Bank Of America Corp (BAC) Financial News - Report: BofA seeking foreclosure deal
Bank Of America Corp (BAC)
Report: BofA seeking foreclosure deal
2011-08-04 03:42:19Quote: Bank of America Corp.Bank of America Corp.Latest from The Business JournalsReport: BofA seeking foreclosure dealMBJ's Top 10 online stories for JulyCharlotte-Mecklenburg Utilities saves M on debt refiFollow this company may cut the loan balances for distressed mortgage customers in return for protection from litigation, The Wall Street Journal reports. Charlotte-based BofA (NYSE:BAC) made the overture to state and federal officials who are seeking a multibillion-dollar deal from the countryâ€™s biggest banks to make up for foreclosure errors. Many states are suffering from a struggling housing market with high levels of foreclosures and underwater mortgages. In late June, BofA agreed to pay $8.5 billion to settle claims brought by Countrywide Financial mortgage investors over billions in mortgage-backed securities backed by faulty mortgages. However, mortgage-bond investors calling themselves Walnut Place claim the huge settlement is riddled with conflicts of interest, raising questions about the fairness of the settlement. BofA had $14.5 billion in mortgage-related losses in the second quarter. The bank employs more than 2,000 workers in the Triad and is fourth in market share as measured by deposits....
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