Bank of America’s earnings have been weighed down by massive legal losses stemming from its disastrous acquisition of Countrywide Financial in 2008, a key player in the bubble buildup that preceded the subprime mortgage collapse.
Subsidiaries of Bank of America and Morgan Stanley have agreed to pay more than 300 military service members whose homes were unlawfully foreclosed more than $39 million in relief that covers violations of the Servicemembers Civil Relief Act, Justice Department officials said Friday.
“Teller Assist” is what Bank of America is calling the live video-chat feature in new ATMs being rolled out this year, starting in Boston.
Bank of America will pay $165 million to settle allegations that it sold residential mortgage-backed securities to corporate credit unions that led to their collapse, according to an agreement announced Tuesday.
A prominent Washington law firm is suing to get bank regulators to reveal more details behind the failed Independent Foreclosure Review, which after about 18 months and $2 billion spent was mostly scuttled recently in favor of a $9.3 billion settlement.
The official monitor over the National Mortgage Settlement should provide much more data on the impact of foreclosure relief to determine which neighborhoods are being left without meaningful resolution, say scores of consumer advocacy groups.
As of February, Bank of America was servicing more than 96,000 loans in foreclosure, followed by Wells Fargo with nearly 85,000 loans and JPMorgan Chase with more than 54,000. The…
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Mortgage servicers face a March 15 deadline to make initial cash payments into a specical fund from which qualified borrowers will be compensated for wrongful foreclosure actions taken in 2009 and 2010, according to the most recent consent orders between the lenders and bank regulators.
The Obama Administration’s Home Affordable Modification Program, or HAMP, marks its fourth year this month, with 856,154 households under “permanent” mortgage-reduction plans to help avoid possible foreclosures. But is has been a tough four years and the program continues to lag behind the initial goal of helping up to 4 million homeowners.