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Tag Archives: Bank of America

Industry Waits with Bated Breath as States Consider Settlement

The deadline for the 50 state attorneys general to sign onto the settlement negotiated between the committee headed by Iowa Attorney General Tom Miller and five large servicers was extended from Friday to Monday. Late Monday evening, Miller's office issued a statement saying more than 40 states have agreed to participate. For the past few months, the number repeated from various sources is $25 billion. That's $25 billion that Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial would pay for a clean slate regarding robo-signing misdeeds of the past.

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Bank of America’s Barbara Desoer to Retire

Bank of America informed its staff Friday that Barbara Desoer will retire from the company in February. In her current role as president of Bank of America Home Loans, Desoer helped manage the integration of the Home Loans business into Consumer Banking and oversees the servicing of the company’s more than 12 million mortgage customers who remain current on their accounts, as well as the mortgage origination side of the business.

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New York AG Sues Three Largest Lenders Over MERS

New York Attorney General Eric Schneiderman has filed a lawsuit against the nation's top three mortgage lenders charging that their use of the electronic registry system MERS has resulted in deceptive and fraudulent foreclosure filings throughout New York's state and federal courts. The lawsuit alleges that employees of Bank of America, JP Morgan Chase, and Wells Fargo, acting as ""MERS certifying officers,"" submitted court documents containing false information. MERS is also named as a defendant.

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States’ Deadline for Decision on Robo-Signing Settlement Gets Pushed

It will be at least three more days before the industry learns how many and which states have agreed to the robo-signing settlement that was proposed last week. The deadline for state attorneys general to opt in has been pushed from February 3 to February 6. A spokesperson for Iowa Attorney General Tom Miller says at least one state requested an additional business day to come to a decision, so Miller, who is head of the states' negotiating committee, moved the cut-off date to Monday.

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Robo-Signing Settlement Update: Friday is Cutoff for States to Join

State attorneys general have until Friday to sign on to a settlement that would resolve claims against the nation's top five mortgage servicers surrounding documentation errors in foreclosure processing, according to a widely circulated media report. The year-long back-and-forth between state counsels and the largest servicers may be in its final days ... possibly. Attorneys general in Delaware and California have already rejected the proposal, and some say without California, in particular, the settlement may not be of interest to the banks.

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Loan Modifications Are on the Decline: Moody’s

As robo-signing reviews reach completion, servicers are beginning to work through some of their foreclosure backlogs, according to a third-quarter report from Moody's Investors Service. At the same time, the ratings agency found that loan modifications are on the decline. Servicers are now turning to loss mitigation alternatives such as short sales and deeds in lieu, Moody's says. The agency is also forecasting longer timelines this year to move properties from foreclosure sale to REO liquidation.

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BofA Reports Improvement in Net Income, Decline in Servicing Portfolio

After a net loss of $2.2 billion in 2010, Bank of America reported net income of $1.4 billion, $0.01 per diluted share, for the year in 2011, according to the company's earnings report released Thursday. On a fully taxable-equivalent basis, net interest expense declined 15 percent for the year arriving at $94.4 billion. BofA's mortgage servicing portfolio is on the decline. The $1.8 trillion portfolio reported at the end of the year is down from $1.9 trillion in the previous quarter and $2.1 trillion a year ago.

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Justice Department Reaches Settlement for Discriminatory Lending

The Justice Department announced Wednesday a $335 million agreement to settle allegations against Countrywide of discriminatory lending from 2004 to 2008. This settlement is the largest the department has ever reached regarding fair lending. Countrywide allegedly discriminated against 200,000 minority borrowers by charging them higher interest rates than white borrowers with matching creditworthiness and financial status. The money will go to those borrowers harmed by Countrywide's practices.

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BofA Gets Up Close and Personal with Distressed Homeowners

Bank of America organized 45 dedicated outreach events this year in local markets across the country where the lender is seeing high levels of mortgage delinquencies among its customer base. Ron Sturzenegger, BofA's legacy asset servicing executive, says the goal is to get in front of the consumer. The company undertakes an aggressive marketing campaign ahead of each event and provides a loss mitigation decision on-site to 60 percent of those who come with all the necessary paperwork. BofA expects to host the same number of outreach events in 2012.

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Treasury to Withhold Foreclosure Prevention Incentives from Two

The U.S. Treasury said Wednesday that it will continue to withhold incentives from JPMorgan Chase and Bank of America for modifications, short sales, and deeds-in-lieu completed through government programs. JPMorgan is the only servicer participating in Treasury's Making Home Affordable program that was determined to need ""substantial improvement"" in complying with program guidelines during the third quarter. Bank of America moved up a notch on the assessment scorecard to needing only ""moderate improvement.""

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