Interest rates on new credit card offers nudged up to 15.05 percent this week, from 15.03 percent the previous week, according to the CreditCards.com. Barclays fueled this week’s rate change by increasing the APR on the Wyndham Rewards Visa Signature card.
Overall, satisfaction among small business owners with their banks declined in 2013, but they seem content with fee structures, according to the latest J.D. Power study. The dip in overall satisfaction is blamed on “problem resolution and with the most frequently used transaction methods, branch and online.”
A jury this week found a top executive at Bank of America’s Countrywide unit, Rebecca Mairone, liable for at least some of the fraud related to selling bad mortgages. That executive went on to work on the Independent Foreclosure Review for JPMorgan Chase.
JPMorgan Chase will pay $5.1 billion to settle allegations it violated federal and state securities laws by misleading mortgage-finance giants Fannie Mae and Freddie Mac regarding the quality of residential mortgages.
Mortgage credit availability was already tight before this recent wave of massive settlements over mortgage-backed securities and misrepresentations of toxic loans that fueled the financial crisis.
Bank of America has moved at a faster clip than Wells Fargo, JPMorgan Chase and Citigroup in meeting obligations to help borrowers facing possible foreclosure under last year’s $25 billion National Mortgage Settlement. The latest audits credits Bank of America with 97 percent of its required $7.6 billion in consumer relief as of the end of last year.
JPMorgan Chase will pay $4 billion to settle allegations that it sold billions of dollars worth of bottom-quality mortgages to state housing finance companies, the Wall Street Journal said Friday.
JPMorgan Chase’s climbing legal expenses — the nation’s largest bank set aside $9.2 billion to deal with regulators and other authorities — has led to the bank’s first quarterly loss under Chief Executive Jamie Dimon.
JPMorgan Chase may have to cough up billions to settle charges tied to toxic mortgages during the financial crisis, but its consumer bank division is still sailing along. For the second consecutive year, Chase led the nation in bank deposit growth, with customers adding $87 billion to their bank accounts.
The nation’s largest bank unfairly billed customers for services relating to “identity theft protection” products – including “Chase Fraud Detector,” “Chase Identity Protection (ChIPs),” and “Chase Identity Protection (IPS)” – in a way that violated federal law, according to the Consumer Finance Protection Bureau.