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Home | Tag Archives: Bank of America

Tag Archives: Bank of America

Bank of America Asks for Removal of $1.27 Billion Penalty, Questions Judge’s Impartiality

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Bank of America was ordered to pay a $1.27 billion civil penalty in July 2014 as a result of its alleged role in the Hustle case. The bank has been fighting to overturn that verdict since, claiming that the Hustle program ended prior to its July 2008 acquisition of Countrywide. Rakoff rejected a motion by the bank to have the verdict reversed in early February. He also rejected the bank's motion for a new trial at that time.

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Largest Financial Firms Turn in Healthy Q1 Earnings Reports

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Bank of America originated $17 billion worth of first-lien residential mortgage loans and home equity loans in Q1, which helped the bank's net income rise to $3.4 billion for Q1. The Charlotte, North Carolina-based bank also reported a 45 percent year-over-year decline in the number of first mortgage loans serviced by its Legacy Assets unit that were 60 or more days delinquent, down to 153,000.

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Bank of America Loses Bid to Have Chicago Predatory Lending Lawsuit Dismissed

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Cook County says that the bank's alleged predatory lending practices resulted in a higher number of foreclosures, increased blight, and lower property taxes in urban Chicago. Bank of America was seeking to have the suit dismissed, claiming that the county lacked standing to sue and waited too long to initiate litigation. The bank also says the county did not prove that the bank violated the Fair Housing Act, according to reports.

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Fed Requests Changes in Bank of America’s Capital Plan

BankofAmerica

The Federal Reserve has instructed Bank of America to revise its capital plan by September 30 to address weaknesses in the bank's capital planning process, according a press release on Wednesday. Bank of America stated in a press release on Wednesday that the company's Board of Directors authorized a $4 billion common stock repurchase program and that the Fed had completed its 2015 Comprehensive Capital Analysis and Review and informed the Charlotte, North Carolina-based megabank that the Fed did not object to the bank's capital plan for the period of Q2 2015 through Q2 2016. Under that plan, the common stock dividend rate would be maintained at 5 cents per share per quarter.

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Bank of America Provides Nearly $9 Million in Consumer Relief Toward Settlement Obligation

BankofAmerica

Bank of America has begun the process of paying out $7 billion in consumer relief as part of its record $16.65 billion settlement with the U.S. Department of Justice and six states last August, according to an announcement on the settlement monitor's website. Professor Eric D. Green, independent monitor of the settlement, announced in his initial progress report since the settlement was reached six months ago that Bank of America had correctly claimed credit of approximately $8.94 million for 100 first-lien loan modifications meant to help make mortgages more affordable for struggling homeowners

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