CALIFORNIA | LOCAL
April 13, 2012 |
Dirma Rodriguez had five minutes to gather her things and vacate the West Adams house she and her severely disabled daughter had lived in for more than 25 years. As a property manager changed the locks, Rodriguez fluttered back and forth from the yard — where a pile of stuff lay by the kitchen stove — to her car, where her daughter, Ingrid Ortiz, sat screaming and crying. How Rodriguez and Ortiz ended up in this predicament is a long, messy story that resounds with a misery all too common in this age of foreclosure.
April 10, 2012 |
This post has been corrected. Please see note at bottom for details. Occupy D.C. activists, like those in some other cities, are adopting a new tactic. They call it “sleepful protest.” Over the weekend, Occupy D.C. activists established what they hoped would be a permanent camp outside a Bank of America branch near the White House. There was but one tent -- and it was purely symbolic, with protesters sleeping on the street instead. Activists say they're returning to Occupy's roots.
March 29, 2012 |
In a year when Bank of America Corp.'s stock plunged 58% and the company announced plans to lay off 30,000 employees, Chief Executive Brian Moynihan's compensation package more than quadrupled to nearly $8.1 million. Here's why: In 2011, the Charlotte, N.C., bank recorded $1.4 billion in profit after losing $2.2 billion the year before. So although the bank's compensation and benefits committee kept Moynihan's salary the same at $950,000, he landed $6.1 million in performance-reliant stock.
March 23, 2012 |
Bank of America: Lenient landlord? The bank is launching a pilot program that would allow customers with underwater mortgages to avoid foreclosure by becoming renters. In its testing stages, the Mortgage to Lease program will involve fewer than 1,000 customers in Arizona, Nevada and New York who are at least 60 days behind on payments for their Bank of America loan. Their homes must be worth less than what is owed on their mortgages Bank of America will forgive the outstanding debt for homeowners who transfer their home's title to the company.
March 20, 2012 |
Is another stock offering in the works for Bank of America Corp.? The Charlotte, N.C., financial giant denies it - and investors sent shares higher in relief. The bank's shares fell 27 cents to $9.53 on Monday on the latest in a series of rumors about a stock sale, which would dilute the holdings of existing shareholders. BofA stock was up again by 20 cents, or 2.2%, at $9.73 in midday trading Tuesday after the bank issued its terse denial: “Contrary to market rumors, Bank of America has no intention of issuing additional equity in a secondary offering.” BofA Chief Executive Brian Moynihan has repeatedly assured shareholders that the bank will be able to comply with tougher U.S. and international capital requirements without issuing more shares.
March 10, 2012 |
Bank of America has agreed to reduce the loan balances of underwater homeowners more aggressively than other banks, saying that by next month it will start contacting 200,000 borrowers who may qualify. The pledge is part of a side deal that BofA signed when it and other large providers of mortgage customer service reached a recent $25-billion foreclosure-abuse settlement with state and federal government agencies. Writing down the balance of home loans for underwater borrowers — people who owe more than their homes are worth — is a controversial practice.
March 9, 2012 |
Bank of America said Friday it would reduce by about $100,000 the amount owed by as many as 200,000 underwater homeowners as part of the recently announced government foreclosure settlement with top mortgage servicers. BofA made the commitment as part of a $1-billion side deal to the $25-billion foreclosure settlement, said bank spokesman Richard Simon. The principal reductions could eliminate the entire underwater portion of some mortgages that the bank services, with the average reduction expected to be more than $100,000, he said.
February 11, 2012 |
California walked away with the biggest chunk of this week's landmark foreclosure settlement partly because of the state's size but also because of Bank of America's desire to escape the legacy of its Countrywide problems. The nation's three largest mortgage servicers — Bank of America, JPMorgan Chase and Wells Fargo & Co. — committed to provide California $12 billion in principal write-downs, including through short sales, over the next three years, the single largest such commitment to come out of the negotiations.
February 4, 2012 |
In a move to shed nonessential assets, Bank of America will sell and lease back some of its administrative office space. Only three office buildings — two in North Carolina and one in New York — have been identified for sale so far, but others are expected to follow. "Real estate ownership is not a core business for Bank of America," spokeswoman Kelli Raulerson said. "Therefore we are currently reviewing our administrative portfolio and may make the decision to sell our ownership interest in certain properties.