Market Update (NYSE: BAC): BofA Reaches $335 Mln Settlement Over Home Loans, MERS

[Reuters] Bank of America Corp has actually reached a $335 million settlement of a federal claim implicating it of misinforming shareholders about its exposure to dangerous home mortgage securities and its dependence on an electronic home loan computer registry understoodreferred to as MERS. The second-largest US bank divulged the accord in its quarterly report filed
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Fed Study: Economic Outlook Triggers Company Credit Tightening Up

Citing the financial outlook, bankers are revealing indicators of tightening up credit for company loans while they continuedremained to ease credit standards somewhat in their house mortgage and consumer loan profiles, according to the Federal Reserve’s newest senior loan officer survey launched today. For the firstvery first time because early 2012, a net 7.3 percent
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5-point List For Credit Unions Getting In Subprime

Hoke insisted cooperative credit union going into the subprime auto loaning market needhave to understand five components, including 1. Reward good habits Offer members with an instructional financial plan to teach finest practices and develop credit scores, so members are rewarded with more affordable credit in the long run. 2. Mitigate threat Offer insurance coverage
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Santander Customer Plunges As CEO Shifts Plan On Personal Loans

Santander Customer UNITED STATE Holdings fell the manyone of the most in 21 months after stating it prepares to offer a profile of personal loans originated by other companiesand refocus on its main auto-lending business.Shares plunged 15 percent to$19.15 at 1:55 pm in New york city, the most intraday because January 2014. Dallas-based Santander, which
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US Comptroller Of The Currency Discusses Credit Danger

On October 21, 2015, Comptroller of the Currency, Thomas J. Curry, in a speech prior to the Exchequer Club, discussed the enhancing credit threat in the federal banking system. Comptroller Curry thinks the monetary system is presently at a point in the market cycle where loan underwriting requirements are damaging and credit danger is becoming
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CFPB KeepsRemains To Act Against Offenders In Financial Obligation Collection Services

CFPB Acts Against Servicemember Automobile Lender Security National Automotive Approval Company On October 28, 2015, the Customer Financial Defense Bureau (CFPB) filed an administrative order versus Security National Automotive Acceptance Business (SNAAC), a car lender concentrating on loans to servicemembers. In June 2015, the CFPB submitted a lawsuit against SNAAC, which alleged SNAAC participated in
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