Bank of America to Pay $20 million for Wrongfully Foreclosing on Active Duty Military Personnel
Bank of America has agreed to a $20 million settlement for wrongfully foreclosing on 160 service members without checking on their military status. The suit was filed by the U.S. Department of Justice against BAC Home Loans Servicing, formerly Countrywide Home Loans Servicing. Allegedly, the lender did not consistently check the active duty status of borrowers on whom it foreclosed. The Justice Department asserts that Countrywide knew, or should have known, about their military status prior to initiating foreclosure proceedings. The Servicemembers Civil Relief Act was implemented by Congress in order to protect military personnel from civil requirements, such as mortgage payments, pending trials, outstanding credit-card debt and taxes.
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In a press release issued today, Friday, May 20, 2011, a spokesperson for Wachovia/Wells Fargo announced that the building formerly known as "The Modis Building" will be renamed "The Wells Fargo Center".
Jacksonville based corporation, CSX, announced earlier this month that it has approved a stock split of 3 for 1. In addition, the company committed to increasing the quarterly dividend of its common stock by 38 percent. CSX also plans to initiate a program to buy back over $2 billion of corporate shares.
On March 3, thousands of credit union members warned that a cap on fees banks collected from merchants will force the card-issuing credit unions and banks to abandon free checking, eliminate rewards programs, and impose annual fees. However, a week later, many small business owners refuted those claims. In fact, retailers say that the Federal Reserve proposal will help lower retail prices while preventing card issuers from profiting at the their expense. 
EverBank Financial Corp. has signed a consent order with federal regulators to rectify certain foreclosure practices that have been deemed “unsafe or unsound."
