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01 Dec 2011 14:36

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Biz: Massachusetts Attorney General Martha Coakley moves on foreclosures

  • 5 major banks sued by Massachusetts over unlawful home foreclosures source
  • » The deluge of home foreclosures that the U.S. has suffered since the financial crisis has been a crippling blow to the general economy, land value rates in high-foreclosure areas, and most of all the families who’ve found themselves unceremoniously cast out. A notable amount of these foreclosures appear to have been fraudulently engineered, rife with examples of flat-out false documentation, as well as “robo-signing,” a practice in which foreclosure documents are fast-tracked with (in some cases) fraudulent signatures and without the signee ever having read them. This was the impetus for Massachusetts Attorney General Martha Coakley filing suit against five major banks — BofA, JPMorgan Chase, Wells Fargo, Citi, and Ally Financial.

25 May 2011 10:39

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Biz: clearXchange: The banking system’s years-late answer to PayPal?

  • what Three of the nation’s largest consumer banks — Bank of America, JPMorgan Chase and Wells Fargo — have created a system for simple money transfers via phone or e-mail.
  • why The new service, clearXchange, gets around a banking system that takes a really long time, requires a routing number, and has to go though the Federal Reserve’s tubes.
  • threat This model threatens PayPal, the  solution du jour for this problem — which will likely someday make more money than its corporate parent, eBay. Unless this new thing takes off. source

13 Oct 2010 10:03

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Biz: JPMorgan Chase to Wall Street: Bad quarter? Pssh… whatever.

  • 23% increase in 3Q income for the massive banker source

14 Oct 2009 10:13

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Biz: JPMorgan Chase has more money sitting around than you do

  • $3.6 billion in third-quarter profits for the financial-services company
  • $28.8 billion in revenue – seems like they weathered the recession fine source