March 26, 2014 |
Putting to rest one of its biggest remaining headaches, Bank of America Corp. has agreed to pay $9.5 billion to settle claims by Fannie Mae and Freddie Mac. The government-sponsored mortgage giants had demanded compensation from the Charlotte, N.C., bank for losses on housing-boom loans that produced mass defaults during the financial crisis. The settlement, announced Wednesday, resolves all claims against Bank of America by the Federal Housing Finance Agency, BofA said. The FHFA is the regulator established as a conservator for Fannie and Freddie when the giant buyers and guarantors of home loans went insolvent during the financial crisis.
February 26, 2014 |
The latest examples of the seemingly endless government probes of Bank of America Corp. focus on foreign exchange and Federal Housing Administration lending practices, the Charlotte, N.C., giant has disclosed. Banks are filing 10-K annual reports with the Securities and Exchange Commission this week, scattering news of investigations opening and closing behind them. Morgan Stanley said Tuesday it had reached a $275-million settlement with the SEC staff over subprime mortgage securities. In its 10-K, also out Tuesday afternoon, Bank of America said “government authorities” in North America, Europe and Asia are investigating “a significant number“ of participants in the foreign exchange, or FX, market.
February 6, 2014 |
There's junk mail, and then there's nasty mail: San Francisco writer Lisa McIntire says Bank of America sent her a credit card offer addressed to "Lisa Is A Slut McIntire," and she posted photos of it on Twitter on Thursday. BofA tweeted her an apology and pledged to investigate. [Updated, 5:45 p.m. Feb. 6: But the problem apparently originated with an academic society that was jointly marketing with the bank. ] McIntire, 32, told the Los Angeles Times in a phone interview that she first learned about the mail in a text exchange with her mother, which she posted on Twitter.
January 15, 2014 |
NEW YORK - Bank of America Corp.'s fourth-quarter profit surged as the financial giant continued to work through its hangover from the housing meltdown. The Charlotte, N.C., bank Wednesday reported net income of $3.4 billion, or 29 cents a share, up sharply from $732 million, or 3 cents, a year earlier, when its bottom line suffered from a more than $10-billion settlement with mortgage giant Fannie Mae. BofA's earnings beat Wall Street estimates of 26 cents a share, according to analysts polled by Thomson Reuters.
January 15, 2014 |
NEW YORK -- Bank of America Corp.'s fourth-quarter profit surged as the financial giant continued to work through its hangover from the housing meltdown. The Charlotte, N.C.-based bank Wednesday reported net income of $3.4 billion, or 29 cents a share, up sharply from $732 million, or 3 cents, the same period a year ago, when its bottom line suffered from a more than $10-billion settlement with mortgage giant Fannie Mae. QUIZ: Do you remember the biggest business news stories of 2013?
December 14, 2013 |
Daniel A. Bailey Jr. isn't your average homeowner. He hasn't paid his mortgage in more than five years, and has no plans to start now. His stance stems from a bizarre incident that thrust Bailey into the news in 2008, when he suddenly became a public relations liability for embattled home lender Countrywide Financial of Calabasas. Bailey had blanketed Countrywide with emails begging for a mortgage modification. The reply came from none other than Angelo Mozilo, Countrywide's chief executive, who accidentally hit "reply" instead of "forward" on a note meant for colleagues.