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.
February 20, 2013 |
An appeals court has overturned a $3.8-million jury award to a former Countrywide Financial Corp. human resources executive who contended he was fired because he refused to lie for the giant home lender and exposed unsafe working conditions. Michael Winston, a former leadership coach for Countrywide executives, won a wrongful-termination verdict in February 2011 from a Los Angeles County Superior Court jury in Van Nuys. The suit named as defendants Countrywide and Bank of America Corp., which acquired the high-risk mortgage specialist in 2008 and decided against retaining Winston.
November 9, 2012 |
When the Federal Deposit Insurance Corp. seized Pasadena housing lender IndyMac Bank four years ago, the scene resembled the grim bank failures of the 1930s. Panicked depositors, seeking to reclaim their money, lined up outside branches of the big savings and loan, whose collapse under the weight of soured mortgage and construction loans helped usher in the financial crisis and biggest economic downturn since the Great Depression. As those memories fade, the government's effort to reclaim losses stemming from the financial debacle grinds on, with one IndyMac case winding up this week before a federal jury in Los Angeles.
October 25, 2012 |
Bank of America thought it was laying claim to a crown jewel of American mortgage lending when it scooped up Countrywide Financial Corp. at the depths of the housing crisis in 2008. With a name reflecting its ambition, Countrywide transformed itself from a regional lender in Calabasas to a burgeoning powerhouse. It seemed to have perfected the elusive art of making home loans to borrowers with scuffed credit. But the deal quickly became a millstone for Bank of America, U.S. taxpayers and the American economy when Countrywide dissolved in a heap of bad loans and shoddy bookkeeping.
May 23, 2012 |
In a setback for federal regulators, a federal judge threw out many of the fraud allegations against former IndyMac Bancorp Chief Executive Michael W. Perry in a case stemming from the collapse of the onetime Pasadena mortgage lender. U.S. District Judge Manuel Real tossed five of seven public filings late Monday that had supported civil claims filed by the Securities and Exchange Commission. He also ruled that Perry could not be forced to repay allegedly ill-gotten gains. Perry's lead attorney, Jean Veta of Covington & Burling in Washington, said the SEC suit "should never have been filed" and that she would contest the remaining accusations at a non-jury trial scheduled for June 26 before Real.
December 19, 2011 |
Four current members of the House of Representatives received special VIP loans from Countrywide Financial Corp., according to the chairman of a congressional committee, raising new questions about the extent of the company's attempts to win favor with Washington policymakers as it built its subprime mortgage business. The disclosure came in a letter last week from Rep. Darrell Issa (R-Vista), who chairs the House Oversight and Government Reform Committee, informing leaders of the House Ethics Committee about "possible wrongdoing" by lawmakers.