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Federal Reserve reveals details of emergency aid to banks
WASHINGTON — The Federal Reserve on Wednesday revealed details of trillions of dollars in emergency aid it provided to U.S. and foreign banks during the financial crisis. Newly released documents show that the most loan money over time went to Citigroup ($2.2 trillion), followed by Merrill Lynch ($2.1 trillion), Morgan Stanley ($2 trillion), Bank of […]
Wells Fargo to pay Citigroup $100M to settle Wachovia lawsuit
NEW YORK — Wells Fargo has agreed to pay $100 million to Citigroup to settle all claims in a dispute related to its 2008 acquisition of Wachovia Corp. Wachovia nearly collapsed in October 2008, at the height of the financial crisis, under the weight of losses from real estate loans that went bad. The Charlotte, […]
Jobless claims fall sharply to 4-month low
WASHINGTON — Fewer people applied for unemployment aid last week, the third drop in four weeks and evidence that the job market is showing signs of life. If the decline continues, it could signal more hiring in the near future. The report comes after the Labor Department said last week that private employers added the […]
Mortgage modification program bogs down
When Wells Fargo called Baltimore salesman David Devaney in July 2009 to tell him he qualified for a loan modification, medical bills were mounting for his daughter, who was born prematurely, and he’d been forced to take a lower-paying job when his company was bought out. For David, 33, and his wife, Laura, 27, the […]
Baltimore files 4th version of Wells Fargo suit
Baltimore’s once heralded mortgage-lending discrimination lawsuit against Wells Fargo has sputtered at the starting gate for nearly three years, but the city hopes its third amended complaint against the megabank is the charm. The city filed the fourth version of its reverse-redlining allegations in U.S. District Court on Thursday in response to the presiding judge’s […]
Wells Fargo profit rises 19 pct, tops forecasts
NEW YORK — Wells Fargo & Co.’s income rose 19 percent in the three months ending in September as losses from failed loans continued to fall. Wells Fargo’s net income after paying preferred dividends was $3.15 billion, or 60 cents per share, ahead of the 55 cents per share analysts were expecting, the San Francisco […]
Wells Fargo foreclosures continue despite testimony
WASHINGTON — Wells Fargo & Co. does not plan to halt foreclosures despite an employee’s testimony that she signed up to 500 foreclosure documents daily without reading them. The employee of the San Francisco-based bank said in a deposition taken last March that she signed between 300 and 500 foreclosure documents per day, verifying only […]
City’s lawyers work to keep Wells Fargo lawsuit alive
In his latest attempt to convince a federal judge that Baltimore’s home-loan discrimination suit against Wells Fargo should not be dismissed, John P. Relman likened the city to a motorist who gets knocked off I-95 by a distracted, drifting driver. Rainy conditions are the recent economic downturn, so the story goes, and the truck that […]
