Retail & Commercial

PHH, the parent company of the nation's largest nonbank mortgage lender, reported a $57 million second-quarter loss and signaled its intention to reduce its presence in the correspondent lending channel.

Fannie Mae said that, for the second straight quarter, it won't need aid from the Treasury as rising home prices continue to bolster the housing market.

The multidistrict litigation process lumped together disparate overdraft cases in a "one size fits all" approach. As a result, it did not achieve the salutary goals the judicial panel set out to accomplish and must be judged an expensive failure.

HOUSTON – Cardtronics, the key EFT switch for credit unions, said this morning it has acquired Minneapolis-based ATM Network Inc. and its contracts with 6,200 merchant-owned ATMs.

Starbucks announced today that it is investing $25 million in Square and will begin using Square's mobile payment technology in its stores.

Starbucks announced today that it is investing $25 million in Square and will begin using Square's mobile payment technology in its stores.

Bank of America Merchant Services is launching a Web portal to allow its merchant clients to offer daily deals through search engines, social media sites and other online forums.

Bank of America's law firm defending the company against MBIA in a dispute over defective mortgages said that a court ruling in a separate case means lenders should reevaluate their reserves for bad loans.

Former Bank of America (BAC) executive Marc Gordon has been appointed executive vice president and chief information officer at American Express (AXP), the credit card company announced Tuesday.

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