Tag Archives: mortgage division

Bank Of America Pushes More Into Foreclosure

Bank of America has been harder hit by the mortgage crisis than any other bank. Only Wells Fargo comes close with a disproportionate share of their assets coming from mortgages. As Bank of America tries to clean up its mortgage … 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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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’s Mortgage Division Under Pressure

Recent court rulings put Wells Fargo’s foreclosure process under unwanted scrutiny. Rising interest rates reduce Wells Fargo’s mortgage-writing. Mortgages constitute a bigger part of Wells Fargo’s bottom line than the average for banks. Forbes reports: In its latest earning release, … Continue reading

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Wells Fargo More Vulnerable To Higher Interest Rates, Reduced Refinancing

Though Wells Fargo is just America’s four largest bank by assets, it is second in owning various forms of debt, including mortgages. When interest rates go up, refinancing and other mortgage applications go down, hurting its profits. That’s the big … Continue reading

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GMAC Loses $5 Billion In Last Quarter

We’ve invested over $50 billion in GM. That’s $50 billion in taxpayer funds. Do you think we’ll ever get paid back? No, I do not either. Why are we subsidizing losers? Winners don’t need subsidies. From the Los Angeles Times: … Continue reading

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Countrywide Exec Retires

From the Triangle: A top executive at Countrywide Financial Corp. will leave the company after its takeover by Bank of America, despite previous plans to run the combined company’s mortgage operations. Charlotte-based Bank of America (NYSE: BAC) said in January … Continue reading

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Mortgage Mess Down Under

George Lekakis reports another bank has bitten the dust in the mortgage market. THE GLOBAL liquidity crunch has claimed another local scalp with ANZ Bank preparing to place its wholesale mortgage arm in run-off mode. ANZ’s move to save on the cost … Continue reading

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