Bank of America 2Q Profit Slips; But Credit Losses Declining

Lower costs to cover bad loans helped Bank of America beat estimates with second quarter net income of $3.12 billion, or 33 cents a share, down slightly from $3.22 billion reported a year ago. But future uncertainty pushed financial stocks downward today as Bank of America, the largest U.S. bank ranked by assets, faces uncertainty in months ahead as Wall Street oversight reform takes hold.

Schumer to Fed: Consumers Need Clarity on New Checking Fees

Some of the nation’s largest banks are about to start charging new checking account fees, and that has prompted Sen. Charles Schumer to ask Federal Reserve Chairman Ben Bernanke to make sure banking customers will get sufficient and clear notice. The new trend is a response by the banking sector to anticipated declines in revenue from debit card fee restrictions to take effect next week.

Bank of America Modifies 16K Mortgages in May; Total Up to 70K

Bank of America said it has converted 16,000 additional mortgages from trial to permanent modifications in the past month, reducing monthly payments in its ongoing effort to help borrowers avoid foreclosure.

Countrywide to Pay $108M for Mortgage ‘Inflated Fees’: FTC

Countrywide Home Loans is required to pay $108 million to settle charges by the Federal Trade Commission that two of its servicing units collected excessive fees from borrowers who were struggling to keep their homes. Countrywide is a subsidiary of Bank of America, but the charges stem from alleged practices that took place before the mortgage servicing company was acquired by BofA in July 2008.

Bank of America Now Offers Principal Forgiveness – If ‘Earned’

Bank of America said it has initiated its new earned principal forgiveness program for borrowers being considered for the government’s foreclosure prevention program. Letters were mailed in mid-May to the first customers who may qualify for the new program.

Bank of America Expands Foreclosure Help in Nevada

Bank of America has opened the first of three centers in Nevada to assist homeowners seeking mortgage modifications to avoid foreclosure. With the acquisition of Countrywide in 2008, Bank of America now services about one in every three mortgage loans in Nevada, a state with communities plagued by the foreclosure crisis.

Bank of America: Mortgage Modification Trials Slowing

Bank of America said it approved another 24,000 mortgage payment reductions in April, bringing its total effort under the government’s Home Affordable Modification Program to 56,400 borrowers offered full-term assistance. But the bank cautioned that it is seeing the beginning of a decrease in the number of active trial modifications, in part because of stricter HAMP requirements.

Bank of America Loans $19.4B to Small, Mid-Sized Firms in 1Q

Bank of America reported that it has loaned $19.4 billion to small and medium-sized businesses in the first quarter of 2010, nearly $3 billion more than during the same period a year ago. The lender had earlier pledged to increase loans to those businesses by $5 billion in 2010.

Bank of America’s U.S. Trust Asks: What is Worth?

U.S. Trust, Bank of America’s private wealth management unit, today unveiled a new advertising campaign that asks: “What is worth?” The 200-year-old U.S. Trust brand is targeting ultra-high net worth potential clients in hopes they will join an investment banking team that has been profitable but with flat growth, as reflected in Bank of America’s first-quarter results.

Bank of America CEO: Economic Recovery ‘Fully Underway’

Bank of America Chief Executive Officer Brian Moynihan said he is convinced that the economic recovery is fully underway, and that his bank has made a big contribution by extending nearly $150 billion in credit in the first quarter.
It is the most “extended by any bank,” a Bank of America statement said.

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