Tuesday, May 8, 2012

BofA targets borrowers for mortgage reductions

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

Mortgage modifications. Bank of America has begun reaching out to more than 200,000 customers who might be eligible for mortgage principal reductions, CNBC reports. The letters to borrowers, announced earlier this year as part of the $25 billion mortgage settlement between big banks and government authorities, are arriving in homes this week.

Traders leaving. Top traders at Wall Street's biggest banks are jumping ship for hedge funds and investment firms, Bloomberg reports. Traders are citing better opportunities at those firms as banks slash or defer pay and reduce the amount they're willing to bet.

Facebook IPO. Hoodie- and sneaker-clad Facebook CEO Mark Zuckerberg met with well-dressed Wall Street bankers this week as he pitched the social network's stock offering to investors and analysts, the Wall Street Journal reports.

Markets down. Stocks opened lower this morning on continued concerns over Europe, Reuters reports.


Seascapecapital said...

Hi All,
This is an interesting concept about mortgage reductions. This will help you in your old age when you need more money and are too feeble to earn as much by working. This will also benefit you by giving you the satisfaction of knowing you deprived your lender of some of the money he thought he was going to make by renting you his money. Thanks...
Sell Notes