Bank Watch roundup: Wells ending most interest-only home equity loans
06/03/2014 7:00 AM
06/02/2014 6:33 PM
WELLS FARGO GETS OUT OF INTEREST-ONLY HOME EQUITY LOANS: The San Francisco bank will now make new home equity borrowers pay principal from the beginning in most cases, a change from when principal payments were often deferred for years, the Wall Street Journal reports. The move comes as the we near would could be a new wave of defaults from people who took out home equity lines in the run-up to the mortgage crisis. At Wells, people will now only be able to avoid paying the principal if they have "significant assets" and can handle the costs down the road. Bank of America might end up doing something similar, Bloomberg reports.
BIG BANKS ARE TOPS IN "DARK POOL" TRADING: Merrill Lynch came in No. 2 to UBS in number of trades in alternative trading systems, according to regulatory filings newly required, the Wall Street Journal reports. The Bank of America subsidiary had 2.2 million trades in the week.
BANK OF AMERICA UPDATES ITS MOBILE APP: The new version lets customers schedule appointments inside a branch and request a new debit card, plus a few other new features.
BNC BANCORP CLOSES ACQUISITION: The Bank of North Carolina parent said it has finished its deal with the Chapel Hill-based parent company of Harrington Bank.
JUSTICE DEPARTMENT CHARGES BANK HACKERS: The government says it has disrupted a band of European cyber threats that seized customer information and stole more than $100 million.
MEXICO ISSUES WARRANTS IN CITIGROUP FRAUD: The Mexican government is seeking bank employees, but it is unknown how many will be arrested, The New York Times says.
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