Wisconsin Banking Update
Providing banking news in Wisconsin that Wisconsin Bankers can use. Keep on top of all the banking issues that are affecting Wisconsin in one place. If you would like to receive these updates by email please subscribe by entering your email address on the right. There is no cost and no obligation.
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B of A to Pay $410M in Fee Lawsuit
Posted on February 5th, 2011 No commentsBank of America has agreed to pay $410 million to settle a federal lawsuit alleging the bank charged excessive overdraft fees. The suit is one of several filed against banks – including Wells Fargo and Citibank – from plaintiffs in 14 states, according to an AP story on the Wisconsin State Journal web site. -
Big Banks Address Milwaukee Foreclosures
Posted on October 24th, 2010 No commentsRepresentatives of five of the nation’s leading banks told a crowd of 1,100 that they would work with the advocacy group Common Ground to deal with Milwaukee’s foreclosure crisis, including maintaining vacant land and boarded-up properties. Representatives from U.S. Bank, Wells Fargo, Bank of America, JPMorgan Chase & Co. and Deutsche Bank were at the meeting. Read more in the Milwaukee Journal Sentinel. -
MGIC No Stranger to B of A Issues
Posted on October 22nd, 2010 No comments“The recent hubbub over Bank of America’s ‘foreclosure gate’ scandal can’t be surprising to Milwaukee-based MGIC Investment Corp, which has tangled with the mega-bank for nearly a year over what MGIC considers faulty or fraudulent mortgage documents,” wrote banking reporter Rich Kirchen in the Business Journal’s Milwaukee Biz Talk blog.
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Chase, B of A, Wells Lead in Foreclosures
Posted on October 13th, 2010 No commentsThe nation’s Big Three of banking have the most homes in foreclosure, according to research firm SNL Financial. J.P. Morgan Chase has $19.5 billion, or 7.5 percent of its one-to-four family mortgages, in foreclosure. Bank of America has $18.7 billion, or 4.39 percent, and Wells Fargo has $17.5 billion, or 4.74 percent. Chase and Wells Fargo have sizable deposit market shares in the Milwaukee area. Read the article in the Business Journal of Milwaukee. -
PNC Financial Also Suspends Foreclosures
Posted on October 8th, 2010 No commentsPNC Financial Services Group Inc. joined Bank of America Corp., JPMorgan Chase & Co. and Ally Financial’s GMAC Mortgage Unit in stopping mortgage foreclosures and evictions for a month so it can review whether documents it submitted to courts complied with state laws, the Small Business Times of Milwaukee reported. -
BofA Replaces Wells as Top Mortgage Lender
Posted on November 23rd, 2009 No commentsBank of America took the top spot as the nations top residential lender in the third quarter, unseating Wells Fargo, which is the 10th largest bank in the Milwaukee area, the Business Journal reported.