Items Tagged with 'Merrill Lynch'

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  • Merrill Lynch ordered to pay $15.7M for cheating customers in mortgage bond trades

    SEC orders company to pay up for misleading customers
    Merrill Lynch will pay $15.7 million to settle allegations that its employees misled mortgage bond customers and overcharged those customers residential mortgage-backed securities trades during a three-year period from 2009 through 2012, the Securities and Exchange Commission announced this week.
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  • The Great Baby Boomer Retirement Plan: Downsize your life

    Merrill Lynch study shows generation increasingly looks to rent
    Baby Boomers are preparing for retirement and as they do, the generation is looking increasingly to downsize. Nearly half, in fact, are giving up on the dream of homeownership entirely. As humans live longer, many must consider a wide range of course corrections in order to enjoy a secure retirement.
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  • HSBC yanks massive PHH mortgage servicing portfolio

    PHH's subservicing portfolio will be cut by nearly 30%
    It appears that PHH Corp. is dealing with a subservicing problem on its hands. For the second time in four months, the company is about to lose a large portion of its mortgage portfolio. The details this time around seem all too familiar.
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  • HSBC plans $420M suit against Merrill Lynch, Bank of America for toxic Countrywide loans

    HSBC claims Merrill Lynch, BofA knew loans were bad, securitized them anyway
    HSBC Bank notified a New York state court this week that it plans to file a $420 million lawsuit against Merrill Lynch and Bank of America, claiming that both Merrill Lynch and Bank of America knew a series of Countrywide mortgage loans were toxic and allowed the loans to be securitized nonetheless. Here are all the details.
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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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  • 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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  • Looming layoffs at Bank of America signal shift in mortgage servicing

    Impact already being felt throughout industry
    The impact of Bank of America's $16.65 billion settlement is beginning to be seen in the mortgage industry. The settlement will affect more than just the bank, the aggrieved homeowners and the government. It isn’t just the big banks that feel the pain of these settlements. It affects everyone.
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