Daily Archives: April 9, 2014

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Federal Home Loan Mortgage : Fannie, Freddie shareholders lobby against U.S. housing reform bill

Federal Home Loan Mortgage : Fannie, Freddie shareholders lobby against U.S. housing reform bill

A coalition of investors in Fannie Mae (>> Federal National Mortgage Assctn Fnni Me) and Freddie Mac (>> Federal Home Loan Mortgage Corp) on Wednesday launched an effort to stop Congress from moving ahead with a U.S. housing finance reform bill, arguing it would deny them a fair share in any remaining value in the two companies.

A coalition of investors in Fannie Mae (>> Federal National Mortgage Assctn Fnni Me) and Freddie Mac (>> Federal Home Loan Mortgage Corp) on Wednesday launched an effort to stop Congress from moving ahead with a U.S. housing finance reform bill, arguing it would deny them a fair share in any remaining value in the two companies.

The new tax-exempt group, Investors Unite, said it wants to protect the rights of shareholders in the bailed-out mortgage finance companies. It is holding meetings in Washington and sending dozens of investors to Capitol Hill to promote its cause.

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Senate Republicans Block Paycheck Fairness Act For Third Time

Senate Republicans Block Paycheck Fairness Act For Third Time

No debate, folks. The Senate voted 53 to 44 to move forward on the bill, falling short of the 60 votes needed to overcome a Republican filibuster.

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JPMorgan Dodges Class Cert. Over Mortgage Refi Offers

JPMorgan Dodges Class Cert. Over Mortgage Refi Offers

Law360, New York (April 08, 2014, 10:22 PM ET) — A California federal judge on Monday denied class certification in a suit against JPMorgan Chase Bank NA alleging the bank falsely represented a mortgage refinance offer that caused borrowers’ credit scores to slide.

U.S. District Judge George H. King found that named plaintiff Maclovia Duarte didn’t suffer actual damages when her credit score fell after she accepted a mortgage refinance offer from JPMorgan in 2011, and said the plaintiff also was not an adequate representative of the class.

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BofA Hit With Class Action Over 2012 Data Breach

BofA Hit With Class Action Over 2012 Data Breach

Law360, New York (April 09, 2014, 12:32 PM ET) — Bank of America Corp. was hit with a putative class action in California court Tuesday alleging the company is liable for identity theft and fraud for allowing customers’ personally identifiable information to be stolen in a 2012 data breach.

Lead plaintiff Andrew King alleges that Bank of America’s negligence in disclosing his and numerous other customers’ personal information to third parties in March and April 2012 lead to the compromising of his credit report, debit cards and personal information, according to the complaint.

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BofA to pay $727 million to consumers over credit card practices

BofA to pay $727 million to consumers over credit card practices

Bank of America (>> Bank of America Corp) agreed to pay nearly $800 million in fines and restitution to settle allegations of deceptive marketing and unfair billing involving credit card products, U.S. regulators said on Wednesday.

Bank of America (>> Bank of America Corp) agreed to pay nearly $800 million in fines and restitution to settle allegations of deceptive marketing and unfair billing involving credit card products, U.S. regulators said on Wednesday.

The Consumer Financial Protection Bureau and Office of the Comptroller of the Currency said they had ordered the bank to pay $727 million in relief to consumers to resolve problems with add-on products providing identity theft and payment protection products.

The bank must also pay fines of $20 million to the bureau $25 million to the OCC.

“We have consistently warned companies about illegal practices related to credit card add-on products,” bureau Director Richard Cordray said in a statement. “We will not tolerate such practices and will continue to be vigilant in our pursuit of companies who wrong consumers in this market.”

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Untaxed U.S. corporate profits held overseas top $2.1 trillion: study

Untaxed U.S. corporate profits held overseas top $2.1 trillion: study

Foreign profits held overseas by U.S. corporations to avoid taxes at home nearly doubled from 2008 to 2013 to top $2.1 trillion, said a private research firm’s report, prompting a call for reform by the Senate’s top tax law writer.

“The new numbers … certainly highlight what is one of the key challenges for tax reform. I do think there need to be some reforms in this area,” Senate Finance Committee Chairman Ron Wyden told reporters on Tuesday on Capitol Hill.

Under U.S. law, corporations do not have to pay income tax on most of their overseas profits until they are brought into the United States. These earnings can be held offshore for years if they are classified as indefinitely invested abroad.