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 "law":

"… y to say no to being transparent,” said Barofsky, now a partner with the law firm Jenner & Block LLP. Treasury’s power to award the deals, known …"

"… , the department’s broad use of this power has drawn criticism from lawmakers, auditors with the Government Accountability Office, federal appeals …"

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 "JPay Inc.":

"… f last year, the Virginia Department of Corrections informed her that JPay Inc., a private company in Florida, would begin handling all deposits into inma …"

'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 "bank":

"… 5-year-old mother of three fell behind on her payments. When Young got the bank’s letter, she didn’t fight. “They said foreclosure, so we just up a …"

"… willing to invest in fixing them up because, with the mortgage unpaid, the bank can always come back and foreclose again. By cherry-picking which foreclo …"

"… By cherry-picking which foreclosures they complete and which they ignore, banks are saddling individual borrowers with a permanent, inescapable debt whil …"

"… t afford the mortgage. Young doesn’t want the house back. She wants the bank to take it, and write off her debt, exactly what she thought they’d done …"

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 "bank":

"… unty Courthouse she refused to delay foreclosure trials in cases where the banks and homeowners together requested extra time. Lewis’ manner may be bru …"

"… clear the court dockets, largely by awarding tens of thousands of homes to banks. “The state’s entire court system has been compromised,” says Matt …"

"… used on clearing the court system of cases and cutting the time it takes a bank to foreclose. What began as an effort by the Florida Legislature and judi …"

"… ds of families out of houses and turning the foreclosed properties over to banks and mortgage servicers to maintain and sell into an already swamped marke …"

Washington's cynical misinformation game

By Wendell Potter

Commentary: the role of distortion in health care politics.

Excerpts from this story referencing "bank":

"… EC accused it of lying. Just last month, a federal judge ordered that same bank to pay a $1.27 billion fine after a jury found it liable for bad loans tha …"

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 "Securities Industry and Financial Markets Association":

"… ken almost word-for-word from a list of suggested questions written by the Securities Industry and Financial Markets Association and passed around to members of the committee. SIFMA — which represents …"

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 "Lobbying":

"… most companies haven’t embraced such additional transparency practices. Lobbying reports filed with Congress provide a bit more information on the group’ …"

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 "Bank of America":

"… le consumers nearly sank Merrill Lynch, which was forced to sell itself to Bank of America. WDB Funding is the third mortgage company Pollock has helped lead since r …"

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 "Bank of America":

"… ing to a civil complaint filed last year by the Justice Department against Bank of America, which purchased Countrywide in 2008. Kurland and other Countrywide alumn …"

"… an, she says, from roughly $400 per month to more than $800. By that time, Bank of America had bought Countrywide. Fore asked Bank of America to change the loan term …"

"… han $800. By that time, Bank of America had bought Countrywide. Fore asked Bank of America to change the loan terms until her husband’s workers’ compensation set …"

"… reclosure sale reversed so that she and George can remain in the house. A Bank of America spokeswoman said the bank does not comment on open litigation. The company …"

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 "Harvard University":

"… once been worth more than $900 million, according to a study by Harvard University Professor Lucian Bebchuk, became worthless. However, he wasn’t exactly …"

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 "Goldman Sachs":

"… ing hold similar jobs at the most powerful banks on Wall Street: JPMorgan, Goldman Sachs, Bank of America and Deutsche Bank. The fact they were able to emerge uns …"

"… of asset-backed securities,   was hired as managing director at Goldman Sachs in 2008 and then promoted to global head of mortgage trading in March 2012 …"

"… oted to global head of mortgage trading in March 2012. Andrew Williams, a Goldman Sachs spokesman, declined requests for comment. Verschleiser’s lawyer declined …"

"… t executives. The SEC has settled cases with a handful of banks, including Goldman Sachs, for sums that come to only a fraction of the companies’ quarterly profi …"

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 "Congress":

"… share, ranked among the most popular holdings by all members of Congress — just below the stock shares of other massive companies such …"

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 "Goldman Sachs":

"… P. During the last election cycle, the political action committees of Goldman Sachs, Bank of America and Wells Fargo each gave Watt’s campaign $10,000.  …"

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 "Bank of America":

"… volume of Countrywide's subprime mortgages. Countrywide was taken over by Bank of America in January 2008, relieving the financial services industry and regulators …"

"… er chairman of the Oversight Committee. Towns issued the first subpoena to Bank of America for Countrywide documents, and current Chairman Darrell Issa, R-Calif., su …"

"… re documents. The committee said that in responding to the Towns subpoena, Bank of America left out documents related to Towns' loan.—Rep. Elton Gallegly, R-Calif. …"

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 "ExxonMobil":

"… raws funding from hundreds of corporate members including Koch Industries, ExxonMobil, Pfizer, UPS, AT&T, and Walmart. Corporate membership costs between $7 …"

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 "Bank of America":

"… y begun negotiations for reinvestments with other major lenders, including Bank of America. The event came on the same day President Obama announced a new initi …"

Raging against the foreclosure machine

By Ben Hallman

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

Excerpts from this story referencing "Baltimore":

"… d call I’d get a different person,” said William Allen, a retiree near Baltimore who is fighting a Bank of America foreclosure.  “I worked on it nea …"

"… ly couple, are fighting to keep their home in a picturesque mill town near Baltimore where they raised six children. Their troubles began in 2007 when a third- …"

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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