Items Tagged with 'Bank of America'

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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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'Face of the housing crisis' exonerated by Appeals Court Countrywide Hustle ruling

Former Countrywide exec Rebecca Mairone cleared
Lost in the shuffle of the United States Court of Appeals for the Second Circuit's decision to toss the $1.27 billion penalty against Bank of America was the fact that the court also overturned the fraud charges and voided the $1 million penalty against Rebecca Mairone. Mairone is the same person who the New York Times once referred to as the "face of the housing crisis."
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HSBC plans $420M suit against Merrill Lynch, Bank of America for toxic Countrywide loans

HSBC claims Merrill Lynch, BofA knew loans were bad, securitized them anyway
HSBC Bank notified a New York state court this week that it plans to file a $420 million lawsuit against Merrill Lynch and Bank of America, claiming that both Merrill Lynch and Bank of America knew a series of Countrywide mortgage loans were toxic and allowed the loans to be securitized nonetheless. Here are all the details.
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Appeals Court overturns Bank of America's $1.27 billion fine in 'Hustle' case

BofA handed victory in row over Countrywide mortgages
The United States Court of Appeals for the Second Circuit handed Bank of America a massive victory, and dealt the Department of Justice a major blow, on Monday when it overturned a $1.27 billion penalty against the megabank in a fraud case over defective mortgages sold by Countrywide. The case stems from the government suing Bank of America over Countrywide's "Hustle" loan origination process.
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The Big Short's Michael Burry just bailed on big bank stocks

Burry's hedge fund, Scion Asset Management, exits several bank positions
Michael Burry, whose name still carries significant weight in the financial industry, is no stranger to having a strong opinion about the nation’s biggest banks. And Burry's hedge fund, Scion Asset Management, completely dumped its position on several of the big banks during the first quarter. Does he know something we don't?
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Finally: $8.5B Countrywide mortgage bond settlement gets green light

Payouts set to reach burnt investors as soon as June
Ending a legal quagmire that stretched back to 2011, investors are finally set to receive 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, which acted as the trustee for the mortgage bond investors.
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Five major banks fail bailout test, would need taxpayer money in crisis

Bank of America, JPMorgan Chase, Wells Fargo, others must improve 'living wills'
Five of the nation’s largest banks are not prepared for a financial crisis and would need taxpayer bailouts, the Board of Governors of the Federal Reserve System and the Board of Directors of the Federal Deposit Insurance Corporation announced Wednesday.
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