With Legal Reserves Low, Bank of America Faces a Big LawsuitBank of America has been underestimating its legal risks for years, and brazenly so, according to its critics. Is that strategy about to pay off with the Federal Reserve? On Thursday, the Fed will release figures on how much capital the nation’s biggest banks must have to cover a “stress” situation.
Bank of America Under NY Investigation for MortgagesJames Freedland, a spokesman for New York Attorney General Eric Schneiderman, did not return a call and an email seeking comment. Bank of America has been working to put its mortgage-related troubles behind it after sustaining more than $40 billion in losses from its home loan business since the financial crisis.
New Whistleblower Describes How Bank of America Flagrantly Violates Dual Tracking, Single Point of Contact Requirements in State/Federal Mortgage Settlement ” naked capitalismRemember that big, ballyhooed mortgage settlement of early last year? The one where homeowners got $25 billion of relief (well actually only around $5 billion in cold cash, but why bother with pesky details?) The one made possible by Eric Schneiderman abandoning his fellow state attorneys general to grasp the brass ring of a do-just-about-nothing Residential Mortgage-Backed Task Force?
Bank of America Bombshell: Whistleblowers Reveal Orchestrated Coverup and Massive Borrower HarmEditor’s Note: In his 2012 State of The Union address, President Obama spoke of American homeowners abused by unscrupulous banks and financial institutions. Have they gotten justice? What follows is the first in a new series examining f oreclosure settlements and the disturbing patterns of incomptency, malfeasance, and conflicts of interest which have marked their execution.
Don’t Blink, or You’ll Miss Another Bank BailoutMANY people became rightfully upset about bailouts given to big banks during the mortgage crisis. But it turns out that they are still going on, if more quietly, through the back door. The existence of one such secret deal, struck in July between the Federal Reserve Bank of New York and Bank of America, came to light just last week in court filings.
WATCH: Sen. Elizabeth Warren Grills Regulators On Taking Banks To Trial : NPRIn her debut appearance today at a Senate Banking Committee hearing, Sen. Elizabeth Warren from Massachusetts made federal regulators uncomfortable when she asked a simple question: When was the last time you took a big Wall Street bank all the way to trial? Masslive.com reports: “Elisse B.
The Single Biggest Threat to Bank of America Today (BAC)This is the first in a series of five articles covering Bank of America’s legal problems since the financial crisis. Check back throughout the week as we publish the rest of the series. If Bank of America ( ) faced death by supernova during the financial crisis, in the years since, it’s been battling death by a thousand cuts.
GIMBY | Blog | Probe Bank of America settlement, says consumer groupSome investigative tales are known as “whodunits.” Maybe this one should be dubbed a “howdunit.” Last month, the Federal Housing Finance Agency (FHFA) approved a $3.55 billion settlement between Bank of America and federal mortgage backer…
Too big to care: The Bank of America serves lawsuits, not customersWASHINGTON, DC, February 10, 2013 – If the banking industry had a “biggest losers” award, Bank of America Corp. (B of A) would win – and that’s not a good thing. B of A comes by its image problem honestly, and this may be the only way that “honesty” and “Bank of America” can be paired in a sentence without prompting laughter from bystanders.
BofA settlement questioned by Federal Home Loan Banks – Boston Business JournalIn court documents filed Friday, a trio of Federal Home Loan Banks and a fourth institution reportedly take issue with Bank of America’s $8.5 billion agreement to settle claims related to mortgages issued by its Countrywide unit, saying the amount is not enough.
Bank of America Foreclosure Reviews: How the Cover-Up Happened (Part IV) ” naked capitalismFrom a different reviewer: Bank of America management pressure against pursuing troubling evidence Given the ambiguous and open-ended test questions (discussed in depth in this post), many researchers stove to be thorough. Not surprisingly, that put them at odds with the Bank of America managers.