Bank of America

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Feds Poised to Sue Banks Over Mortgages


 Feds Sue 
 Big Banks 
 Over Mortgages 
UPDATED
Sep 2, 2011 4:18 PM CDT

Feds Sue Big Banks Over Mortgages

US accuses them of dodging due diligence as crisis fallout spreads

(Newser) - The Federal Housing Finance Agency—the agency behind Fannie Mae and Freddy Mac—has filed suit against more than a dozen big banks for their role in the mortgage meltdown mess. The feds, seeking billions in compensation, accuse the banks of misrepresenting the quality of mortgage securities, reports the New ...

Bank of America Didn't Disclose AIG Lawsuit Threat

But it's not clear if they legally had to

(Newser) - Bank of America knew that AIG was about to try to sue its pants off as far back as January, but it never told investors on any of its conference calls or in any of its regulatory filings, sources tell Reuters . Public companies are supposed to disclose legal threats to...

Buffett to Invest $5B in Bank of America

Shares jumped 24% to $8.68 at the opening bell on the news

(Newser) - Warren Buffett made news again today , as Bank of America announced that Berkshire Hathaway would be buying $5 billion worth of its preferred stock. “Bank of America is a strong, well-led company, and I called Brian to tell him I wanted to invest in it,” Buffett said. “...

Bank of America to Slash Thousands of Jobs

As many as 10K could eventually get the boot

(Newser) - Bank of America Corp. is cutting 3,500 jobs this quarter, and plans to cut many more in the quarters ahead, as part of a drastic plan to overhaul the company. A source tells the Wall Street Journal that the company will probably dispose of at least 10,000 jobs...

Stocks Shoot Up at Open
 Stocks Shoot Up at Open 
MARKETS
Aug 15, 2011 8:46 AM CDT

Stocks Shoot Up at Open

Dow sees triple-digit rise

(Newser) - Is the panic over on Wall Street? The Dow shot up around 131 points, and the S&P and Nasdaq were up 13.5 and 26.2 as of 9:39am EST. Part of the gain came from Google’s blockbuster acquisition of Motorola , which sent the latter’s stock...

AIG Sues Bank of America in Attempt to Recover Billions

Says it was misled about quality of mortgage-backed securities

(Newser) - With the Justice Department filing few criminal charges related to the financial crisis, AIG is taking action of its own: The mostly taxpayer-owned firm is preparing to sue Bank of America for allegedly misleading it about the quality of Bank of America's mortgage-backed securities—an accusation that gets to...

Bank of America Reports Huge Q2 Loss: $8.5B Legal Settlement Made For $9.1B Overall Loss
 BofA Reports $9.1B Loss in Q2 
Jul 19, 2011 9:50 AM CDT

BofA Reports $9.1B Loss in Q2

Largely because of an $8.5B legal claims settlement

(Newser) - Things keep getting worse for Bank of America. The nation's largest bank reported a loss of $9.1 billion during the second quarter, partly due to an $8.5 billion settlement with investors. That agreement, reached in June, settled claims that the bank had sold the investors poor-quality mortgage...

19 Most Hated Companies
 19 Most Hated Companies 
Jul 10, 2011 6:48 PM CDT

19 Most Hated Companies

Surprise: Arilines and telecoms make the cut

(Newser) - Ask someone which American company they most loathe, and chances are they'll struggle to pick just one: The Atlantic rounds up the "19 Most Hated Companies in America" based on the American Customer Satisfaction Index. Airlines, telecoms, and power companies make frequent appearances. Some of the worst offenders:...

Bank of America Agrees to $8.5B Settlement

With another $8.5B to come

(Newser) - Bank of America has, as expected , reached an agreement for an $8.5 billion settlement with a group of disgruntled investors who lost truckloads of money buying mortgage-backed securities from Countrywide Financial, the bank announced today. It’s the largest payoff yet from a financial services firm, the Wall Street ...

BofA Near $8.5B Deal to Settle Big Investors' Claims

BlackRock, New York Fed lost money on mortgage-backed securities

(Newser) - Bank of America is close to a deal that calls for the lender to pay $8.5 billion to settle claims from a group of heavyweight investors who bought mortgage-backed securities before the housing collapse and lost a ton of money in the process. A person familiar with the discussions...

Bank of America 'Hindered' Feds' Investigation

Company refused to let employees answer questions, allow walk-through

(Newser) - Given the chance to come clean on its robo-signing scandal, Bank of America instead dug in its heels and “significantly hindered” the federal investigation of its foreclosure practices, according to a HUD official. According to the official's sworn statement filed in Arizona court, BofA lawyers refused “on...

Threatened With Furniture Repo, Bank Pays Debt

BofA owed Florida couple $2,500 over old lawsuit

(Newser) - A Florida couple turned the tables on Bank of America when they attempted to have furniture repossessed from their local branch to satisfy a $2,500 debt. Instead of letting authorities seize property, the bank cut a check to pay off the debt stemming from a lawsuit resolved last year,...

Big Banks Try to Steal PayPal's Thunder

Google meanwhile to let you pay with swipe of the phone

(Newser) - Big changes could be afoot in the way Americans pay for stuff. Bank of America, JPMorgan Chase, and Wells Fargo are introducing a new service that will let customers easily transfer money from their checking account to someone else’s, the Wall Street Journal reports. The banks are hoping the...

Audits: Top Mortgage Firms Defrauded Taxpayers

Confidential reports could lead to prosecutions

(Newser) - A set of confidential audits could lead to fraud prosecutions for five of America’s biggest mortgage lenders, officials briefed on the documents tell the Huffington Post . The scathing documents accuse Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, and Ally Financial of defrauding taxpayers by making false claims about...

Banks Profited by Loaning Fed Money Back to ... Feds

They charged bigger interest rates on cheap money from Uncle Sam

(Newser) - Crisis-walloped banks aided with federal loans likely made a fortune by lending the same money back to the federal government at substantially higher interest rates, a new report indicates. The study by the Congressional Research Service supports complaints that the largest banks essentially engaged in taxpayer-financed arbitrage by cashing in...

Feds Suspect Banks Colluded to Fix Interest Rate

Citigroup, Bank of America often reported similar numbers

(Newser) - The Justice Department and the SEC are investigating whether banks colluded to hold down a key interest rate before and during the financial crisis, sources tell the Wall Street Journal . The London interbank offered rate, or Libor, is calculated based on banks' self-reported borrowing costs. But from 2006 to 2008...

Anonymous: Leaked BofA Emails Show Mortgage Scheme

Bank denies plot drive up costs

(Newser) - A trove of leaked documents apparently reveals that Bank of America may have been involved in a scheme to bilk homeowners—a claim the bank rigorously denies. Hacker group Anonymous, which leaked the documents, says that more damning information is on the way, reports Business Insider . The emails, which allegedly...

Bank of America Website Isn't Working

Bank says it's not a cyberattack, just an upgrade glitch

(Newser) - The nation's biggest online banking site is on the fritz for many of its 29 million customers. Bank of America officials say it's not a cyberattack, just a glitch resulting from an upgrade over the weekend, reports the Charlotte Observer . No customer information has been compromised, said a spokesperson. The...

WikiLeaks' Bank Bombshell Looks Like a Dud

Sources: Despite Assange's threats, he's not sure if site has anything newsy

(Newser) - Wikileaks' Julian Assange has made much of the 5GB of data taken from an executive at Bank of America, saying it could potentially "take down" the institution and perhaps a few others. But privately, Assange sings a different tune: Three sources tell Reuters that Assange has found the material...

Investors Sue Countrywide Over 'Massive Fraud'

Their triple-A-rated securities are now junk, they claim

(Newser) - Investors are suing Bank of America’s Countrywide mortgage unit, claiming they were fraudulently led into purchasing supposedly triple-A-rated mortgage-backed securities that turned out to be junk. Between 2005 and 2007, the investors bought hundreds of millions of dollars of securities that were supposed to be “conservative” and “...

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