Wells Fargo

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Calif., NY May Sign On to Robo-Signing Settlement

Obama administration nearing deal for mortgage relief

(Newser) - California and New York are close to signing on to the Obama administration's multibillion dollar mortgage robo-signing settlement, significantly expanding the deal, the New York Times reports. If California signs on, the settlement total will jump from $19 billion to $25 billion. In exchange, the states want measures to...

Massachusetts Sues Big Banks Over Mortgage Fraud

Says it will not sign onto any lenient robosigning settlement

(Newser) - Massachusetts Attorney General Martha Coakley—best remembered for her failed campaign against Scott Brown —has filed a lawsuit against Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, and Ally Financial over alleged mortgage fraud offenses, including the “robo-signing” scandal. The suit also names MERSCORP which produces an electronic...

S&P Downgrades Credit Ratings of Top US Banks

Standard & Poor's applies new criteria to banks around the world

(Newser) - Standard & Poor's is adjusting the ratings on 37 of the world's largest financial institutions, and that means downgrades for the biggest banks in the US. Bank of America and its main subsidiaries were among those cut at least one notch today, along with Citigroup, Goldman Sachs, JPMorgan...

Occupy Oakland Deposits $20K at ... Wells Fargo

But don't worry, it's only for a little while!

(Newser) - So much for Bank Transfer Day and, you know, railing against Wall Street: Occupy Oakland took its $20,000 straight to Wells Fargo, the fourth-largest bank holding company in the US. The group’s general assembly agreed—just about unanimously—to temporarily put the large donation from Occupy Wall Street...

30 Top Corporations Paid US No Taxes, Despite Profit

Few companies actually pay 35% rate

(Newser) - America may have a lofty 35% corporate tax rate—but who actually pays that? A new study from a pair of left-leaning think tanks examined 280 Fortune 500 companies from 2008-2010, and found that their average effective rate was 18.5%, with a quarter paying less than 10% and 30...

BofA Offers More Ways Around $5 Debit Fee

$20K minimum balance isn't the only option

(Newser) - Turns out Bank of America customers won't have to maintain a $20,000 bank account to avoid monthly debit fees after all. With other banks canceling debit fee plans, BofA will now offer customers other means of avoiding its $5 monthly debit card payment —like having paychecks directly...

States Offer Banks Immunity From Mortgage Lawsuits

In exchange for up to $25B payoff

(Newser) - State prosecutors are offering big banks an expensive Get Out of Lawsuits Free card. Prosecutors have offered a variety of banks caught up in the “robosigning” scandal immunity from some litigation in exchange for a total of $10 billion to $25 billion in penalties, the Financial Times reports. Some...

Fed Hits Wells Fargo With Record $85M Fine

Bank accused of mortgage abuses

(Newser) - Wells Fargo has agreed to cough up $85 million to settle allegations that it steered borrowers with good credit towards expensive subprime mortgages and falsified information on borrowers' income on loan documents. The Federal Reserve says the fine, the first levied in relation to the predatory big-bank practices blamed for...

Big Banks Try to Steal PayPal's Thunder

Google meanwhile to let you pay with swipe of the phone

(Newser) - Big changes could be afoot in the way Americans pay for stuff. Bank of America, JPMorgan Chase, and Wells Fargo are introducing a new service that will let customers easily transfer money from their checking account to someone else’s, the Wall Street Journal reports. The banks are hoping the...

Audits: Top Mortgage Firms Defrauded Taxpayers

Confidential reports could lead to prosecutions

(Newser) - A set of confidential audits could lead to fraud prosecutions for five of America’s biggest mortgage lenders, officials briefed on the documents tell the Huffington Post . The scathing documents accuse Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, and Ally Financial of defrauding taxpayers by making false claims about...

Robber Busted 28 Years After Huge Bank Heist

Norberto Gonzalez Claudio spent decades on the run

(Newser) - A Puerto Rican militant has been arrested 28 years after he allegedly took part in one of the biggest bank robberies in American history. Norberto Gonzalez Claudio, 65, is accused of participating in the $7 million armed robbery of a Wells Fargo truck in Connecticut in 1983, AP reports. Claudio,...

Wachovia to Be Charged in Mortgage CDO Scandal

SEC says bank, now owned by Wells Fargo, overpriced CDOs

(Newser) - The SEC is getting ready to bring civil charges against Wachovia for allegedly jacking up prices on its CDOs, even as the loans underlying them fell in value, sources tell the Wall Street Journal . The charges come out of a larger SEC probe into Wall Street’s shady CDO practices,...

Homeowner Forecloses on Bank Office

Philly man wins levy after bank fails to answer questions as required by law

(Newser) - A Philadelphia homeowner is giving his local branch of Wells Fargo a taste of its own medicine. Concert promoter David Rodgers, embroiled in a dispute with the bank over required homeowner insurance, sued Wells under the Real Estate Settlement Procedures Act when the bank refused to answer his questions as...

Banks Expected to Dole Out Dividends Again

Rising profits should lead to 'milestone' soon: Analysts

(Newser) - America’s top banks are expected to report yet another quarter of profits, putting them in prime position to start paying dividends again, analysts tell the New York Times . JPMorgan got things rolling today by reporting a 47% increase in profits, notes the Wall Street Journal . It will be followed...

Court Ruling Could Void Thousands of Foreclosures

Massachusetts supreme court rules against banks

(Newser) - A court ruling in Massachusetts today that went against the home lending industry has the potential to further foul up the foreclosure process across the nation. The state's highest court invalidated the foreclosures of two homes because the banks involved—Wells Fargo in one case and US Bancorp in the...

States Asked for Foreclosure Probe—3 Years Ago

Federal regulators turned down request, put off matter

(Newser) - State regulators suspected that there was something fishy about banks' foreclosure procedures as far back as three years ago, but federal regulators forbid them to take action, the Washington Post reports. The federal comptroller told the states his office was already planning an investigation, and that banks should only respond...

It's Official: No More Overdraft Fees Without Opt-In

Feds go after bank fee 'profiteering'

(Newser) - Say goodbye to the $35 Frappuccino. As of yesterday, if you don't choose to opt-in for overdraft protection, your bank can't saddle you with a hefty fee on the Starbucks beverage you don't actually have enough money in your account for. A new overdraft protection law has come into effect,...

Wells Fargo Fined $203M for Gouging

'Profiteering' bank ordered to repay overdraft fees

(Newser) - Wells Fargo is guilty of gouging and profiteering and needs to return $203 million in overdraft fees to customers, a San Francisco judge ruled yesterday. The bank's practice of processing transactions from the largest to the smallest instead of in the order in which they occurred is clearly designed to...

Liberals Push to Toughen Bank Bill

See Goldman troubles as opening to break up banks, restore firewall

(Newser) - The Left is suddenly playing offense in the push for financial reform legislation, with liberal senators preparing a barrage of amendments to beef up the bill. One would break up the nation's six largest banks—Goldman Sachs, JPMorgan, Bank of America, Wells Fargo, Citigroup, and Morgan Stanley—whose combined assets...

US Banks Paid Employees Record $145B in 2009
US Banks Paid Employees Record $145B in 2009
ANALYSIS
Jan 14, 2010 9:41 PM CST

US Banks Paid Employees Record $145B in 2009

Haul breaks mark set in pre-bust 2007

(Newser) - Employees at the major US banks were paid about $145 billion in 2009—a total that, despite the financial crisis and public outcry over compensation in the industry—breaks a record set in pre-bust 2007. A Wall Street Journal analysis finds that 2009 revenue will be $450 billion, up 25%...

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