Bank of America slashes costs with 40000 layoffs

Bank of America Corp. is preparing to slash 40,000 or more jobs nationwide, a dramatic retrenchment that reflects the deepening woes of the country’s largest bank and the magnitude of the U.S. economic slowdown. The layoffs will come mainly from the BofA’s sprawling consumer-banking operations. Bank of America (BofA) hopes to fashion a smaller but …

List of lawsuits against major banks

The regulator overseeing Fannie Mae and Freddie Mac today sued many of the country‚Äôs biggest banks, claiming the government-owned entities were duped into buying tens of billions of dollars in mortgage securities that went south. In a news release, the FHFA detailed the banks it is suing. And its filings also detail the amount of …

RBS and HSBC package bad loans, sued in US

Documents released by the US Federal Housing Finance Agency (FHFA) claim that Royal Bank of Scotland (RBS) and HSBC retained the services of Clayton Holdings, a risk analysis specialist, to scrutinize loans before they were placed in bundles of mortgage-backed securities. According to the filings, reports from Clayton show that 18 percent of the mortgage …

Selling Morgan Stanleys Saxon Mortgage Services

There is a possibility that Saxon Mortgage Services could be gone all together. Personally I just want Saxon out of my life and will sell the home they service. A sale of the mortgage unit, which Morgan Stanley acquired in 2006 during the height of the housing bust, kicked off in the past several weeks. …