Banking

Bank of America sold defective residential mortgage loans to Fannie Mae and Freddie Mac that later defaulted, the U.S. government said in a $1 billion fraud lawsuit against the bank.

Rather than feel threatened by prepaid card efforts by Walmart, AmEx and JPMorgan Chase, NetSpend CEO Dan Henry believe the effect on consumer education those products will have can benefit his company.

Barnes & Noble has informed federal law enforcement authorities that "a sophisticated criminal effort" has potentially exposed customers' credit and debit card information to hackers who tampered with PIN pad devices at 63 of its stores.

Ocwen Financial won a $3 billion auction for Residential Capital's loan-servicing unit, outbidding Nationstar Mortgage as it aims to become the largest non-bank home-loan servicer.

New York Community Bancorp (NYB) in Westbury, N.Y., barely beat expectations for its third-quarter earnings and reported a lower net interest margin.

Square Inc., which has been promising to expand internationally since it received a $25 million investment from Starbucks Corp., said today it is making its mobile-pay product available in Canada.

Earnings at the $7.5 billion-asset company in DeWitt, N.Y., fell 8.5%, to $18.3 million, from a year earlier, it reported Tuesday.

Pacific Continental (PCBK) in Eugene, Ore., has agreed to buy Century Bank for $13.4 million in cash.

Lower yields and higher expenses weighed on Hudson City Bancorp (HCBK) in Paramus, N.J., in the third quarter.

Nationstar Mortgage and Ocwen Financial are battling to become the largest non-bank home-loan servicers in a consolidating industry.

Visa CEO Joseph Saunders will retire on November 1, giving the reins of the world's largest payments company to longtime JPMorgan executive Charles Scharf.

Visa chief executive Joseph Saunders is retiring on November 1, the world’s largest payments network said today.

In a typical case, a short sale took nearly nine months, and extraordinary patience and tenacity, to get done. That's no way to stage a housing recovery. Streamline the process.

Square, which has been promising to expand internationally since it received a $25 million investment from Starbucks, said today it is making its mobile-pay product available in Canada.

The processor Total System Services Inc. has been through lot in its nearly three decades of existence, but nothing compares to the state of the payments industry today.

IberiaBank Corp. reported a hefty increase in earnings after lowering its loan-loss reserve and reporting loan growth.

The Consumer Financial Protectin Bureau will publish a final rule Wednesday to supervise firms with more than $10 million in annual receipts.

Regions Financial is proud that it is making money in spite of massive challenges. Analysts are worried about margin pressure but believe the company has

Ameris Bancorp (ABCB) in Moultrie, Ga., reported a 93% drop in earnings and missed projections by 10 cents per share in the third quarter.

Trustmark's company's earnings rose 2% from the second quarter and 9.5% from a year earlier, to $29.9 million. The Jackson, Miss., company said in a press release late Tuesday that higher revenue from insurance commissions and mortgages helped boost its bottom line.