Items Tagged with 'Bank of America'

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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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Bank of America Merrill Lynch pulls mortgages, servicing from PHH

PHH retracts previously disclosed earnings guidance
Bank of America Merrill Lynch pulled out some of its mortgages from PHH and left no promises about its remaining business. These losses, coupled with the complete loss of servicing from Merrill Lynch, is yet another hit on PHH's weakening dam. BofA says it's simply taking the mortgages in-house. Here's the whole story.
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BofA's low-down payment promising but what about the FHA?

Urban Institute: It's not a substitute
Ever since Bank of America announced its new 3% down payment mortgage program, the Affordable Loan Solution, it’s being looked at as an effort for borrowers to skirt around the Federal Housing Administration. Urban Institute research associate Karan Kaul says that though such efforts are an alternative to FHA lending, they are not a substitute.
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It’s official: Original NMS servicers pass final metric tests

BofA, Chase, Citi, Wells Fargo, Ditech now done
The original servicers of the National Mortgage Settlement finished the final metric tests, marking the completion of the NMS rules for the servicers. After lot of tests and oversight, these five banks undertook more than 630,000 transactions and provided borrowers with more than $50 billion in consumer relief.
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Bank of America now offers 3% down mortgages without mortgage insurance

Partners with Freddie Mac, Self-Help Ventures Fund
Bank of America unveiled a new affordable mortgage program that offers consumers the option of putting as little as 3% down and requires no mortgage insurance. The program does not involve the Federal Housing Administration, whose program has recently undergone a lot of scrutiny from big banks.
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BofA mining clients for mortgage opportunities

An ongoing strategy to bring in more business
Existing Bank of America customers could be the key in helping the bank bring in more lending business, especially if they don’t have a mortgage with them. The mega bank is looking toward its own customers to help boost revenue during a time that banks are struggling to post growth.
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