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Home | Tag Archives: Bank of America

Tag Archives: Bank of America

Bank of America Requests Dismissal of ‘Hustle’ Case Verdict

money-four

The case revolves around mortgages originated through Countrywide's High Speed Swim Lane (HSSL, or "Hustle") program that were later sold to Fannie Mae and Freddie Mac. The complaint against Bank of America alleged that Countrywide—which the bank purchased in 2008—threw out quality controls in pursuit of higher volumes and then misrepresented those loans to the GSEs.

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Legal Expenses Plague Bank of America Earnings

mixed-dollar-results

Bank of America reported Wednesday a nearly 43 percent decline in second-quarter profits compared to last year thanks to a significant litigation charge. BofA posted second-quarter net income of $2.3 billion on revenue of $22.0 billion. A year ago, the megabank reported bringing $4.0 billion

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Bank of America Negotiating with Feds to End Investigations

BankofAmerica

Bank of America is negotiating a settlement of at least $12 billion to end investigations into alleged misconduct related to toxic mortgages, according to media reports. Citing reports from "people familiar with the negotiations," the Wall Street Journal reported late Thursday that the megabank has been working fervently over the week to come to an agreement with the Justice Department and put an end to speculation on the potential size of the settlement.

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Ocwen No Longer Requiring Gag Orders on Loan Mods

Mortgage Debt Relief

In a report originally in Reuters, Ocwen will stop requiring gag orders, which disallowed some homeowners from criticizing the company publicly in exchange for having their loan terms modified, according to New York State's Superintendent of Financial Services Benjamin Lawsky.

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