May 7, 2012 |
This is a story of persistence. In the case of Miriam Ramirez, it's the story of trying to obtain a much-needed loan modification from Bank of America. In BofA's case, it's the story of giving a mortgage customer the runaround for two years . Loan modifications have been an increasingly nettlesome issue as millions of homeowners struggle to make mortgage payments during the economic slump. The Obama administration has called upon banks to be more diligent in assisting customers prior to foreclosing on properties.
February 1, 2013 |
Bank of America Corp. customers were unable to access its electronic banking operations and telephone call centers Friday morning. "We're addressing the issue as quickly as possible," said Mark Pipitone, a technology and operations spokesman at the bank. "We're also working closely with our customers to help them alleviate any concerns. " The bank's ATMs were functioning normally, he said. Pipitone declined to provide details of what caused the extensive outage. It wasn't known if it was related to cyber attacks by a shadowy hacker group in the Middle East last September that disrupted the electronic operations at the nation's largest banks: BofA, Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc., U.S. Bancorp and PNC Financial Services.
February 8, 2013 |
PennyMac Financial Services Inc., the 5-year-old mortgage company founded by former Countrywide Financial Corp. President Stanford L. Kurland, plans to go public on the New York Stock Exchange. PennyMac , which makes, buys, sells and services residential loans, intends to raise up to $287.5 million in a public offering, the Moorpark-based company said in a prospectus filed Thursday with the Securities and Exchange Commission. ...
May 14, 2013 |
It's long been a basic tenet of the business world: You give us more business, we'll reward your loyalty with better deals. That's how cable companies operate with their service packages. That's how phone companies work. And until now, that's pretty much how banks played things as well. Want to avoid checking-account fees? Maintain a higher balance or, better yet, take out a home loan. As of this month, however, about 2 million erstwhile Bank of America mortgage customers are scrambling to figure out their status after the bank sold servicing rights to their accounts to a company called Nationstar Mortgage.
April 17, 2013 |
Bank of America Corp. quadrupled its first-quarter profit, reducing expenses and loan losses and reporting better brokerage and investment banking results, but continued to be bogged down by its mortgage operations, disappointing investors. Trying to regain forward momentum after two years of downsizing, the nation's second-largest bank said Wednesday its revenue fell 8% from last year to $23.9 billion. That was better than the $23.4 billion Wall Street had expected, in contrast with rival megabanks Wells Fargo & Co. and JPMorgan & Co., which missed analysts' estimates for revenue when they reported results last week.
March 23, 2011 |
Bank of America Corp. revealed Wednesday that the Federal Reserve rejected its plan for a modest dividend increase in the second half of the year, even as other large banks are raising dividends in the first half of the year. The bank, based in Charlotte, said in a securities filing that it would continue to work with the Fed and planned to submit a revised capital plan that would again call for a modest increase in the quarterly dividend, now at 1 cent a share. A spokesman said BofA would resubmit its proposal in "the coming months.