Wells Fargo is using its 9,000 ATMs to solicit money for disaster relief. Amy Gallagher quickly donated $1 to help Japan when she used an ATM machine at Wells Fargo's downtown Minneapolis center this week.
Ramsey County (Minn.) District Judge M. Michael Monahan, in an order filed Wednesday, also took the nation's fourth-largest bank to task for "years of management complacency, if not hubris" that resulted in undisclosed risks and eventually losses by customers of the bank's securities-lending investment program.
A jury was meeting to determine punitive damages against Wells Fargo on Thursday, a day after those jurors awarded $29.9 million to four nonprofits after finding the bank had breached its fiduciary duty and engaged in fraud.
The multifaceted effort will let people who owe more on their mortgages than their properties are worth get new loans backed by the Federal Housing Administration. The program also includes assistance to help unemployed homeowners keep paying their mortgages.
Sales of previously owned homes plunged in January to their lowest level since summer, providing fresh evidence that high unemployment and tight lending standards are outweighing the government’s attempts to prop up the market.
Bank of America’s surprise move to pay back $45 billion in federal bailout money ratchets up pressure on rivals Wells Fargo and Citigroup to get out from under the government’s thumb. But don’t expect it to happen anytime soon.
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