Daily Archives: June 10, 2015

2016 Presidential candidate and Sen. Marco Rubio faced foreclosure; sold house for $18,000 loss

Florida Sen. Marco Rubio faced foreclosure on a home he owned in Tallahassee after failing to make his mortgage payment for five months, according to a new report from the New York Times, which did a deep dive into the presidential candidate’s finances.

According to the Times report, Rubio recently sold the house, which was his second home, for a loss of $18,000 compared to the price he and a friend paid for the house a decade ago.

The Times report goes into great detail about Rubio’s financial history and current situation.

Read on.

Keller Rohrback L.L.P. Investigates Bank of America Corporation for Potential Violations of the Federal Servicemembers Civil Relief Act

SEATTLE, Jun 09, 2015 (BUSINESS WIRE) — Attorney Advertising. Keller Rohrback is investigating Bank of America Corp. (NYSE:BAC), including its affiliate FIA Card Services (formerly and also known as MBNA), for potential violations of the federal Servicemembers Civil Relief Act (“SCRA”) and related abuses. The SCRA provides certain financial protections for military servicemembers who are on active duty or are deployed so that they can serve their country without being unduly distracted by their financial obligations. The SCRA covers most credit obligations, including but not limited to credit cards, auto loans, mortgage loans, and other lines of credit.

Read on.

Actress Lindsay Lohan to Bank of America: Why can’t I get a real person on the phone?

Turns out actress and paparazzi-magnet Lindsay Lohan is a Bank of America customer and she needs some help.

Lohan tweeted to @BoA_Help for assistance with her account on Tuesday with a problem many bank customers can probably relate to.

“Why can’t I get someone on the phone for my own funds?” @LindsayLohan asked.

Bank of America’s Twitter account responded half an hour later asking Lohan for her phone number and best time to reach her.

Read on.

Congress Votes On Bill To Aid Wall Street Banks … And The Koch Brothers

WASHINGTON — House Republicans will vote Wednesday on a bill to help Wall Street banks and the Koch Brothers avoid regulatory scrutiny for risky trades similar to those at the heart of the 2008 financial crisis.
The legislation would allow banks to dodge market transparency and government oversight by conducting trades through offshore affiliates. By simply booking a trade in a London-based subsidiary, for instance, banks could avoid U.S. standards — even if work on the trade was actually conducted within the United States. The bill would also hamstring funding for a key agency, and make it easier for the largest banks to sue financial regulators over rules the banks don’t like.

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Jamie Dimon Wants To Mansplain Banking To Elizabeth Warren

There are few people in Congress who criticize big Wall Street banks more than Sen. Elizabeth Warren (D-Mass.) does. A former Harvard bankruptcy law professor, she is the architect of the Consumer Financial Protection Bureau and chaired the government panel that oversaw the Troubled Asset Relief Program, which bailed out the financial sector in 2008.
But according to JPMorgan CEO Jamie Dimon, she really doesn’t know what she’s talking about.
“I don’t know if she fully understands the global banking system,” Dimon said on Wednesday at a luncheon in Chicago, according to Bloomberg.

Read on.