BLOG: Bank Watch: Countrywide Whistleblower Gets Millions

By | May 31, 2012

(Source: Andrew Dunn The Charlotte Observer, N.C. (MCT) — Welcome to the morning roundup. Here’s a look at what’s news in banking and finance this morning. BofA whistleblower gets millions. A former Countrywide home appraiser will get $14.5 million for blowing the whistle on the company’s inflating home values to support bigger loans, Bloomberg reports. His info helped the Federal Housing Administration settle with the Charlotte bank for $1 billion, part of the broader $25 billion settlement announced earlier this year.

Wells Fargo in Memphis. Wells Fargo will give Memphis/Shelby County homeowners $4.5 million and the local governments $3 million in exchange for them dropping a discriminatory lending lawsuit against the San Francisco bank, CBS News reports. The bank has also set a goal of lending $425 million in the area over the next five years, including $125 million to low- and moderate-income people.

Moynihan speaks. Bank of America CEO Brian Moynihan will be speaking at the Sanford C. Bernstein investor conference in New York City this morning. We’ll be tweeting and will have a report afterward.

Europe. The European Union has proposed a “banking union” that would mean the 17 countries in the euro zone would share the losses in bank failures, the Wall Street Journal says. Meanwhile, business confidence in the region is dismal.

Chinese banks. Don’t expect branded ATMs or branches, but the Fed’s approval of three Chinese banks to expand into the U.S. could heat up dealmaking between American and Chinese firms, says.

Morgan Stanley in India. Morgan Stanley has gotten a license to begin commercial banking in India, the Wall Street Journal reports. That will allow the bank to compete with BofA and Goldman Sachs.


©2012 The Charlotte Observer (Charlotte, N.C.)

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Source: Andrew Dunn The Charlotte Observer, N.C. (MCT)

3 thoughts on “BLOG: Bank Watch: Countrywide Whistleblower Gets Millions

  1. M K

    my e-mail to Brian Moynihan last night:
    From: M K
    Date: Thu, Jun 7, 2012 at 8:33 PM
    Subject: Good evening
    How do you like my new e-mail address: It will be getting a lot of exposure soon, Brian. And so will your Bank’s post-settlement treatment of mortgage holders. (The world already knows how you treated us BEFORE you got your claws lightly slapped).
    You wanted hand to hand combat, right? Well, you’ve got it. You may be a well-known, heartless connected lawyer, but I am your worst nightmare. I’m a sick, angry old woman on the brink of foreclosure with absolutely nothing left to lose. I’ve jumped through every hoop you’ve held up, scratched and clawed my way through your recession, and survived the strokes and heart disease you brought on. You’ve destroyed my credit, my career, and what’s left of my life. Even Madoff would be impressed.
    So, while you may have all the money, influence and power (and soon, this old house), I’ve got a famous NY times reporter’s personal phone number in my pocket, I have the internet, solid determination and, most importantly, the truth. I, too, am ready for battle, Moynihan. I will begin by returning that reporters’ calls. Before I’m done the whole world will know what you have done, and continue to to do.

      (Quote)  (Reply)

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