Bank buys domain for $3M

Bank of America has paid $3 million at auction for the loans.com domain, the company said today. Bank of America owns 5 percent of E-LOAN, an online lending company, and funds mortgage and automobile loans originated by E-LOAN. The bank bought the domain from Marcelo Siero, a computer consultant from San Jose, Calif., who had registered the name in September 1994. The online auction was run by GreatDomains.com. -- Margaret Kane, ZDNet News