August 6, 2012 |
U.S. banks are relaxing their terms on credit cards and lending for autos and commercial real estate, according to a Federal Reserve survey. "Domestic banks, on balance, continued to report having eased their lending standards across most loan types over the past three months," the Fed said Monday in its quarterly survey of senior loan officers. Banks in the United States are lending the most since the recession ended in June 2009, supporting an economy burdened by 8.3% unemployment.
May 19, 2009 |
Big banks' cost of borrowing money from one another has fallen to record lows in recent days, another sign that the financial system is inching closer to normalcy. A key short-term interest rate for banks -- the three-month London interbank offered rate -- slid to 0.79% on Monday from 0.83% on Friday and 1.05% three weeks ago. LIBOR is what banks pay to borrow from one another.
September 2, 2011 |
A U.S. regulator sued a number of major banks Friday over losses on more than $41 billion in subprime mortgage bonds, which may hamper a broader government mortgage settlement with banks. The lawsuits by the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, came as a surprise to the market and weighed on bank shares. The lawsuits could add billions of dollars to the banks' potential costs at perhaps the worst possible time for the industry. The FHFA accused major banks, including Bank of America Corp, its Merrill Lynch unit, Barclays Plc, Citigroup Inc and Nomura Holdings Inc of selling bonds backed by mortgages that should have never been packaged into securities.
May 11, 2012 |
NEW YORK - Investors are selling off shares of major U.S. banks in midday trading on Wall Street, following news of JPMorgan Chase & Co.'s stunning $2-billion trading loss. While major indexes were initially down in early trading, all had turned positive three hours after the opening bell. The Dow Jones industrial average was up 42 points, or 0.3%, to 12,897. The Nasdaq was up 19 points, or 0.7%, to 2,953. JPMorgan's stock, however, was down sharply - losing $2.82, or 7%, to $37.92 a share.
CALIFORNIA | LOCAL
May 16, 2012 |
Joining a growing number of municipalities, the Los Angeles City Council on Tuesday adopted a "responsible banking" ordinance that will require banks doing business with the city to disclose detailed data on loans and foreclosure activity by community. Much of the information is already reported under federal law but can be hard to find in voluminous federal banking reports, said Miguel Santana, city administrative officer. The new law would bring the information together on a city website that the public could search by census tract, he said.
June 20, 2013 |
Major banks will soon be seeing better enforcement of last year's big settlement of foreclosure-abuse complaints, according to a monitor for the agreement and a group of state and federal officials who negotiated it. The officials said the banks appear to have exceeded the $25 billion in relief they promised 16 months ago for troubled borrowers. And a monitor's report Wednesday showed that certain egregious practices -- such as "robo-signing" court documents and charging borrowers fees to consider modifying loans -- had been eliminated.
March 13, 2009 |
Rep. Maxine Waters, one of Los Angeles' most enduring liberal politicians, has come under scrutiny because of bailout funds that went to a bank in which her husband had owned stock and served on the board. Waters was a senior member of the congressional committee dealing with the financial crisis when OneUnited Bank -- one of the nation's largest minority-owned institutions -- received $12 million in bailout funds.
CALIFORNIA | LOCAL
August 9, 2013 |
SACRAMENTO -- Gov. Jerry Brown's desk is getting more cluttered as lawmakers this week resumed sending him legislation, including a measure aimed at making sure state-chartered banks are not funneling money to the government of Iran. The Iran bill was introduced by Robert Blumenfield, a Democrat from Woodland Hills, before he left the state Assembly in July to take a seat on the Los Angeles City Council. The measure directs the California Commissioner of Financial Institutions to look for transactions with Iran when doing audits of state-chartered financial institutions every two years.
March 28, 2013 |
ATHENS -- After being locked out of their banks for nearly two weeks, the people of bailed-out Cyprus finally had access to their financial institutions Thursday, lining up to withdraw cash but maintaining calm and order despite fears by authorities of potential unrest. The government deployed police and security guards throughout the island to head off any outbreaks of violence among a populace desperate to transact business and tap their savings after a tumultuous two weeks that saw Cyprus teeter on the edge of bankruptcy.
February 7, 2013 |
LONDON - Ireland sealed a deal with the European Central Bank on Thursday to ease the crippling cost of its public bailout of failing banks, keeping the country on track to wean itself from international emergency loans. By overhauling repayment of the debts it incurred to rescue its banks, Ireland will be on track by the end of 2013 to be able to borrow money on the open market the way most other governments do. It was effectively shut out of those markets at the end of 2010, when the gaping hole ripped into its budget by the bank bailout forced Dublin to go cap in hand to its European partners and the International Monetary Fund.