Fifteen states ban payday loans, but a growing number of lenders have, of course, found a way around those bans, often with the assistance of major banks, including JPMorgan Chase, Bank of America and Wells Fargo. Payday loan companies have set up online operations in states where the practice is still legal and have outsourced [...]
Major Banks Profit From Payday Loans; African-Americans More Likely to Borrow
February 24, 2013 | Posted by
As many states crack down on so-called “payday” loans, a new report reveals that major banks like JP Morgan Chase, Bank of America and Wells Fargo are behind-the-scenes partners in the practice of giving short-term loans to consumers with interest rates as high as 500 percent. The lenders who issue the payday loans are trying [...]
Banks Reach Foreclosure Deal to Pay Out $8.5B to Homeowners
January 7, 2013 | Posted by
The nation’s foreclosure crisis eased a little today as ten banks reached a deal with the federal government to pay $8.5 billion to distribute assistance more quickly to homeowners under the stress of foreclosure. The government has been trying for several years to come up with a program that would help homeowners in the wake [...]
Atlanta Group Joins National Racial Segregation Complaint Against Bank of America
September 26, 2012 | Posted by
Metro Fair Housing Services Inc. of Atlanta is joining a national organization in issuing a complaint alleging Bank of America Corp. contributed to continuing racial segregation in communities in metro Atlanta and elsewhere. Metro Fair Housing Services, in partnership with the National Fair Housing Alliance, announced Tuesday it filed a complaint against Bank of America [...]
Detroit Man Gambles Away $1.5M Given Accidentally by an ATM
June 20, 2012 | Posted by
Ronald Page seemingly had it made when Bank of America unintentionally changed his account status, allowing the 55-year-old man to make unlimited ATM cash overdraft withdrawals. But ABC News reports that Page, who in reality had only $300 in his checking account, used the accidental loophole to withdraw more than $1.5 million—losing it all on [...]
Bank of America Offering Relief to 200,000 Homeowners
May 13, 2012 | Posted by
After increasing pressure from Congress, the White House, regulators and the public, Bank of America will begin the process this week of renegotiating up to 200,000 mortgages for customers who have fallen behind and whose homes have severely dropped in value. Some customers could see as much as $150,000 chopped off their mortgage. The bank [...]
