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Investors Accuse Bank Of America Of Continuing Countrywide’s Bad Practices

Most of the $40 billion Bank of America has set aside to pay out over the mortgage meltdown can be blamed on malfeasance at Countrywide Financial. But some investors say that BofA’s hands are not totally clean in this mess — and that the bank has gotten off too easy thus far.

 

U.S. sues BofA, calling loan fraud 'brazen'

Countrywide

The $1-billion civil suit alleges that BofA's Countrywide fraudulently deceived mortgage finance giants Fannie Mae and Freddie Mac into believing the company's risky loans were safe and sound.

 

BofA tries turning distressed homeowners into renters

Mortgage-to-lease

Bank of America is testing a mortgage-to-lease program in four states. The idea: Instead of evicting homeowners who face foreclosure, it lets them stay as tenants and sells the homes to investors.

 

Bank Of America Starts Round 1 Of Mortgage Reductions

Bank of America: Mortgage Principal Reduction

Bank of America is making its first moves as part of its deal with the government in the massive $25 billion mortgage settlement. The nation’s second largest bank said today that it started reaching out to more than 200,000 customers about principal reductions on their mortgages. The letters from the bank are expected to arrive at customers’ homes this week with much of the remaining to be sent out by July.

 

BofA Tests An Option to Foreclosure

Bank of America

Bank of America Corp. is launching a pilot program that will allow homeowners at risk of foreclosure to hand over deeds to their houses and sign leases that will let them rent the houses back from the bank at a market rate.

 

Bank of America to reduce principal for up to 200,000 homeowners

Bank of America said Friday it would reduce by about $100,000 the amount owed by as many as 200,000 underwater homeowners as part of the recently announced government foreclosure settlement with top mortgage servicers.

 

Whistleblower says BofA defrauded HAMP

Bank of America

Bank of America NA prevented homeowners from receiving mortgage-loan modifications under a federal program in order to avoid millions of dollars in losses while benefitting from financial incentives for participating in the program, according to a complaint unsealed in federal court Wednesday.

 

Bank of America reverses loss and earns $2 billion

Bank of America made $2 billion in the last three months of last year, reversing a loss from a year earlier. It offset legal expenses over mortgages and losses in its investment...

 

BofA to announce settlement with Justice Department in Countrywide lending probe, source says

The Justice Department is expected to announce Wednesday a settlement with Bank of America Corp. that resolves accusations that its Countrywide Financial unit engaged in discriminatory mortgage-lending practices, according to a person familiar with the matter.

 

JPMorgan, BofA sued over mortgage debt losses

JPMorgan Chase & Co and Bank of America Corp were hit with new lawsuits by investors seeking to recover losses on $4.5 billion of soured mortgage debt, expanding the litigation targeting the two largest U.S. banks.

 

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