MLM Counties News. Notices. Need-to-know Information.
Bank of America Corp. must face the U.S. Justice Department’s lawsuit accusing it of misleading investors about the quality of loans tied to $850 million in residential mortgage-backed securities.
Tagged with: Bank of America Corp.
Read More »Legal costs thwart big bank’s record 2013 profit
Combined profit at the six largest U.S. banks jumped last year to the highest level since 2006, even as the firms allocated more than $18 billion to deal with claims they broke laws or cheated investors.
Tagged with: Bank of America Corp. Fannie Mae Freddie Mac JPMorgan Chase & Co.
Read More »Bank of America’s Countrywide sold thousands of bad loans, U.S. says
The U.S. claims Bank of America and Countrywide, which it acquired in 2008, sold thousands of defective loans from 2007 to 2009 to the home-mortgage finance companies.
Tagged with: Bank of America Corp. Bank of America Corp. Countrywide fraud
Read More »Bank of America told to pay $2.2M in race bias case spanning decades
Bank of America Corp. was ordered to pay $2.2 million to black job applicants who were unfairly rejected for teller and clerical positions in a case spanning almost two decades.
Tagged with: Bank of America Corp. racial discrimination
Read More »Foreclosure probe ‘closer’ to settlement, official says
Iowa Attorney General Tom Miller, leader of a 50-state probe of foreclosure practices, said a settlement is “closer” and that state and federal officials want a monitor to ensure that banks keep their promises.
Tagged with: Bank of America Corp. foreclosure JP Morgan Chase & Co. Justice Department Tom Miller Wells Fargo & Co.
Read More »Bank of America to pay $410 million in overdraft case
Bank of America Corp., the largest U.S. lender by assets, agreed to pay $410 million to settle lawsuits alleging deceptive practices in the management of customer accounts that led to excessive fees for overdrafts.
Tagged with: Bank of America Corp. lawsuits
Read More »Judges punish Wall Street as regulators just talk about reform
As the White House and Congress debate how to regulate financial firms to avoid another economic crisis, judges have assumed the point position in punishing Wall Street for causing the worst recession since the 1930s. The executive and legislative branches ...
Tagged with: Bank of America Corp. Bernard Madoff Eric Butler Frank DiPascali James Treacy Wells Fargo & Co.
Read More »Bank of America fined $33M by SEC over Merrill bonuses
Bank of America Corp. paid $33 million to settle U.S. regulatory claims that it misled investors about bonus payments while buying Merrill Lynch & Co. Bank of America said in a November joint proxy statement for the acquisition that Merrill ...
Tagged with: Bank of America Corp. executive bonuses Merrill Lynch & Co.
Read More »Merrill’s giant bonuses give Cuomo a bonus, too
New York Attorney General Andrew Cuomo has powers vast and wide. But for him to go after Merrill Lynch & Co. for passing out bonuses is a bit of a stretch. I say, go for it anyway. The grounds he ...
Tagged with: Andrew Cuomo attorney general Bank of America Corp. Barney Frank bonuses Eliot Spitzer Merrill Lynch & Co.
Read More »JPMorgan, banks to halt foreclosures for three weeks
Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp., Morgan Stanley and Wells Fargo & Co. agreed to suspend foreclosures while the Obama administration crafts a housing plan to modify mortgages for troubled borrowers. Citigroup will halt foreclosures through ...
Tagged with: Bank of America Corp. Barack Obama Barney Frank Citigroup Inc. foreclosure housing plan Jamie Dimon JPMorgan Chase & Co. Morgan Stanley mortgage Timothy Geithner Troubled Asset Relief Program Wells Fargo & Co.
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