By The Associated Press
Published: July 18,2011
NEW YORK — Bank of America shares hit a two-year low today. The stock fell 3.6 percent in midday trading, hitting a low of $9.53. It is the only large bank with a share price in the single digits. Most bank stocks fell today on fears about the effect of a potential U.S. government debt [...]
By Mecklenburg Times staff reports
Published: July 6,2011
A group of investors is opposing a proposed $8.5 billion settlement that Charlotte-based Bank of America Corp. reached last week. The settlement was designed to resolve claims by investors that the bank sold bonds based on substandard mortgages. The bank reached the settlement to appease investors who want the bank to buy back defective Countywide Financial [...]
By The Associated Press
Published: June 29,2011
NEW YORK — Bank of America and its Countrywide unit will pay $8.5 billion to settle claims that the lenders sold poor-quality mortgage-backed securities that went sour when the housing market collapsed. The Charlotte bank says the settlement with 22 investors is subject to court approval and covers 530 trusts with original principal balance of [...]
By Mecklenburg Times staff reports
Published: June 3,2011
Bank of America said it has completed the sale of Balboa Insurance Co. to QBE Insurance Group. The companies announced the sale agreement in February. Balboa Insurance was acquired by Countrywide Financial Corp. in 1999. Bank of America acquired Countrywide in 2008.
By The Associated Press
Published: February 5,2011
Bank of America Corp. on Thursday said it is splitting its mortgage business into two units, with a new division created specifically to handle foreclosures and discontinued loan products. The bank said the new Legacy Asset Servicing unit will be responsible for resolving issues involving faulty paperwork that led Bank of America to suspend foreclosures [...]
By Caitlin Coakley, staff writer
Published: January 3,2011
Bank of America said Monday it has reached an agreement with Fannie Mae and Freddie Mac over bad residential mortgage loans sold to them by Countrywide Financial Corp. As part of the agreement, Bank of America made a $1.28 billion cash payment to Freddie Mac and a $1.34 billion payment to Fannie Mae Friday. Bank [...]
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