Credit card default rates mostly fell in September, but improvements in late payments slowed for most of the major card issuers. American Express, Discover, Chase, Bank of America and Citibank all submitted regulatory filings Friday that said September charge-offs fell to the lowest level this year.
Bank of America
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Card delinquencies fall, but recovery elusive
Fewer Americans fell behind on their credit card payments in September, but the pace of improvement slowed again, accelerating fears that banks will not recover from their consumer loan losses for years.
Shares of several major U.S. credit card lenders, including Bank of America Corp, JPMorgan Chase and Co, and Capital One Financial Corp, fell in morning trading on Friday. Get the full story »
Illinois officials expose four mortgage companies
Illinois regulators have “outed” four mortgage servicers that it said did not respond to requests for information on their foreclosure procedures. Get the full story »
States to investigate mortgage industry
A coalition of as many as 40 state attorneys general is expected Wednesday to announce an investigation into the mortgage-servicing industry, an effort some of them hope will pressure financial institutions to re-write large numbers of troubled loans.
The move come amid recent allegations that mortgage-servicers, which include units of major banks such as Bank Of America Corp., submitted fraudulent documents in thousands of foreclosure proceedings nationwide. Get the full story »
How foreclosure freeze could undermine housing
Karl Case, the co-creator of a widely watched housing market index, was upbeat three weeks ago. Mulling the economy while at a meeting at a resort near the Berkshires, Case thought the makings of a recovery were finally falling into place.
Today, Case’s mood is far more subdued. In scarcely two weeks, he and other housing analysts have watched as the once-staid world of back-office bank procedures has spawned a scandal that threatens to further unhinge the housing market. Get the full story »
BofA foreclosure halt draws calls for more
U.S. lawmakers pushed for the country’s largest mortgage lenders to suspend foreclosures in all 50 states after Bank of America Corp announced on Friday it would temporarily halt evictions nationwide.
BofA, the largest U.S. mortgage servicer, is the first U.S. bank to institute a nationwide freeze on foreclosures, expanding on a 23-state suspension announced last week while it conducts a review of its procedures. Get the full story »
Bank of America halts foreclosures in all 50 states
A Bank of America branch in Charlotte, N.C. (AP)
Bank of America Corp. is placing a moratorium on all foreclosure proceedings and sales across the U.S. due to mounting political pressure on large U.S. banks to examine foreclosure-documentation problems.
The nation’s largest bank by assets is the first financial institution to stop all foreclosure actions due to revelations that the banking industry had used “robo-signers” — people who sign hundreds of documents a day without reviewing their contents — when foreclosing on homes. Bank of America, J.P. Morgan Chase & Co. and Ally Financial Inc. last week postponed foreclosures in 23 states where a court’s approval is required to foreclose on a home. Get the full story »
Pritzker’s Triton rumored to be up for sale
Triton Container International Ltd., owned by Chicago’s Pritzker family, is up for sale, the latest attempt at selling the container leasing company that could be worth about $1 billion, several sources familiar with the matter said on Friday.
The auction is the latest in a series of asset sales by the Pritzkers, one of the wealthiest U.S. families. They have been selling assets after a 2001 settlement agreement, in which 11 heirs set a plan to break up the family fortune. Get the full story »
BofA suspends foreclosures, states eye Chase
Amid growing public anger over U.S. home seizures, Bank of America Corp has suspended some of its foreclosures and JPMorgan Chase & Co has come under investigation in California and Connecticut. Get the full story »
Quantitative easing could boost oil price
Further quantitative easing by the U.S. Federal Reserve could push oil prices to an average of $83 next year even if demand remains weak, analysts at Bank of America Merrill Lynch said on Friday. Get the full story »
Sep. 14, 2010 at 11:21 a.m.
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Filed under: Economy, Semiconductors, Small business, Technology IBM to help small businesses compete for contracts
Tech giant IBM said Tuesday it will set up a website at supplier-connection.net early next year with a single, standard application for small companies to bid on contracts at AT&T Inc., Citigroup Inc., Bank of America Corp., Pfizer Inc. and UPS Inc. That means small businesses won’t have to invest the time and money in preparing multiple bids.
Sep. 8, 2010 at 1:52 p.m.
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Filed under: Construction, Development, Litigation, Real estate Another setback for Chicago Spire
From Crain’s Chicago Business | The Chicago Spire was dealt another setback Wednesday when a federal judge tossed out a lawsuit by developer Garrett Kelleher seeking to avoid repayment of two loans.
MB completes deal serving minors, disabled
Chicago-based MB Financial Bank has completed its acquisition of the Illinois guardianship and special needs trust business of U.S. Trust, an arm of Bank of America. Get the full story »
Sep. 2, 2010 at 11:22 a.m.
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Filed under: Bank failures, Banking, Consumer news, Investing ShoreBank successor boosts online savings rates
Urban Partnership Bank, the successor to the recently failed ShoreBank, has already boosted the interest rates on a couple of savings accounts for its online ShoreBank Direct.
The ShoreBank Direct Online Savings Account now pays a 1.25 percent annual percentage rate with a $100,000 minimum balance, up from 1.19 percent. It also pays 1.2 percent for balances of less than $100,000, up from 1.03 percent.
The rate hikes were first reported by www.depositaccounts.com, a tracker of bank account trends. Get the full story »
Urban Partnership Bank names board
Urban Partnership Bank, the newly formed group that last week bought failed Chicago-based ShoreBank, has named five-people to its board of directors.
It includes three former First Chicago executives who had joined ShoreBank in recent months during its last-ditch and ultimately unsuccessful effort to raise capital so state and federal regulators wouldn’t seize it.
Those are David Vitale, who, as previously reported, will serve as chairman; William Farrow, who, as reported, will be president and chief executive officer; and Eileen Kennedy, another former First Chicago executive who had joined ShoreBank in recent months. Get the full story »
