Items Tagged with 'Bank of America'

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DOJ again rebuked in effort to enforce massive BofA 'Hustle' mortgage fine

Billion-dollar settlement for Countrywide home loans denied
Needless to say, the federal government probably isn’t too happy with the United States Court of Appeals for the Second Circuit right now. That's because for the second time in three months, the Second Circuit rebuked an effort by the government to extract one of the largest fines to come out of the housing crisis.
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Mortgage bond investors finally get paid $8.5 billion Countrywide settlement

Five-year wait to receive settlement funds is over
Last month, mortgage bond investors moved one step closer to ending their five-year wait for their money from an $8.5 billion settlement involving Bank of America, mortgages originated by its Countrywide unit, and the Bank of New York Mellon. At the time, a report suggested that the aggrieved bondholders would receive their money in June, and according to a new report from Fitch Ratings, that’s exactly what happened.
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Supreme Court to consider Miami's predatory lending suit against Bank of America, Wells Fargo

Won't decide case, but could rule on city's ability to sue for lending discrimination
The U.S. Supreme Court announced Tuesday that it will hear arguments during its next term on whether the city of Miami can sue Bank of America and Wells Fargo for alleged predatory lending. The city sued the megabanks in 2013, accusing the banks of "disproportionately placing vulnerable, underserved minority borrowers in loans they cannot afford."
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Bank of America, Citigroup brace for annual stress tests

History of failure so far
Both of these banks failed the stress tests a combined total of five times. The annual tests could even be holding the banks back from giving more $$$ to their shareholders. While banks such as Wells Fargo seem to be going fine, others, such as Bank of America and Citigroup, just can’t seem to catch on.
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MBA: Mortgage credit still getting tighter

Low-down mortgages not boosting closings
The mortgage credit box tightened for the third month in a row, except this time, contrary to previous months, all four indices tightened. This is despite efforts to promote 3% down programs to loosen mortgage credit. Freddie Mac's vice president of affordable lending and access to credit explains what the hold-up is, and why conditions continue to tighten.
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Bank of America well ahead on national mortgage settlement deadline

Nearly two-thirds completed
Almost two years after the settlement was announced, Bank of America is nearly two-thirds of the way done on fulfilling its $7 billion promise of consumer relief required as part of its $16.65 billion settlement with the U.S. Department of Justice and the attorneys general of six states. And by the looks of things, it's ahead of schedule for completing the requirement.
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Bank of America to consolidate North Texas mortgage operations

Closing down former Countrywide location in Ft. Worth
Another one of the vestiges of Countrywide's past is about to disappear, as Bank of America is set to close and sell a facility in Ft. Worth, Texas that once housed as many as 3,000 Countrywide employees. But the move will not lead to any job cuts, according a report from the Dallas Morning News.
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