Additionally, the investigation into the massive hack has “determined that the stolen information includes names, mailing addresses, phone numbers or email addresses” for 70 million Target customers.
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.
According to the data provided, 643,726 borrowers have seen some type of mortgage relief or other assistance, such as expedited short sales or limited mortgage principal forgiveness. Many are in first-lien trial modifications.
The 2013 College Student Pulse, a national survey of over 1,000 high school seniors and college students, also found that the only expense that parents are significantly more likely to pay is students’ monthly cell phone bills. Not surprisingly, student loans play the biggest role in paying for tuition.
Small business loan approvals at big banks — institutions with $10 billion or more in assets — jumped to an all-time index high of 17.4 percent in July 2013, from 16.9 percent in June. Approval rates have jumped 50 percent from a year ago.
The national interest rate average on new credit card offers remained at 14.96 percent this week, despite a 1-point shift upward on the Chase Slate card, according to CreditCards.com.
The nation’s top housing official said more banks in coming weeks will join the original five as part of the historic settlement. In another development, talks are underway to strengthen new rules against “dual tracking” — the practice of foreclosing on homeowners who are trying to negotiate a mortgage reduction plan.
The practice known as ‘dual tracking’ — when a lender moves ahead with foreclosure as it negotiates a loan modification with the same homeowner – persists among the big banks under the National Mortgage Settlement.
The CARD Act’s consumer protections took effect three years ago, but it covers general consumer credit cards. The reform does not apply to small business accounts. That is unfortunate.
A prominent Washington law firm is suing to get bank regulators to reveal more details behind the failed Independent Foreclosure Review, which after about 18 months and $2 billion spent was mostly scuttled recently in favor of a $9.3 billion settlement.