Items Tagged with 'Bank of America mortgage'

ARTICLES

  • Bank of America aims to boost homeownership, will give borrowers up to $10,000 to close a loan

    Launches $5 billion affordable homeownership initiative
    Bank of America is committing $5 billion to help boost homeownership for “low- to moderate-income and multicultural homebuyers and communities” across the country, the bank announced Tuesday. And as part of the program, Bank of America is rolling out a host of new loan programs and options, including grants of as much as $10,000 to help a borrower close a loan.
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  • Bank of America launches digital mortgage platform

    Becomes latest big bank to go digital
    Everybody’s doing it, and now Bank of America is doing it too. Bank of America revealed Wednesday that it is launching a digital mortgage platform, which allows customers to complete the mortgage application process either via their mobile device or on Bank of America’s website.
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  • BofA approaching $7 billion of consumer relief in toxic mortgage settlement

    Monitor says bank reaches 97% of relief obligation
    Bank of America is almost finished with providing $7 billion in consumer relief required as part of its $16.65 billion settlement with the U.S. Department of Justice, certain federal agencies and six states 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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  • Bank of America doubles down on 3% down mortgages without insurance

    Expands "Affordable Loan Solution" for low- and moderate-income homebuyers
    Earlier this year, Bank of America, in partnership with Freddie Mac and Self-Help Ventures Fund, began offering mortgages that only required consumers to put down 3% and did not require the consumers to obtain mortgage insurance either. Bank of America said Thursday that the "Affordable Loan Solution" program is proving so successful in its first few months that the bank is doubling its annual commitment to the program – from $500 million to $1 billion.
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  • DOJ again rebuked in effort to enforce massive BofA 'Hustle' mortgage fine

    Billion-dollar settlement for Countrywide home loans denied
    Needless to say, the federal government probably isn’t too happy with the United States Court of Appeals for the Second Circuit right now. That's because for the second time in three months, the Second Circuit rebuked an effort by the government to extract one of the largest fines to come out of the housing crisis.
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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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  • 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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  • 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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