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 03:42:19
Quote: 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 country’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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Bank Of America Corp Stock Summary
Bank of America Corporation, through its subsidiaries, provides banking and financial services to individuals, small- and middle-market businesses, corporations, and governments primarily in the United States and internationally. The company?s Deposits segment generates savings accounts, money market savings accounts, certificate of deposits and IRAs, and checking accounts; and Global Card Services segment provides the U.S. consumer and business card, consumer lending, international card and debit card services. Its Home Loans & Insurance segment offers fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, reverse mortgages, home equity lines of credit, and home equity loans, as well as property, casualty, life, disability, and credit insurance. The company?s Global Commercial Banking segment provides commercial loans and commitment facilities, real estate lending, leasing, trade finance, short-term credit, asset-based lending, and indirect consumer loans; and capital management and treasury solutions, such as treasury management, foreign exchange, and short-term investing options. Its Global Banking & Markets segment provides financial products, advisory services, financing, securities clearing, settlement, and custody services; debt and equity underwriting and distribution, merger-related advisory services, and risk management products; and integrated working capital management and treasury solutions. The company?s Global Wealth & Investment Management segment offers advisory services, team-based investment advice and guidance, brokerage services, and wealth management solutions, as well as retirement services. Bank of America Corporation serves customers through a network of approximately 5,900 banking centers and 18,000 automated teller machines. The company was founded in 1874 and is based in Charlotte, North Carolina.
