Jan. 27 at 3:57 p.m.
Filed under:
Banking,
Investing,
Litigation,
Mortgages
By Reuters
Bank of America Corp.’s Countrywide mortgage unit was hit with at least three new lawsuits accusing it of misleading investors about its finances and lending practices, and may face more by investors who chose not to join a recent class-action settlement.
Wednesday’s lawsuits by the states of Michigan and Oregon and by Fresno County in California were filed five days after Bank of America said it may incur an additional $6.1 billion of writedowns and legal costs tied primarily to Countrywide, which it bought in July 2008. Get the full story »
By Dow Jones Newswires
Countrywide Financial, a unit of Bank of America Inc., conducted a “massive fraud” over its mortgage-backed securities, according to a lawsuit brought by investors, including TIAA-CREF Life Insurance Co., New York Life Insurance Co. and Dexia Holdings Inc., Bloomberg News reported Tuesday on its Web site. Get the full story »
Jan. 21 at 6:20 a.m.
Filed under:
Banking,
Earnings,
Mortgages
By Reuters
Bank of America Corp., the largest U.S. bank by assets, reported a second straight quarterly loss, driven by a $2 billion writedown of its mortgage business. Get the full story »
Jan. 18 at 3:48 p.m.
Filed under:
Banking,
Government,
Insurance
By Reuters
AIG chose Bank of America, Deutsche Bank AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. to manage the sale of the government’s 92 percent stake in the insurer, a person familiar with the situation said on Tuesday.
Sources have said that the process likely will begin with a secondary offering in May that could be one of the 10 largest in history. The government is expected to sell at least $15 billion in AIG shares then, and the company is expected to sell another $3 billion.
Jan. 14 at 6:08 p.m.
Filed under:
Banking,
Internet
By Becky Yerak
Update: Bank of America reported at 5 p.m. that the problem had been resolved.
Bank of America Corp. said its online banking Web site is down for a “subset” of customers but that the “majority” of depositors can still bank online.
Chicago’s No. 2 bank declined to say how many customers are currently affected and said it expects to fix the problem “shortly” but had no timetable. Get the full story »
Jan. 13 at 1:15 p.m.
Filed under:
Banking,
Investing
By Reuters
Some of the United States’ top bankers descended on a law firm in Manhattan on Thursday to make a pitch for managing what could be one of the largest share sales in history — a secondary offering for bailed-out insurer American International Group Inc.
JPMorgan Chief Executive Jamie Dimon was among the executives attending the meeting. Dimon entered the building of law firm Davis Polk & Wardwell LLP just after 9:30 a.m. EST in New York. Asked how the meeting went as he left, Dimon laughed and said: “How’d what go?” Get the full story »
By Reuters
U.S. Trust, a private banking unit of Bank of America, continued last year’s hiring spree on Monday as it added five financial advisers in Chicago and Texas.
The New York-based unit added Lisa Adelstein as a private client adviser in Chicago as well as Jay Bartley and Elizabeth Elgie as advisers in Fort Worth, Texas. U.S. Trust also added adviser Jason Garcia in Dallas and Michael Rogala in Houston. Get the full story »
Jan. 3 at 10:09 a.m.
Filed under:
Banking,
Real estate,
Updated
By Reuters
Bank of America said it agreed to pay Fannie Mae and Freddie Mac $2.8 billion to settle claims that it sold the mortgage finance companies bad home loans.
Bank of America shares climbed 4.5 percent in early trading Monday. Analysts said many investors had worried the bank would have to buy back billions of dollars of home loans it sold to investors at the height of the housing boom.
“This takes away a nice headline risk” for Bank of America, said Alan Villalon, a senior bank analyst at Chicago-based Nuveen Investments. Get the full story »
Dec. 28, 2010 at 12:26 p.m.
Filed under:
Banking,
Investing,
Litigation,
Mortgages,
Real estate
By Dow Jones Newswires
Allstate Corp. has sued Bank of America Corp. and the Countrywide Financial mortgage unit it acquired in 2008 regarding $700 million in residential mortgage-backed securities the insurer purchased, claiming Countrywide misrepresented the investments, Bloomberg News reported Tuesday.
“Countrywide was singularly focused on increasing its market share, off-loading the risk onto Allstate and other institutional investors that purchased securities backed by pools of Countrywide’s mortgages,” Allstate said in its civil suit, filed Monday in U.S. District Court in Manhattan. Get the full story »
Dec. 20, 2010 at 6:30 a.m.
Filed under:
By Dow Jones Newswires-Wall Street Journal
New York prosecutors are poised to file civil fraud charges against Ernst & Young for its alleged role in the collapse of Lehman Brothers, saying the Big Four accounting firm stood by while the investment bank misled investors about its financial health, people familiar with the matter said.
State Attorney General Andrew Cuomo is close to filing the case, which would mark the first time a major accounting firm was targeted for its role in the financial crisis. The suit stems from transactions Lehman allegedly carried out to make its risk appear lower than it actually was. Get the full story »
Dec. 17, 2010 at 1:13 p.m.
Filed under:
Banking,
Real estate
By Associated Press
Arizona is filing a civil lawsuit against Bank of America Corp. alleging the company violated the state’s consumer fraud law by misleading consumers trying to get loan modifications.
Arizona Attorney General Terry Goddard said Friday that the bank also violated the terms of a 2009 consent agreement it signed requiring the bank’s Countrywide mortgage subsidiary to implement a loan modification program.
Dec. 17, 2010 at 11:24 a.m.
Filed under:
Banking,
Government
By Reuters
U.S. regulators have opened a new line of inquiry in their mortgage foreclosure probe and are asking big Wall Street banks about the beginning stages of mortgage securitization, two sources familiar with the probe said.
The Securities and Exchange Commission launched the new phase of its investigation by sending out a fresh round of subpoenas last week to big banks including Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Goldman Sachs Group Inc. and Wells Fargo & Co., the sources said. Get the full story »
Dec. 15, 2010 at 5:20 p.m.
Filed under:
Banking,
Investing,
Mortgages
By Reuters
Bank of America Corp. is in talks with a group of six investors to settle charges that it mishandled $16.5 billion in mortgages packaged into bonds, the Wall Street Journal reported Wednesday.
The investor group, which includes Freddie Mac, PIMCO, BlackRock Inc. and Allianz SE, told the bank in October that it had 60 days to respond to allegations that it did not properly service 115 bond deals comprising mortgages. The deadline for the bank’s response was Thursday, the Journal said. Get the full story »
Dec. 15, 2010 at 10:21 a.m.
Filed under:
Credit Cards,
Economy
By Reuters
Credit-card delinquency rates fell at major U.S. lenders in November as fewer consumers fell behind on their bill payments, signaling that they are recovering from the stress of the financial crisis.
But consumers are also avoiding racking up more debt on their credit cards, even during the holiday shopping season, in a sign that lenders will be struggling to rebuild their businesses for some time. Get the full story »
Dec. 2, 2010 at 2:05 p.m.
Filed under:
Banking,
Litigation
By Dow Jones Newswires-Wall Street Journal
The trustee seeking money for victims of Bernard Madoff’s scheme sued JP Morgan Chase & Co. for more than $6 billion on Thursday, claiming the bank enabled his massive fraud.
Get the full story »
