A bank teller was kidnapped early Friday from his home by robbers who strapped a suspected bomb to his chest and used him to steal money from a Bank of America branch near the University of Miami, according to the FBI.
Save your house by not paying your mortgage. Sounds crazy, doesn't it? But for more than a million homeowners, this might be the right answer. Those homeowners, for whatever reason, have defaulted on their first mortgage but continue to pay their second mortgage on time. This has created a crazy situation in which the lender holding the second lien is reporting a performing loan while the lender holding the first lien is reporting a delinquent loan. The majority of these second liens are held in the loan portfolios of just four banks - Bank of America, Citibank, J.P. Morgan Chase and Wells Fargo. These same four banks service most of the first mortgages owned by bondholders or other banks.
With the ink of President Obama's signature on the Barney Frank-Chris Dodd financial reform bill barely dry, the next bank bailout already has begun. How can that be, you might ask? Weren't we promised that this "landmark" legislation would end bank bailouts? Weren't we promised that this legislation ushered in a new era of transparency on Wall Street? Could it be that the politicians lied to us? Say it ain't so - but it is.
Call it the law of unintended consequences. That's what many finance experts are saying will be the result of Congress' latest attempt to micromanage the world of consumer credit through the financial-reform measure President Obama signed into law last week.
A Republican lawmaker says documents show the former Countrywide Financial Corp. may have targeted Senate employees for sweetheart mortgage deals.
Former Vice President Dick Cheney says he underwent heart surgery last week and is recuperating.
The National Football League's decision to move its branded credit-card business from Bank of America to British banker Barclays is forcing customers of the Charlotte, N.C., bank to scramble to spend reward points before they expire next month.
Hours after exhausted House and Senate conferees approved a sweeping financial regulatory reform package at daybreak Friday, one influential industry group announced it was prepared to learn to live with the results.
Motivational speaker James Arthur Ray on Thursday pleaded not guilty to three counts of manslaughter in the deaths of three people at an Arizona sweat lodge ceremony he led last year.
