Wednesday, March 14, 2012

Guilford County sues Bank of America, Wells

Welcome to the morning roundup. Here's a look at what's news in banking and finance this morning.

Guilford County sues banks. Guilford County Register of Deeds Jeff Thigpen has sued Bank of America, Wells Fargo and several other banks over alleged forged mortgage documents and use of embattled registration system MERS, the Greensboro News & Record reports. A spokeswoman for the registration system calls the complaint political rhetoric. A number of banks agreed Tuesday to pay New York state $25 million after being sued over their use of the system, Bloomberg reported.

Stress test reaction. The biggest news Tuesday was the release of the Federal Reserve's stress tests on 19 major banks, which both Bank of America and Wells Fargo passed. Reuters has a roundup this morning of the key points made and some analysts comments. Seeking Alpha ponders whether the results will give BofA's shares a boost in the coming days.

Public goodbye. A Goldman Sachs banker had a very public departure this morning, announcing that he was quitting in an op-ed in The New York Times, calling the atmosphere "toxic and destructive." Goldman is already fighting back, the Wall Street Journal says.


Dolley said...

Thigpen is a hero, and stands in stark contrast to Roy Cooper whose website does not even have a way to report bank wrong-doing, and the NC Commissioner of Banks, whose regular response to even the most shocking, blatant, mortgage servicing abuses against NC residents is "Deal with your servicer directly or hire and attorney." Gee, Thanks, Commish!