Items Tagged with 'Bank of America'

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Financial purge: Big bank stocks plunge

Dramatic crash in oil prices to blame
The DOW is not looking good as financial names took a big hit Thursday. Reeling off a 400-point loss, oil prices dropped below $27 a barrel for the second time in recent weeks. It settled at $26.21, the lowest point since 2003.
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Bernie Sanders unveils foundation-shattering Wall Street reform plans

Vows to break up Wall Street’s biggest banks; sweeping reform of credit ratings agencies
It’s not exactly a stretch to say that Sen. Bernie Sanders is not the biggest fan of Wall Street. In a wide-ranging speech on Wall Street and the economy given Tuesday, Sanders detailed just how different life would be for the “too big to fail” banks under a Sanders administration. In fact, there would be no life for the “too big to fail” banks if Sanders is elected president, only death.
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BofA, Chase, Citi, Ditech, SunTrust, Wells Fargo pass servicing compliance tests

National Mortgage Settlement Monitor: Servicers compliant with NMS rules
Nearly all of the mortgage servicers that are subject to the terms of the National Mortgage Settlement achieved complete compliance with the NMS’s servicing rules in the first half of 2015, according to a new report from Joseph Smith, the Monitor of the National Mortgage Settlement.
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Bank of America to continue outsourcing Merrill Lynch mortgages to PHH

PHH, Bank of America announce extension of mortgage lending relationship
Under the terms of a new agreement between PHH Corp. and Bank of America, PHH will continue to provide mortgage origination services to Merrill Lynch clients. The agreement, which was announced Thursday, renews a deal between PHH and Bank of America that outsources the origination of Merrill Lynch’s mortgages to PHH.
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Bank of America nearing halfway mark in $7 billion consumer relief effort

Payment part of $16.65 billion settlement over toxic mortgages
Bank of America is approaching the halfway point in delivering on its $7 billion promise of consumer relief required as part of its $16.65 billion settlement with the U.S. Department of Justice and others to resolve claims over toxic residential mortgage-backed securities, collateralized debt obligations and an origination release on residential mortgage loans sold to Fannie Mae and Freddie Mac.
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Fed proposes new bailout rules for biggest banks

Would be required to carry $120 billion in debt to reduce taxpayer burden
Eight of the country’s largest banks would be required to raise $120 billion to comply with a new rule proposed Friday by the Federal Reserve Board, with the money designated to recapitalize the bank should it fail, lessening the likelihood of a a government bailout.
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