JPMorgan Chase

JPMorgan Chase will pay $13 billion settlement in mortgage case

JPMorgan Chase will pay $13 billion settlement in mortgage case

A person familiar with negotiations between the federal government and JPMorgan Chase & Co. says the bank has tentatively agreed to pay $13 billion to settle allegations surrounding the quality of mortgage-backed securities it sold in the run-up to the 2008 financial crisis. The person tells The Associated Press that the tentative settlement was negotiated […]

Meet the new boss, not the same as the old boss

Meet the new boss, not the same as the old boss

Overhauling his team at the top, President Barack Obama on Thursday named banker and seasoned political fighter William Daley as his new chief of staff, hoping to rejuvenate both a White House storming into re-election mode and an economy still gasping for help. The choice of Daley immediately brought howls of protest from the left […]

A&P files for bankruptcy

A&P files for bankruptcy

The Great Atlantic & Pacific Tea Co., once the nation’s largest grocer, has filed for Chapter 11 bankruptcy protection as it struggles with enormous debt and increased competition from low-priced peers. The 151-year-old company, based in Montvale, N.J., operates 395 stores around the Northeast under the A&P, Waldbaum’s, The Food Emporium, Super Fresh, Pathmark and […]

Banks face Congressional wrath over foreclosures

Banks face Congressional wrath over foreclosures

Banks under fire over their foreclosure practices face twin hearings in Congress this week, at which they will come under renewed pressure to find ways to keep borrowers in their homes. The hearings on Tuesday and Thursday will include the first appearances by executives from major lenders like Bank of America and JPMorgan Chase since […]

Foreclosures drop 9 percent in October

Foreclosures drop 9 percent in October

The number of U.S. homes repossessed by lenders last month fell by the sharpest margin this year, as several major lenders temporarily halted most or all of their foreclosures amid allegations thousands of foreclosures were handled improperly. Home repossessions dropped 9 percent from September to October, foreclosure listing firm RealtyTrac Inc. said Thursday. The decline […]

That dream home you bought in foreclosure might not be yours

That dream home you bought in foreclosure might not be yours

It seemed too good to be true: You bought a house in foreclosure at a fraction of the former price. Maybe you even knocked out a wall or two and remodeled with all the money you saved. But now thousands of foreclosures around the country may be invalid because of bank paperwork problems. Should you […]

White House hedges on foreclosure moratorium

White House hedges on foreclosure moratorium

A top White House adviser questioned the need Sunday for a blanket stoppage of all home foreclosures, even as pressure grows on the Obama administration to do something about mounting evidence that banks have used inaccurate documents to evict homeowners. “It is a serious problem,” said David Axelrod, who contended that the flawed paperwork is […]

Foreclosure fury: Obama sends bill back to Congress

Foreclosure fury: Obama sends bill back to Congress

President Barack Obama killed proposed legislation on Thursday that struck at the heart of growing political rage over how banks have moved to evict struggling borrowers from their homes. The bill, which would have made it more difficult for homeowners to challenge foreclosures, came under the spotlight this week as the furor grew over disclosures […]

Obama signs Wall Street reform bill

Obama signs Wall Street reform bill

President Barack Obama signed into law on Wednesday the most comprehensive financial regulatory overhaul since the Great Depression, vowing to stop risky behavior on Wall Street that imperiled the U.S. economy. Influential business groups lined up to criticize the new law, underscoring Obama’s uneasy relationship with America’s business community. Some on Wall Street, however, welcomed […]

Some agreement on Wall Street reform

Some agreement on Wall Street reform

Key senators reached a partial agreement on Wall Street reform on Tuesday, but disputes over some issues continued, and the Senate adjourned without casting votes on amendments as planned. The chief Democratic and Republican negotiators agreed on a new government protocol for dismantling financial giants in distress. Their pact briefly stirred hopes among lawmakers that […]