Items Tagged with 'Bank of America Merrill Lynch'


  • Fannie Mae to jettison 11,000 non-performing loans

    GSE wants to offload roughly $1.84 billion in unpaid balance
    Fannie Mae announced plans to jettison $1.84 billion in non-performing loans, a small portion of which are from its thirteenth Community Impact Pool, a small pool for marginalized or small investors. According to a release from Fannie, there are 11,000 NPLs up for sale, and of those, 700 are from its Community Impact Pools.
    Read More
  • PHH takes another hit as BofA Merrill Lynch pulls mortgage servicing portfolio

    Bank of America terminates agreement without cause
    It only took a little more than six months for Bank of America Merrill Lynch to decide to pull the rest of its mortgage servicing business from PHH Mortgage Corp., marking another devastating blow for the company. Effective March 31, 2017, PHH will no longer provide private label origination services on behalf of Merrill Lynch.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • Ocwen tanks in wake of poor second quarter results

    Stock drops more than 30% in early trading
    After seeing its income from operations in the second quarter fall nearly $100 million from last year and despite the company’s CEO saying that the company “made positive strides on many fronts in the second quarter,” Ocwen Financial is taking a beating on the stock market on Friday. So what's causing Ocwen's drop?
    Read More