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The lawsuit accuses banks of creating a registry service that fails to accurately track mortgage ownership and lacks any legal authority to initiate foreclosures.

Hiring in the U.S. accelerated in January for a third month and the jobless rate fell unexpectedly to the lowest point in almost three years, signaling the labor market is gaining momentum.

The Bank of America is no longer the nation's biggest mortgage servicer in the U.S., according to the latest report.

A proposed settlement to resolve mortgage abuses by top U.S. banks will give states broad authority to punish firms that mistreat borrowers in the future, according to documents seen by Reuters on Wednesday.

Employers hired fewer workers in January than they did in December, showing companies and banks that lend to them remain concerned U.S. economic growth will cool after expanding rapidly in the fourth quarter of 2011, according to a survey of economists.

Stocks extended January's rally on Wednesday after upbeat global manufacturing data boosted sentiment and as Greece neared a long-delayed deal with private creditors.

A proposed settlement to resolve mortgage abuses by top U.S. banks will give states broad authority to punish firms that mistreat borrowers in the future, according to documents seen by Reuters on Wednesday.

U.S. Attorney General Eric Holder Friday announced the formation of a task force focused on probing residential mortgage-backed securities following President Barack Obama's call for a unit to probe the finance industry's conduct leading up to the financial crisis.

Bank of America Corp was the fourth-biggest U.S. mortgage lender in the fourth quarter of 2011, continuing its descent in the rankings after it stopped buying loans made by smaller banks.

JPMorgan Chase & Co. Chief Executive Jamie Dimon said President Barack Obama's decision to expand investigations into home lending and sales of mortgage securities could stop settlement talks with the states over foreclosure practices.

Treasury Secretary Timothy Geithner sought to calm fears that the Obama administration's bank reforms were hostile to the U.S. financial industry, saying on Wednesday the reforms were "tough where they need to be tough."

New York Attorney General Eric Schneiderman has been a leading critic of a deal with the nation's largest mortgage servicers over improper foreclosure practices.

Citigroup Inc., the third-biggest U.S. bank, said it may consider further spending cuts in its securities and banking unit in 2012 after an investment of almost $1 billion failed to yield meaningful revenue.

Bruce Springsteen and the E Street Band have an extensive tour planned for 2012 in the U.S. and in Europe. The Wrecking Ball World Tour will begin on Mar. 18 in Atlanta, Ga. and end in Helsinki, Finland at the end of July 2012. Find the official schedule with all dates and locations for U.S. and Europe here.

As state and federal officials near a deal with top banks to settle claims of foreclosure abuses, left-leaning activist groups have stepped up pressure on the officials to reach a deal that demands more from the banks.

Bank of America Corp (BAC.N) may give shares worth $1 billion to employees instead of cash as part of bonuses and hold back on dividend increases and buybacks, as the second-largest U.S. bank grasps for ways to boost its capital levels.

American Express Co reported a quarterly profit that topped expectations, as cardholders spent more and expense growth slowed.

American Express Co reported a quarterly profit that topped expectations, as cardholders spent more and expense growth slowed.

Bank of America Corp reported a fourth-quarter profit, reversing a year-earlier loss, boosted by one-time items and lower expenses for bad loans.

Stocks advanced on Tuesday but sharply pared gains late in the session after Citigroup's steep drop in profit gave investors a reason to unload bank shares.

U.S. stocks gained on Tuesday as brighter sentiment about China's growth prospects overshadowed Europe's recent credit downgrades and a mixed bag of big bank earnings.

Stocks rose on Tuesday as improved sentiment about growth prospects in China overshadowed recent credit downgrades in Europe and a mixed bag of big bank earnings.

Stocks rose on Tuesday as improved sentiment about growth prospects in China overshadowed recent credit downgrades in Europe and a mixed bag of big bank earnings.

Wells Fargo & Co beat Wall Street estimates with a 20 percent increase in fourth-quarter profit, boosted by improving credit quality and continued loan growth.

Stocks were set to open higher on Tuesday as Chinese data fueled the belief the government may move to stimulate growth, overshadowing recent credit downgrades in Europe and a mixed bag of bank earnings.

Stock index futures rose on Tuesday as investors looked to corporate profits as earnings season picks up and Chinese data fueled the belief the government may move to stimulate growth.

Stock index futures rose on Tuesday as investors looked to corporate profits as earnings season picks up and Chinese data fueled the belief the government may move to stimulate growth.

The European sovereign debt crisis has been festering for nearly three years, and some observers wonder whether the credit default swaps (CDS) that have been written on the government of Greece, Ireland, Italy, Portugal and Spain represent another source of risk for the world's financial institutions.

Bank of America Corp told Federal Reserve officials in June that it could shed branches in some parts of the country if it needed to raise capital in an emergency, a person familiar with the matter said.