The U.S. Justice Department says Bank of America has agreed to pay $335 million to resolve allegations that its Countrywide Financial unit discriminated against qualified African-American and Hispanic borrowers on home loans. Officials say Countrywide charged over 200,000 African-American and Hispanic borrowers higher fees and interest rates than white borrowers with a similar credit profile. […]
Bank of America in Settlement Over Countrywide Loans
Posted December 21st, 2011 at 6:35 pm (UTC-5)
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US Charges Lebanese National With Ties to Hezbollah Financing
Posted December 14th, 2011 at 2:50 pm (UTC-5)
The U.S. has indicted a Lebanese national with alleged ties to the Hezbollah militant group and Mexico’s Zetas cartel on drug and money laundering charges. U.S. federal prosecutors announced the indictment of Ayman Joumma on Tuesday in the state of Virginia. They say he played a key role in an international drug smuggling ring that […]
Karzai Names Head of Afghan Central Bank
Posted November 24th, 2011 at 12:10 pm (UTC-5)
Afghan President Hamid Karzai has named the new head of his country’s central bank, which is struggling to recover millions of dollars following a massive scandal. The president’s spokesman said Thursday that Noorullah Delawari has been nominated as central bank governor. The nomination ends a five-month vacancy that hampered the government’s efforts to deal with […]
World Bank: Afghanistan Faces Decades of Budget Shortfalls
Posted November 22nd, 2011 at 6:30 pm (UTC-5)
The World Bank predicts Afghanistan will face an annual $7 billion annual budget shortfall over the next 10 years, meaning it must rely on foreign aid for years to come. The new World Bank report says the Afghanistan cannot raise enough revenue to pay for basic government services. This is on top of what it […]
World Bank Says European Crisis is Hurting Developing Countries
Posted October 26th, 2011 at 7:05 am (UTC-5)
World Bank President Robert Zoellick says new programs may be needed to help developing countries hurt by the European debt crisis. Zoellick made the remarks Wednesday while touring a slum community outside the Philippine capital Manila where residents are benefiting from a World Bank anti-poverty program. He said the European crisis has driven borrowing costs […]
World Bank Says European Crisis is Hurting Developing Countries
Posted October 26th, 2011 at 6:25 am (UTC-5)
World Bank President Robert Zoellick says new programs may be needed to help developing countries hurt by the European debt crisis. Zoellick made the remarks Wednesday while touring a slum community outside the Philippine capital Manila where residents are benefiting from a World Bank anti-poverty program. He said the European crisis has driven borrowing costs […]
Iran Widens Probe Into Bank Fraud Case
Posted October 25th, 2011 at 9:10 am (UTC-5)
Iranian authorities have widened an investigation into a bank fraud case believed to be the largest in the country’s history. Iran’s State Prosecutor Gholam Hossein Mohseni Ejei told state television that 67 people have been summoned for questioning and 31 detained in the $2.6 billion case. He said the main suspect, Iranian businessman Amir Mansour […]
US Fed Considers Lessons From Financial Crisis
Posted October 18th, 2011 at 3:10 pm (UTC-5)
The head of the U.S. central bank says the financial crisis shows that governments may need to do more to fight financial bubbles. The collapse of inflated housing prices played a key role in sparking the economic downturn that began in 2008. U.S. Federal Reserve Chairman Ben Bernanke told an audience in Boston Tuesday that […]
US Says Bank Failures Will Cost $19 Billion Through 2015
Posted October 11th, 2011 at 4:25 pm (UTC-5)
The U.S. government says bank failures in the country over the next four years will cost $19 billion in insurance payments to cover losses for depositors. While the figure is substantial, government officials said Tuesday the projected losses are less than those predicted earlier. In 2010 alone, the government insurance fund paid out $23 billion […]
Robber Steals $1 Million from Athens Bank
Posted October 2nd, 2011 at 6:20 pm (UTC-5)
A man pretending to be a security company worker stole more than $1 million from the Athens airport branch of Greece’s Alpha bank. Police say the suspect arrived at the branch Sunday on the pretense of examining its security system. He then took out a gun and forced employees to open the vault, making off […]
