Tag Archives: bank of america corp

Bank Of America Overwhelmed By Refinancing Demand

A new government program to boost mortgage refinancing is overwhelming some banks such as Bank of America. That bank has been telling some customers to wait 90 days before applying for a refinance. Banks have to staff up to handle … Continue reading

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Shoddy Mortgages Cost Big Five Banks $72 Billion

Paperwork processing problems have cost the big five banks about $72 billion according to this Bloomberg story. The banks are preparing to settle with state AGs for about $25 billion to satisfy many of the claims from robo-signing. Bloomberg says: … Continue reading

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Attorney Generals Bank Settlement Talks Drag On

The Obama administration plans to extort at least $20 billion from the banks to settle various government probes over inadequate paperwork processing for mortgages. Blaming the rich is the major theme from Barack Obama these days. He thinks that will … Continue reading

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HUD Going After Bank Of America For Fraud

HUD standards for the federal department of Housing and Urban Development. Jack Kemp used to run it under President H. W. Bush. HUD is suing Bank of America for defective loans supplied by Countrywide, which Bank of America, to its … Continue reading

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Credit Ratings Cut For Bank Of America, Wells Fargo

Bank of America and Wells Fargo have a disproportionate share of their assets in mortgages and have been particularly hard hit by the housing slump. Their stock has taken a beating over the past four years. Now Moody’s has lowered … Continue reading

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Mortgage Mess Expected To Cost Big Banks At Least $120 Billion More

Banks have been staggered by their losses on mortgage lending over the past four years. The writedowns this year have been steeper than expected. Hardest hit is Bank of America. Why? Because they bought Countrywide, the subprime lender, and Bank … Continue reading

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Bank of America Ready To Settle Foreclosure Probe

Over the past year, Bank of America has written down and paid out about $30 billion to settle claims with its mortgage division. The bank is ready to settle a foreclosure probe with most of the state Attorney Generals. Without … Continue reading

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Will Countrywide Go Bankrupt?

Bank of America made some terrible acquisitions in 2007 — particularly Merrill Lynch and Countrywide. These purchases have cost the bank many billions of dollars more than they initially budgeted. Countrywide in particular is just a sink hole. The losses … Continue reading

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Bank Of America To Take $20 Billion Mortgage Hit In 2nd Quarter

Financials remains depressed despite the run-up in the Dow over the past five months. Bank stocks remain depressed. Bank of America trades at around $10 a share. Much of Bank of America’s problem is with its mortgage division. Dow Jones … Continue reading

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Wells Fargo Leaves The Reverse Mortgage Market

Wells Fargo is disproportionately in the mortgage business and is much more vulnerable to fluctuations in that market than the other major banks. To limit that exposure, Wells Fargo is gradually pulling back from various facets of the mortgage business. … Continue reading

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