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Items Tagged with 'Bank of America'

ARTICLES

BofA, DOJ settlement negotiations remain tangled

Two sides remain far apart on crucial issues
July 31, 2014
Bank of America continues to work through its negation talks with the Department of Justice. However, the two still stand very far apart on crucial issues.
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Judge orders BofA Countrywide to pay $1.3B for toxic mortgages

Settlement is just over half what feds wanted
July 30, 2014
A federal judge has ordered Bank of America’s Countrywide unit to pay $1.3 billion in penalties for junk mortgages sold to the government sponsored enterprises in the years prior to the 2008 financial crisis.
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DOJ demands more in BofA, Countrywide deal

Deal hung up over penalties
July 29, 2014
The Department of Justice is not satisfied with its negotiations over Bank of America's cash penalty amount for the dealings of Countrywide and Merrill Lynch. The $13 billion is not enough.
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Bank of America Merrill Lynch concludes Dodd-Frank killed housing

Not coming back to life soon, either
July 25, 2014
“In testimony to Congress on QRM, Mr. Frank noted changing the US residential mortgage market was foremost among the very purpose of the statute,” said analysts Flanagan and Katz. And change that market it did — by sucking the life out of it.
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BofA’s $30B litigation problem is getting worse

Mortgage banking tanks as BAC fails to limit litigation costs
July 16, 2014
Bank of America’s mortgage-related litigation costs are something the banking giant wants to put behind it, but good luck with that, because it’s only going to get worse before it gets better.
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Bank of America beats estimates with $12.96B in revenue

Mortgage banking drives down income, drives up litigation expenses
July 16, 2014
Mortgage banking activity declines and mortgage-related litigation expenses drag on BAC but the banking giant beats expectations in the second quarter despite big losses.
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PennyMac enters into repurchase facility with Bank of America

Will help fund newly originated mortgages
July 14, 2014
The $550 million facility sells the mortgages to BofA, for PennyMac to potentially later repurchase, in a deal fully guaranteed by PennyMac.
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Holder refuses to meet with BofA CEO

BofA attempts to create MBS deal
July 10, 2014
U.S. Attorney General Eric Holder refused to meet with Bank of America CEO Brian Moynihan to work out a multibillion-dollar deal to resolve faulty mortgage securities sold in the past.
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Morgan Stanley surprised by reported Citi settlement size

Represents high proportion of bond issuance
July 9, 2014
According to Morgan Stanley analysts Betsy Graseck and Manan Gosalia, even a $7 billion settlement may be too dire, when compared to the recent JPMorgan settlement.
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Bank of America slashes mortgage servicing jobs

Cuts 540 employees
June 25, 2014
Bank of America is drastically cutting back in its mortgage servicing division, known as Legacy Asset Servicing. And the layoffs don’t end in Charlotte.
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