Wednesday, September 26, 2012

Complaint says BofA doesn't keep up homes in minority communities

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

Group claims BofA discriminates in minority communities. The National Fair Housing Alliance announced Tuesday that it has filed a federal complaint against Bank of America, alleging the Charlotte bank does not maintain or market the foreclosed properties it owns in minority communities as well as in white neighborhoods, the Detroit Free Press reports. The complaint cites areas in Grand Rapids, Mich., Atlanta, Miami and other cities. The bank says it denies the allegations, and executives "stand behind our property maintenance and marketing practices."

Cyber attack hits Wells. Days after a likely cyber attack slowed down Bank of America's website, Wells Fargo's became a target as well, The Los Angeles Times reports. Some customers were still reporting issues Wednesday morning.

Fed helping banks, not homeowners. The Federal Reserve's new mortgage-bond-buying program is helping banks much more than consumers, Bloomberg reports. The average interest rate on a mortgage has fallen about a tenth of a percent, while the average yield on a mortgage bond has fallen six tenths.

BBA giving up Libor. The British Bankers Association has voted to give up oversight over the Libor interest rate, The Wall Street Journal reports. The U.K. government is expected to give its recommendations on what should happen to the rate within days.


Anonymous said...

Oh yeah, blame it on Bank of America that this scum trashed these houses.
No accountability whatsoever for the likes of that ilk. It’s always somebody else’s fault. We give them everything there is to give and this filth still puts their hands out for more.