November 16, 2010 |
A quick settlement of the 50-state probe of the U.S. mortgage foreclosure crisis would be the best solution for all involved, the chief executive of Bank of America Corp. said Tuesday. The call for a settlement by Bank of America CEO Brian Moynihan was followed by a report from CNBC that Iowa Atty. Gen. Tom Miller, who is leading the 50-state probe, was getting close to a settlement with Bank of America ? the largest U.S. mortgage servicer ? JPMorgan Chase & Co. and Wells Fargo & Co. Under the proposed settlement, the banks would pay into a fund for foreclosed borrowers, CNBC reported.
January 21, 2011 |
Bank of America Corp., the largest U.S. bank, reported weaker-than-expected revenue and a second straight quarterly loss after its limping mortgage business triggered write-downs and legal settlements. Bank of America's Merrill Lynch businesses ? including retail brokerage and investment banking ? were profitable but did not make enough money to overcome the bank's massive losses from mortgages. The bank reported a fourth-quarter loss of $1.57 billion, or 16 cents a share, compared with a loss of $5.2 billion, or 60 cents, a year earlier.
July 18, 2012 |
Bank of America Corp. downsized its way to a profitable second quarter, shedding high-risk loans and cutting costs in reporting earnings of $2.5 billion -- 19 cents a share, beating Wall Street expectations of 16 cents. Revenue shrank even more than analysts had expected, the giant Charlotte, N.C., bank reported Wednesday , coming in at $22 billion versus Wall Street's projection of $22.8 billion. BofA said it had paid down its long-term debt by $53 billion during the quarter, while loans on the company's books declined by 5%, compared to second-quarter increases in loan totals at megabank rivals JPMorgan Chase & Co.,Citigroup Inc. and Wells Fargo & Co. A year ago, BofA took a deep breath and threw $8.5 billion at the tsunami of legal claims stemming from its 2008 acquisition of Countrywide Financial Corp., the hyper-aggressive mortgage lender in Calabasas.
April 6, 2012 |
Compensation for chief executives at AIG, Ally Financial and GM -- all of which received exceptional TARP assistance during the financial meltdown -- is being frozen at last year's levels, the Treasury Department said. The ruling from Patricia Geoghegan, acting special master for executive compensation under the Troubled Asset Relief Program, also notes that the government has recovered 75% of the funds it invested in American International Group Inc. General Motors Co. has reduced its obligations by nearly half, while Ally Financial Inc. (formerly GMAC)
September 20, 2012 |
By the end of the year, Bank of America Corp. hopes to get rid of 16,000 jobs, close 200 branches and shrink its mortgage operation, according to a document sent to top management. The institution is accelerating its cost-cutting strategy, planning to pare its operations so much that it will lose its spot as the nation's largest bank employer, falling behind the likes of JP Morgan Chase, Wells Fargo and Citigroup. The proposed slashes would bring Bank of America's workforce down to 260,000 by year-end, according to the document, which was summarized for the Wall Street Journal . Chief Executive Brian Moynihan, in his attempts to make the company more focused and profitable after its disastrous 2008 takeover of mortgage giant Countrywide Financial Corp., is aiming to trim the employee count by 30,000 to save some $5 billion in its first round of cuts.
April 16, 2014 |
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.
September 20, 2012 |
By the end of the year, Bank of America Corp. hopes to get rid of 16,000 jobs, close 200 branches and shrink its mortgage operation, according to a document sent to top management. The institution is accelerating its cost-cutting strategy, planning to pare its operations so much that it will lose its spot as the nation's largest bank employer. The company will fall behind the likes of JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. The proposed cuts would bring Bank of America's workforce down to 260,000 by year-end, according to the document, which was summarized for the Wall Street Journal.
January 7, 2013 |
WASHINGTON -- Bank of America Corp. said Monday it had agreed to pay more than $10 billion to Fannie Mae to settle claims related to troubled mortgages sold largely by Countrywide Financial Corp. during the subprime housing boom. BofA, which acquired Calabasas-based Countrywide in 2008, said it agreed to buy back $6.75 billion in residential mortgage loans sold to Fannie Mae and pay the housing finance giant an additional $3.6 billion in cash. The mortgages were sold to Fannie Mae from 2000 through 2008.
February 4, 2011 |
Bank of America Corp appointed on Friday a new foreclosure and loan modifications czar, and created a new unit to oversee problem home loans in a bid to sort out its ongoing foreclosure issues, becoming the first large U.S. bank to do so. The new unit creates a seventh major division at the bank reporting directly to Chief Executive Brian Moynihan, an indication that the largest U.S. mortgage servicer is attempting to be more aggressive in resolving...
CALIFORNIA | LOCAL
February 12, 2013 |
OAKLAND -- It was billed as a housing forum, but it turned into the Jerry Brown show. The governor was here Tuesday with Bank of America Chief Executive Brian Moynihan to discuss the future of housing in California at a forum put on by the Haas School of Business at UC Berkeley. However, in typical Brown fashion, he used the opportunity to wax philosophical on climate change, the virtues of marriage, the hollowing out of the middle class, healthcare and variety of other subjects.