Advertisement
YOU ARE HERE: LAT HomeCollectionsBofa
IN THE NEWS

Bofa

FEATURED ARTICLES
BUSINESS
May 14, 2013 | David Lazarus
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.
ARTICLES BY DATE
BUSINESS
April 16, 2014 | By E. Scott Reckard
Socked by mortgage-related legal expenses, Bank of America Corp. lost $276 million during the first quarter, sending its stock down sharply. The quarterly loss, its first in 2½ years, came despite lower loan losses and better than expected results in fixed-income trading, a slowing business that hurt rival JPMorgan Chase & Co. during the quarter. The results included $6 billion in litigation expense, much of it related to toxic bonds backed by housing-boom mortgages from Countrywide Financial Corp., the aggressive Calabasas lender that nearly collapsed before being acquired by Bank of America in 2008.
Advertisement
NEWS
July 4, 2013 | By Ted Rall
Jeff Olson, 40, charged with vandalism after he wrote protest slogans in chalk outside Bank of America branches, was found not guilty by a San Diego jury.    ALSO: Egypt's students of democracy Come home, Ed Snowden, and face the music  Five reasons to stay away from Texas right now Follow Ted Rall on Twitter @TedRall
BUSINESS
March 26, 2014 | By E. Scott Reckard
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.
BUSINESS
April 17, 2013 | By E. Scott Reckard
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.
NEWS
November 1, 2011 | By E. Scott Reckard, Los Angeles Times Staff Writer
Bowing to a national flood of protests, Bank of America Corp. is calling off its plan to charge customers $5 a month for using its debit cards to make purchases -- a strategy that proved a public relations disaster for what once was America's biggest bank. Analysts had believed the rest of the banking industry would follow BofA in imposing similar fees to make up for new rules restricting the fees banks charge merchants for accepting debit cards. But instead, the Charlotte, N.C., banking giant finds itself following the lead of a host of rivals who decided last week not to incur the wrath of the American public with debit-card fees.
BUSINESS
March 23, 2011 | By Rick Rothacker
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.
BUSINESS
March 23, 2012
Bank of America says it has begun a pilot program offering some of its mortgage customers who are facing foreclosure a chance to stay in their homes by becoming renters instead of owners. The "Mortgage to Lease" program, which was launched this week, will be available to fewer than 1,000 BofA customers selected by the bank in test markets in Arizona, Nevada and New York. Participants will transfer their home's title to the bank, which will then forgive the outstanding mortgage debt.
BUSINESS
August 11, 2009 | Walter Hamilton
Bank of America Corp.'s deal to pay $33 million to settle accusations that it misled shareholders about executive bonuses hit a roadblock Monday -- U.S. District Judge Jed Rakoff. The bank agreed last week to pay the money to settle a Securities and Exchange Commission lawsuit alleging that it led shareholders to believe that Merrill Lynch & Co. would not pay year-end bonuses. In fact, the bank had already approved $5.8 billion in bonuses at Merrill, which it was in the process of acquiring at the time.
BUSINESS
August 29, 2012 | By E. Scott Reckard
Pressured by consumer advocates and Congress, most of the nation's big banks are now providing consumers a one-page form listing basic terms and conditions for checking accounts, with Bank of America Corp. the latest to join the trend.  Last December, JPMorgan Chase & Co. became the first major bank to adopt a plain-language form proposed by an arm of the Pew Charitable Trusts. Citibank did the same in July, simplifying its presentation about such factors as fees for ATMs, overdrafts and account closings.
BUSINESS
March 26, 2014 | By E. Scott Reckard and Walter Hamilton
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 finance giants had demanded compensation from the Charlotte, N.C., bank for losses on securities backed by faulty loans issued during the housing boom. The bank said the settlement, announced Wednesday, resolves all claims against BofA by the Federal Housing Finance Agency, the agency that regulates Fannie and Freddie.
BUSINESS
February 26, 2014 | By E. Scott Reckard
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.
NATIONAL
February 6, 2014 | By Matt Pearce, This post has been updated, as indicated below.
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.
BUSINESS
January 15, 2014 | By Andrew Tangel
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.
BUSINESS
January 15, 2014 | By Andrew Tangel
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?
BUSINESS
December 14, 2013 | By E. Scott Reckard
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.
BUSINESS
August 6, 2000
Re: "Bank of America Will Cut 10,000 Additional Jobs" (Business, July 29): You reported that BofA's massive new layoffs will translate into a total of 35,000 job losses since the bank merged with NationsBank Corp. just two years ago. You also wrote that, of the $600 million BofA expects to "save" through this carnage, "$25 million will be spent to burnish the bank's brand image." I believe this is what might be called a self-defeating strategy. Or, in the more economical words of the analyst you interviewed: "dumbsizing."
BUSINESS
August 23, 2009 | DAVID LAZARUS
Consumer advocates have long maintained that one of the more unfair practices in the business world is a provision in many service contracts preventing customers from joining class-action lawsuits and having to submit instead to binding arbitration to settle disputes. Arbitration, critics say, typically favors businesses over consumers. And it's not worth most people's time to arbitrate nickel-and-dime issues that could be more practically dealt with in court. So it was big news recently when Bank of America announced it would be the first major financial institution to no longer require that disgruntled credit card, banking and loan customers arbitrate any grievances.
BUSINESS
December 2, 2013 | By Jim Puzzanghera
WASHINGTON -- Bank of America Corp. agreed to pay $404 million to Freddie Mac to settle claims related to bad mortgages the bank sold to the housing finance giant, the companies said Monday. The settlement resolves all disputes between the two firms related to home loan deals during the subprime housing boom, BofA said. The payment, less a credit of about $13 million toward the settlement for loans BofA had already repurchased from Freddie Mac, releases the bank from potentially being forced to repurchase about 716,000 mortgages originated from 2000 to 2009.
BUSINESS
October 24, 2013 | By Andrew Tangel
NEW YORK --Bank of America Corp. has slashed 1,200 jobs in its mortgage division as the company's refinancing business slows amid rising interest rates. The Charlotte, N.C.-based bank made the cuts this week, a bank representative said. The jobs are scattered around the country, including some in California, but the bank declined to elaborate. The nation's banks have experienced a sharp slowdown in once-booming profits from refinancing as mortgage rates have climbed from their historic lows while the housing market has healed.
Los Angeles Times Articles
|