a $590 million settlement in principle with plaintiffs who claimed in a lawsuit that Wachovia Corp. misled investors.
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After about 18 months preparing to defend Galleon Group LLC’s Raj Rajaratnam at his federal insider-trading trial in Manhattan, attorney John Dowd said he could use a vacation.
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UBS AG , Switzerland’s largest bank, agreed to pay $160.2 million to settle charges it rigged bids on at least 100 U.S. municipal-bond transactions that generated “millions of dollars in ill-gotten gains.”
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Two Connecticut real estate agents found a way to profit in the U.S. housing bust: Buy low, sell fast. Their tactic was also illegal.
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U.S. states probing foreclosure practices revised a nationwide settlement proposal after banks and eight Republican attorneys general objected to mortgage loan principal cuts, two people familiar with the talks said.
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The hotel maid who accused Dominique Strauss-Kahn, the ex-International Monetary Fund managing director now charged with sexual assault and attempted rape, hired additional legal counsel in anticipation of an attack on her reputation and credibility, her lawyer said.
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The U.S. Securities and Exchange Commission will let corporate whistle-blowers collect as much as 30 percent of penalties when they report financial wrongdoing, even when they bypass companies’ internal complaint systems.
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