What the heck is a an “earned principal forgiveness”? Some Bank of America customers may soon be finding out. Bank of America Corp. (BAC.N) on Wednesday said it would offer about $3 billion in loan forgiveness to about 45,000 troubled mortgage holders who are under water more than 120 percent of the value of their [...]
Entries Tagged as 'bailout'
Bank of America Announces New Mortgage Balance Reduction Program
March 25th, 2010 · 1 Comment · Mortgages
Tags: attorney general·bailout·bank of america·loan forgiveness·Making Homes Affordable·Mortgage·mortgage modification·mortgage principal·predatory lending
Obama Proposes New Fees for Bailout Banks
January 12th, 2010 · 1 Comment · Banking, Consumer Info
Ah, revenge is sweet. The Associated Press is reporting this morning the Obama administration is proposing to levy fees on bailed out banks to help lower the deficit. I know I’m not happy about the “seven to eight” figure executive bonuses projected to be given to bailed out bankers this quarter. (For those of you [...]
Tags: bailout·bank fees·banks·compensation packages·costs to consumers·deficit·levy fees·Obama administration·TARP·Taxes
Overdraft Fee Legislation Gaining Momentum
October 21st, 2009 · 8 Comments · Banking
Sen. Chris Dodd’s battle against banking overdraft fees continues. He introduced a bill on October 19, covering ATM and debit-card transactions as well as checks. Several other Senators are on board with the reform, as the bill is co-sponsored by Senator Charles Schumer D-NY, Sen. Jack Reed D-RI,who is chairman of the Senate Banking Subcommittee [...]
Tags: bailout·Banking·Banking Industry·bounced checks·Chris Dodd·credit card fees·Diane Rehm·FAIR Overdraft Coverage Act·opt-in·Overdraft·proportional fees
700 Billion Bucks at Stake in “Bailout Billiards”
September 29th, 2008 · No Comments · Banking, Consumer Debt
Remember those tounge-twisters we loved as kids? Say this a few times quickly: “buku billion bucks buys bad bank books in bailout billiards”. Or perhaps a more appropriate gaming analogy is the Treasury Department going “all-in” in a $700 billion Texas Hold ‘Em poker bet. All kidding aside, either way, it’s a scary proposition for [...]
Tags: $700 billion bill·bailout·bailout bill·Credit Crunch·financial crisis·government bailout·housing crisis·wall street bailout
