Bernanke says Fed should have preliminary report next month about whether mortgage lenders broke rules in foreclosing on homeowners.
The foreclosure crisis over paperwork may sting big banks and slow the foreclosure process, but it is unlikely to have lasting effects on the housing market, say financial experts.
Bank accounts with no fees attached are becoming a thing of the past at large US banks, which are starved for revenue.
Bank of America said it will change its consumer banking strategy to focus on providing customers with incentives to do more business with the bank instead of generating revenue through penalty fees such as overdraft charges.
Bank of America will resume home foreclosures in 23 states despite claims that documents used in the process were flawed.
Countrywide CEO Angelo Mozilo has agreed to a $67.5 million settlement to avoid trial on fraud and insider trading charges that alleged he profited from risky mortgages he signed off on before the collapse of the housing market.
Reports that bankers ignored warning signs of a foreclosure crisis while lenders used flawed documents to foreclose on homeowners took the spotlight away from JPMorgan Chase's earnings report, Wednesday.
Japan's central bank economists have tried everything to keep their economy afloat, including record levels of quantitative easing. Will America follow its example?
Several large banks have halted efforts to foreclose on homes in 23 states. There's evidence that many foreclosures may have been processed with incomplete or improper paperwork.