Category Archives: Banking

New York sues banks over electronic mortgage system

By doris | Published: February 4, 2012

Full Story at News.Yahoo.com NEW YORK (Reuters) – New York State Attorney General Eric Schneiderman on Friday sued three major U.S. banks, accusing them of fraud for using an electronic mortgage database that resulted in deceptive and illegal practices. Schneiderman filed the lawsuit against Bank of America Corp , Wells Fargo & Co and JPMorgan [...]

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Simple’s pitch: A no-fee, no hassle bank account

By doris | Published: December 20, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — Thousands of dissatisfied customers broke up with their megabanks this fall, and many more say they would leave if they can find a decent alternative. Enter Simple.com, a new online service that wants to replace your bank. Formerly known as BankSimple, the two-years-in-the-making venture opened last month [...]

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Last chance to buy paper savings bonds

By doris | Published: December 19, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — This holiday season is your last chance to stop by the bank and buy a paper savings bond, either for yourself or your loved ones. Starting Jan. 1, you’ll no longer be able to purchase paper savings bonds at banks or other financial institutions. Instead, the savings [...]

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AIG posts $4.1 billion loss

By doris | Published: November 3, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — American International Group is back in the red. Way in the red. The bailed out insurer posted a net loss of $4.1 billion on Thursday, a loss per share of $2.16 for the third quarter. While analysts hadn’t expected the company to post a profit, the size [...]

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Debit card fees: Some banks say no

By doris | Published: October 28, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — Many big banks are lining up to assure customers they won’t impose the debit card fees that have sparked a backlash against Bank of America. According to a person familiar with the company’s plans, JPMorgan Chase (JPM, Fortune 500), the country’s biggest bank, has decided not to [...]

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Europe’s biggest baby step

By doris | Published: October 27, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — At long last, European leaders took a significant step forward on the long road toward resolving the eurozone’s debt crisis. But many details remain unclear and economists are already raising questions about the effectiveness of the latest plan. “We certainly have moved a step in the right [...]

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Europe’s leaders nearing debt solution

By doris | Published: October 24, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — Europe’s top leaders said Sunday that they were getting closer to finalizing a plan to solve Europe’s debt crisis. But with a final agreement not expected before Wednesday, the actual details remained under wraps. “The technical complexities are significant,” said French President Nicolas Sarkozy, adding that there [...]

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The 4% mortgage – good luck getting one

By doris | Published: October 19, 2011

Full Story at cnn.com NEW YORK (CNNMoney) — A 4% mortgage sounds too good to be true — and for more than 90% of borrowers, it is. The average rate for a 30-year mortgage dropped below 4% earlier this month for the first time, hitting 3.94%, Freddie Mac reported. But at the same time, LendingTree [...]

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Get your peanut butter — before prices soar

By doris | Published: October 14, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — Brace yourselves, peanut butter lovers — prices are set to spike following one of the worst peanut harvest seasons growers have seen in years. Prices for a ton of runner peanuts, commonly used to make peanut butter, hit nearly $1,200 this week, according to the U.S. Department [...]

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Bill Clinton: How to fix the economy

By doris | Published: October 7, 2011

Full Story atFortune’s cnn.com First, Congress and President Obama can adopt strategies designed to unleash the massive amount of capital that is accumulated but not being invested. There’s some $2.2 trillion in cash in American banks that is not committed to loans. A couple hundred billion has to be held back for bad mortgages, but [...]

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For banks, recovery is fading

By doris | Published: October 5, 2011

Full Story at Yahoo.com (Reuters) – U.S. bank profits have been rising steadily for more than a year, but the recovery may be losing momentum due to weak loan demand and low lending rates. For many of the biggest banks, earnings are likely to fall in the third quarter, dragged down by investment banking businesses [...]

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Investors fear governments can’t stop new recession

By doris | Published: September 25, 2011

Full Story at BottomLine.msnbc.msn.com Global stock markets fell in lockstep this week because investors all share a common fear: The world is slipping back into recession and governments around the world are powerless to stop it. Two years after the world emerged from the worst financial collapse since the 1930s, a repeat is looming. European [...]

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Stocks advance on last day of turbulent week

By doris | Published: September 23, 2011

Full Story at BottomLine.msnbc.msn.com All three major U.S. indexes were up slightly Friday after a hellish Thursday that saw the Dow Jones industrial average drop 391 points. The Dow was up about 32 points or 0.3 percent in afternoon trading Friday. All week, traders have been stung by worries that the economy is headed for [...]

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Stocks rally, recovering from sharp drop after Fed speech

By doris | Published: August 28, 2011

Full Story at msnbc.com NEW YORK — The Dow Jones industrial average ended another turbulent week with a strong gain Friday after Federal Reserve Chairman Ben Bernanke said the U.S. was headed for long-term economic growth. It was the first winning week in a month. Trading volume was light, a sign that many traders were [...]

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