More troubling signs point to potential increase in defaults

More troubling signs point to potential increase in defaults

And yet we introduce a 100% LTV mortgage

Calgary housing market a canary in the shale mine?

Home prices, sales plummet alongside price of crude oil

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Regulatory environment huge barrier to entry
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Items Tagged with 'Bank of America'

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From HW Magazine

Big banks, big returns?

Some of the nation's largest financial institutions offer better deals at low risk
The real no-brainer, however, is to look at how the bank performed in the last downturn. Invest in one that not only didn’t need a bailout but one that didn’t take major risks for the sake of short-term versus long-term gains.
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Bank of America cuts 116 North Texas employees

Third cut in February
Brena Swanson
February has been a tough month for Bank of America. This time, job cuts are once again located in North Texas, with 116 layoffs in Addison and Plano.
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Altisource Asset Management names controversial exec new CEO

Former BofA executive was defendant in $9B settlement with FHFA
Ben Lane
Altisource Residential, announced Thursday that George Ellison will be the company’s new CEO. Ellison was a named defendant in a lawsuit brought by the FHFA against Bank of America over claims that the bank sold toxic mortgages to Fannie Mae and Freddie Mac from 2005 to 2007.
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BofA delivers on $7 billion promise to mortgage customers

Extends relief to tens of thousands of homeowners
Brena Swanson
Bank of America completed the biggest settlement to date on Aug. 20, 2014. Now almost six months later, the bank is taking the first steps in fulfilling its mortgage settlement requirements.
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Bank of America slashes another 250 employees

Continues to reduce portfolio of bad loans
Brena Swanson
Bank of America's not done with its layoffs as it continues to scale back its staff to “normal levels.” This marks the third round of cuts in less than six months, as the company announced that it is laying off 250 mortgage and technology workers in Charlotte.
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Judge dismisses Prudential mortgage fraud lawsuit against BofA

Rules that Prudential did not prove BofA lied to ratings agencies
Ben Lane
A federal judge threw out a lawsuit brought by Prudential Financial, which claimed that Bank of America falsely represented the quality of $1.9 billion of pre-crisis residential mortgage-backed securities, leaving Prudential on the hook for “countless” home loans that defaulted.
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Military members to receive $123 million for unlawful foreclosures

Relief is part of National Mortgage Settlement
Ben Lane
According to the U.S. Department of Justice, Bank of America, JPMorgan Chase, Citi, Wells Fargo and GMAC Mortgage will send payments to 952 service members and their co-borrowers for conducting non-judicial foreclosures conducted in violation of the Servicemembers Civil Relief Act.
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Bank of America to cut hundreds of legacy servicing staff

As delinquent loans decline, BofA “returning staff to normal levels”
Ben Lane
For at least the second time in less than six months, Bank of America is set to lay off hundreds of workers from its legacy mortgage servicing operations as the bank continues to cut back its servicing staff due to a decline in delinquent loans.
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Judge denies BofA request for new mortgage hustle trial

Rules Countrywide fine should stick
Jacob Gaffney
A federal judge in Manhattan said a $1.27 billion fine against Bank of America over an old mortgage-lending program known as Hustle should stick.
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Nomura fighting back against FHFA toxic mortgage lawsuit

Claims U.S. unit “did nothing wrong”
Ben Lane
Nomura Holdings reportedly does not want to settle with the Federal Housing Finance Agency because it claims that its U.S. unit did not knowingly sell bonds backed by fraudulently originated loans to Fannie Mae and Freddie Mac in the run-up to the crisis.
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