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Home | Tag Archives: Bank of America

Tag Archives: Bank of America

Legal Costs Hurt Bank of America’s Q3 Earnings

American-flag-money

Bank of America's Q3 earnings took a hit from a record $16.65 billion settlement with the Justice Department and other federal and state agencies in August to settle charges against the bank related to the sale of toxic mortgage-backed securities. That settlement cost the bank $5.3 billion (pretax), or $0.43 per share after tax.

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Kansas Man Sentenced for HAMP Fraud

fraud-scam

A Mexican national living in Wichita, Kansas, was sentenced for fraudulently obtaining a mortgage modification loan through the Home Affordable Modification Program (HAMP), which is funded by the government's Troubled Asset Relief Program (TARP), Special Inspector General for TARP (SIGTARP) Christy Romero announced recently.

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Bank of America Continues Fight to Overturn ‘Hustle’ Case Verdict

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The department's argument came as a response to a late August filing by lawyers representing the megabank, who then said the government failed to conclusively prove that BofA's Countrywide unit misrepresented the quality of loans packaged and sold to the GSEs in the lead-up to the housing crash. In their own filing, Bank of America's team said argued "the evidence unambiguously showed that the ... loans sold to Fannie and Freddie were well within industry standards for loan quality, and thus Fannie and Freddie received exactly what they paid for."

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Industry Job Cuts Continue in Q2

unemployment-three

Despite growth in mortgage revenues at banks nationwide, industry employment continued to move down in the second quarter as banks cut staff, according to a report from Mortgage Daily. All of the reported cuts in the second quarter happened at banks, which lost approximately 28,600 jobs from the first quarter to the second.

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