Megabanks have prison financial services market locked up

By Daniel Wagner

Bank of America and JP Morgan Chase & Co. avoid competitive bidding process in contracts serving federal prisoners.

Excerpts from this story referencing "Bank of America":

"… erforms money transfers for 70 percent of U.S. offenders. On Wall Street, Bank of America plays a perpetual second fiddle to JPMorgan Chase & Co., the only U.S. …"

"… the New York Metropolitan Correctional Center, there exists a market that Bank of America has locked down, literally. For the 790 federal prisoners incarcerated at …"

"… locked down, literally. For the 790 federal prisoners incarcerated at MCC, Bank of America controls the provision of money transfers, e-messaging and some telephone …"

"… f Prisons system — 121 institutions housing 214,365 inmates. Since 2000, Bank of America has collected at least $76.3 million for its work on the program. When in …"

Prison bankers cash in on captive customers

By Daniel Wagner

Private company profits by helping prisons squeeze inmates' families for cash.

Excerpts from this story referencing "George H. W. Bush":

"… at purpose. In Ohio, it tapped Thomas Needles, a former aide to President George H. W. Bush. Needles gives generously to Republican candidates and also lobbies for fo …"

'Zombie' homes haunt Florida neighborhoods

By Alison Fitzgerald and Jared Bennett

Neighborhoods devastated by thousands of abandoned homes as banks fail to follow through on foreclosures.

Excerpts from this story referencing "Florida":

"… r it was foreclosing on her tiny yellow ranch-style house in Jacksonville, Florida, after the 45-year-old mother of three fell behind on her payments. When Y …"

"… long delays in Young’s case to the slow judicial foreclosure process in Florida and complications related to Young’s original lender which went out of b …"

"… ad in recent years throughout the country, but are especially prevalent in Florida, where as of June 2, 48,630 homes in some stage of foreclosure sat vacant, …"

"… oreclosures come in two forms. The first is the unintentional byproduct of Florida’s judicial foreclosure process, which can take months and result in “p …"

Homeowners steamrolled as Florida courts clear foreclosure backlog

By Alison Fitzgerald

Why are Florida's courts rushing to clear more than 700 foreclosure cases per day?

Excerpts from this story referencing "police officer":

"… idn’t even listen to you. This is a total fraud!” the 12-year St. Pete police officer fumed as he paced around Weidner, his lawyer, in the courthouse hallway wh …"

"… be kicked out of the home they have lived in for more than 12 years. The police officer was willing to pay the principal and interest due on his mortgage, but now …"

Washington's cynical misinformation game

By Wendell Potter

Commentary: the role of distortion in health care politics.

Excerpts from this story referencing "National Republican Congressional Committee":

"… recent evidence: a National Journal article about a new tactic used by the National Republican Congressional Committee to attack Democratic candidates. Earlier this year, the NRCC created sever …"

Meet the Banking Caucus, Wall Street's secret weapon in Washington

By Daniel Wagner and Alison Fitzgerald

Industry campaign cash flows to pro-bank activists in Congress, yielding big returns.

Excerpts from this story referencing "Bank of America":

"… rs served to amplify the messages regulators were receiving from JPMorgan, Bank of America,  the American Bankers Association and dozens of others asking them t …"

"… rett wrote another letter, reiterating their demands and citing reports by Bank of America and Moody’s Analytics that were also cited in at least three bank and tr …"

Debt collectors go after service members despite protections

By Daniel Wagner

Soldiers and sailors are being threatened by debt collectors to pay up on ttheir debts illegally, report says.

Excerpts from this story referencing "Bank of America":

"… ies have pursued several big-name violators of these laws in recent years. Bank of America is paying out $37 million to people who were foreclosed on illegally under …"

Retailers band together to fight health reform law

By Erin Quinn

Companies, trade groups band together to lobby on issues of common interest.

Excerpts from this story referencing "Bank of America":

"… ly on, represent or supply the mailing industry, such as American Express, Bank of America, Conde Nast, the Envelope Manufacturers Association, FedEx, the National R …"

Former subprime executive making risky loans again

By Daniel Wagner

Andy Pollock, who led First Franklin's bad loan factory, is pushing interest-only loans at new firm.

Excerpts from this story referencing "Merrill Lynch":

"… n, a subprime lender whose risky loans to vulnerable consumers nearly sank Merrill Lynch, which was forced to sell itself to Bank of America. WDB Funding is the th …"

Ex-SEC chief now helps companies navigate post-meltdown reforms

By Lauren Kyger, Alison Fitzgerald and John Dunbar

Former regulators profit from their experience with jobs, book deals and speaking fees.

Excerpts from this story referencing "Michael Bloomberg":

"… to stanch the loss of investment banking business overseas. New York Mayor Michael Bloomberg and Sen. Charles Schumer, D-N.Y., commissioned their own study and ca …"

Subprime lending execs back in business five years after crash

By Daniel Wagner

Executives from all of the top 25 subprime lending firms are working in the mortgage business five years later.

Excerpts from this story referencing "finance":

"… into the system" Cecala says, as lenders permit smaller down payments and finance more investment properties. Riding out the storm After First Franklin clo …"

"… Mortgage and chaired by a former CEO of the government-sponsored mortgage finance giant Fannie Mae. Prospect’s mortgage offerings include interest-only lo …"

"… ket turned. Lehman Brothers, for example, bought BNC Mortgage in 2004 and financed subprime loans offered by other companies. Jim Harrington was a senior vi …"

"… e says, and left the industry during the 2008 crisis. He currently teaches finance at the University of Maryland’s Robert H. Smith School of Business. “ …"

Ex-Wall Street chieftains living large in post-meltdown world

By Alison Fitzgerald

CEOs of banks that fueled the subprime crisis that led to the economic meltdown largely avoid consequences.

Excerpts from this story referencing "Jamie Dimon":

"… have simultaneously faded into luxurious obscurity while the survivors — Jamie Dimon of JPMorgan Chase & Co. and Lloyd Blankfein of Goldman Sachs — have …"

"… ies have ended up rich but unemployed, two have seen their fortunes soar. Jamie Dimon and Lloyd Blankfein, the leaders of JPMorgan Chase & Co. and Goldman S …"

"… pretty well managed, JPMorgan being a good example,” Obama said. “Jamie Dimon, the CEO there, I don't think should be punished for doing a pretty good j …"

Bear Stearns mortgage executives have plum jobs on Wall Street

By Lauren Kyger and Alison Fitzgerald

Executives from the mortgage finance division that helped sink Bear Stearns have similar jobs at major Wall Street banks.

Excerpts from this story referencing "Finance":

"… closures to federal regulators in a lawsuit brought by the Federal Housing Finance Agency, which oversees government-owned mortgage giants Fannie Mae and Fre …"

Benefit payment change hurts poor

By Daniel Wagner

Move away from paper checks means big money for bank, confusion for some Social Security beneficiaries.

Excerpts from this story referencing "Bank of America":

"… d by states and other governments to deliver payments to consumers include Bank of America, J.P. Morgan Chase, U.S. Bancorp and Citigroup. Comerica offered to issue …"

Super PAC to tout North Carolina House speaker

By Michael Beckel

Group launched to tout North Carolina House Speaker Thom Tillis ahead of potential Senate run.

Excerpts from this story referencing "Bank of America":

"… the years include the North Carolina Association of Realtors, Duke Energy, Bank of America and AT&T, according to the nonpartisan National Institute on Money in …"

Senators investigating Apple own company stock

By Dave Levinthal and Reity O'Brien

Heitkamp, Carper report stock together worth hundreds of thousands of dollars.

Excerpts from this story referencing "Bank of America":

"… f other massive companies such as General Electric, ExxonMobil, Pfizer and Bank of America, according to the Center for Responsive Politics.     …"

Mel Watt enjoys close ties to financial industries

By Alison Fitzgerald

Bank leaders, PACs made prospective housing agency leader a top recipient of campaign cash.

Excerpts from this story referencing "Merrill Lynch":

"… uying money-losing mortgage giant Countrywide and troubled investment bank Merrill Lynch, contributed $66,500 to Watt through its PAC from 1998 to last year. Form …"

Bank of America, unions among newly named inauguration sponsors

By Dave Levinthal

Sponsors of Obama's second inaugural have spent nearly $283 million on lobbying since 2009.

Excerpts from this story referencing "Bank of America":

"… deral Election Commission until 90 days after Monday’s inauguration. …"

"… eral lobbying since 2009, while Coca-Cola has spent nearly $25 million and Bank of America more than $12.8 million, federal disclosures show. The Forest County Pota …"

ALEC's decades of 'right-to-work' effort pay off in Michigan

By Paul Abowd

Think tank’s 32-year 'right-to-work' campaign succeeds in union stronghold

Excerpts from this story referencing "Bank of America":

"… largest non-union and anti-union companies, including McDonalds, Wal-Mart, Bank of America and MillerCoors. All four of the companies quit the organization this year …"

Bailed-out banks, Freddie Mac, AIG gave $6 million to 2008 conventions

By John Dunbar and Michael Beckel

Corporate donors to 2008 party conventions included financial institutions bailed out by government.

Excerpts from this story referencing "Bank of America":

"… oldman Sachs and Citigroup; $150,000 from Morgan Stanley and $100,000 from Bank of America.Most of the banks and other institutions that made contributions to the co …"

Report: Some lose homes over as little as $400

By The Associated Press

Some homeowners lose houses for a little as $400 in overdue taxes, consumer group says

Excerpts from this story referencing "Bank of America":

"… ent auctions the lien to investors. Past investors include JPMorgan Chase, Bank of America and people who respond to Internet get-rich schemes, the report said. Home …"

"… said Florida alone sold $2 billion worth of tax liens in 2008.JPMorgan and Bank of America both said they have stopped buying and bundling and reselling tax liens bu …"

Report: Countrywide won influence with discounts

By The Associated Press

Subprime lender Countrywide bought influence of Washington elite with mortgage discounts

Excerpts from this story referencing "Kent Conrad":

"… ttee Chairman Christopher Dodd, D-Conn.—Senate Budget Committee Chairman Kent Conrad, D-N.D.—Mary Jane Collipriest, who was communications director for forme …"

Countrywide whistleblower chosen for Ridenhour award

By Michael Hudson

Countrywide whistleblower chosen for Ridenhour award for truth-telling in the public interest.

Excerpts from this story referencing "Bank of America":

"… gainst workers who raise questions about fraud or other problems. …"

"… former top mortgage fraud investigator at Countrywide Financial Corp. and Bank of America, was one of the five people honored with Ridenhour Prizes this week. …"

"… nt documents.  The U.S. Department of Labor ruled last year that Bank of America had improperly fired Foster for leading internal investigations that “re …"

"… pay her some $930,000.Foster, who worked first at Countrywide and then at Bank of America after it acquired Countrywide in 2008, claimed that Countrywide executives …"

Beer and wine wholesalers behind legislators pushing controversial voter ID laws

By Paul Abowd

Wholesalers among those behind legislators pushing controversial new election rules.

Excerpts from this story referencing "Coca-Cola":

"… ly in response to controversy over the group’s backing of voter ID laws. Coca-Cola quit on April 4 and Pepsi, Kraft Foods, Intuit, McDonalds and the Bill and …"

"… aid Color of Change’s Executive Director Rashad Robinson in an interview.Coca-Cola dropped its membership five hours after Robinson’s group launched its pr …"

New whistleblower cases allege continued bank fraud

By Amy Biegelsen and Emma Schwartz

Mortgage modifications and appraisal processes in question

Excerpts from this story referencing "Bank of America":

"… t with five major lenders.  A suit unsealed March 7 alleges that Bank of America fraudulently misled borrowers and regulators in order to keep customers ou …"

"… ted.As a condition of accepting $45 billion from the federal bank bailout, Bank of America promised to help move troubled borrowers into the taxpayer subsidized Home …"

"… gory Mackler, formerly an employee of Urban Lending Solutions, the company Bank of America contracted to manage HAMP complaints.Mackler claims the company developed …"

"… were eligible for federally subsidized loan modifications.The suit claims Bank of America:Told borrowers and regulators that a complaint was “under review” whil …"

Virginians protest General Electric over foreclosures

By Amy Biegelsen and Emma Schwartz

Group says company should reinvest where its loans went bad

Excerpts from this story referencing "Manassas":

"… ICE member Rev. Nancy McDonald Ladd of Bull Run Unitarian Universalists in Manassas, VA, says that though they met with a GE representative last year, they've …"

Raging against the foreclosure machine

By Ben Hallman

Automated foreclosure process creates errors, stifles modifications and enrages helpless homeowners

Excerpts from this story referencing "Freddie Mac":

"… ers. Most home loans are bought by Wall Street banks or by Fannie Mae and Freddie Mac, bundled together and placed into pools of 5,000 or more. They are then sl …"

"… had assessed on one occasion and $45 on three other dates. Fannie Mae and Freddie Mac servicing guidelines (page 301-2) say that payments on loans made after 19 …"

Bank of America to pay record settlement over Countrywide abuses

By John Dunbar

Bank of America to pay record settlement over Countrywide abuses

Excerpts from this story referencing "Bank of America":

"… s occurred between 2004 and 2007, the peak of the subprime borrowing craze. …"

"… anic victims are identified in the complaint and will receive compensation.Bank of America in a statement said that it does not discriminate. The abuses occurre …"

Management gurus claim they were blindsided by toxic culture at Countrywide

By Michael Hudson

Survey showed Countrywide suffered from bad ethics, bad management, ex-employee says

Excerpts from this story referencing "Bank of America":

"… dge later ordered the case into private arbitration.Last week, Niemela and Bank of America, which bought Countrywide in 2008, reached a confidential settlement of he …"

"… took place before the settlement was reached.As the case was being argued, Bank of America denied that Countrywide officials mistreated Niemela.The bank’s lawyers …"

"… el employees were harassed for reporting fraudulent lending practices.Bank of America has appealed the jury’s decision. A spokeswoman said the verdi …"

"… to defend herself, Niemela alleged.Soon after, in May 2007, she was fired.Bank of America’s lawyers maintained that Niemela had given “several different version …"

Judge in Citigroup case has bucked trend of rubber stamping SEC settlements

SEC has long history of settling cases without requiring companies to admit guilt

Excerpts from this story referencing "Goldman Sachs":

"… arbara Jones recently approved the agency’s $535 million settlement with Goldman Sachs, and federal judge Richard Berman recently OK’d a $154 million settlemen …"

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