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Home | Tag Archives: Bank of America

Tag Archives: Bank of America

Bank of America Legal Expenses Hurt Q1 Earnings

Bank of America Legal Expenses Hurt Q1 Earnings

Bank of America’s first-quarter earnings were hit hard by legal expenses, resulting in a net loss of $276 million to start the year. The loss follows a profitable fourth quarter of 2013, which saw the bank taking in $3.4 billion. For the first quarter of 2013, BofA reported net income of $1.5 billion. The results for the first quarter include $6 billion in litigation expenses related to a major settlement the Federal Housing Finance Agency (FHFA) over legacy securities claims.

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Bank of America Settles with FHFA for $9.3B

Bank of America Settles with FHFA for $9.3B

Bank of America has agreed to a multibillion settlement with the Federal Housing Finance Agency (FHFA) to resolve allegations of securities fraud. According to announcements made by all parties involved, under the agreement, BofA will make an aggregate payment of approximately $9.33 billion, $3.2 billion of which will go toward the repurchase of certain RMBS at fair market value.

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Banks Complete Consumer Relief Obligations

Banks Complete Consumer Relief Obligations

Joseph A. Smith, Jr., monitor of the National Mortgage Settlement, filed final crediting reports with the U.S. District Court for the District of Columbia on Bank of America, Chase, Citibank, and Wells Fargo. The reports confirmed that banks have satisfied their consumer relief and refinancing obligations under the settlement, nearly a full year ahead of schedule.

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114 More Jobs Cut by Bank of America

114 More Jobs Cut by Bank of America

Bank of America filed a Worker Adjustment and Retraining Notification (WARN) with the Texas Workforce Commission (TWC), alerting the TWC of impending layoffs in three of the bank's North Texas offices. The notice was sent on March 3, detailing layoffs of 114 workers from two offices in Plano, Texas and one in Richardson, Texas.

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Bank of America Cuts More Jobs

Bank of America Cuts More Jobs

Bank of America laid-off more workers, releasing 280 workers in the mortgage operations area in St. Charles, Missouri. The Charlotte, North Carolina-based business is closing a department that oversaw mortgage operations, leaving 90 workers in the St. Charles Office. The lay-offs continued from earlier in the week, when Bank of America reportedly planned to let go of 450 workers in their West Coast offices.

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Bank of America to Cut More Mortgage Jobs

Bank of America to Cut More Mortgage Jobs

Bank of America, the second-largest U.S. lender, is cutting 450 mortgage jobs from its West Coast Offices. The lending giant is reducing staff after new loans fell short of internal forecasts. In a report by Bloomberg, affected employees were told yesterday that workers involved in processing home loans would be let go.

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Berkshire Hills Completes Acquisition of BofA Branches in Central New York

Berkshire Hills Completes Acquisition of BofA Branches in Central New York

Berkshire Hills Bancorp, Inc., announced Tuesday that its banking subsidiary, Berkshire Bank, has completed the previously announced acquisition of 20 retail bank locations from Bank of America, effective January 17, 2014. As a result of the transaction, Berkshire acquired approximately $450 million in deposits and $4 million in loans as of January 14, 2014, bringing the total number of branches in Berkshire's footprint to 91 across New England and New York.

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2013 in Review: Major MSR Deals

2013 in Review: Major MSR Deals

The fizzle of 2012's refinance boom and the publishing of new regulatory guidelines took their toll on origination numbers, but it was a decidedly different story for mortgage servicing rights (MSR) deals. DSNews.com takes a look back at some of the biggest wheelers and dealers in the MSR world over the past year, including Nationstar, Ocwen, Walter Investment Management Corp., and Two Harbors, among others.

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Los Angeles Sues Nation’s Largest Banks

Los Angeles Sues Nation’s Largest Banks

The city of Los Angeles has launched a series of lawsuits against three of the nation's largest banks alleging they persisted in discriminatory lending practices that contributed to more than 200,000 foreclosures between 2008 and 2012 that cost the city more than $1.2 billion. The lawsuits charge all three banks with redlining and reverse redlining; the banks, however, deny the allegations.

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