Local News
4:59 pm
Wed October 15, 2014

Bank of America Breaks Almost Even Despite Big Settlement

Credit Mike Mozart/Flickr

Bank of America broke roughly even in its third quarter earnings, despite paying part of the massive, more than $16 billion settlement with the federal government over mortgage fraud that helped spur the financial crisis.

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Local News
4:11 pm
Mon February 10, 2014

Former BofA Executive Pleads Guilty To Fraud Conspiracy

A former Bank of America executive has pleaded guilty for his part in a conspiracy and fraud involving investment contracts stemming from the proceeds of municipal bonds. 

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Charlotte Observer
4:32 pm
Tue December 10, 2013

Bank Of America Lowest Among Peers In Customer Satisfaction Index

Bank of America remains in last place among big banks in a widely watched measure of customer satisfaction, and is the only one that has yet to return to the higher scores it earned before the financial crisis.

The results mark the third year in a row Bank of America has held the dubious distrinction of being at the bottom of the American Customer Satisfaction Index rankings of the four largest commercial banks.

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Local News
12:27 pm
Wed October 16, 2013

BofA Plods Toward More Basics, Less Risk

Bank of America continues its steady plod toward a more boring future focused on banking basics, rather than the risky behaviors that drove profits during the high-flying years.

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Local News
5:00 pm
Wed August 21, 2013

BofA Trims Drive-Up Service In Some Branches

Bank of America is eliminating drive-up teller service at six branches in the Charlotte region.
Credit Sue Waters / Flickr

Bank of America is eliminating drive-through teller service at some of its branches across the country – including six locations in the Charlotte region.

  A bank spokeswoman says the decision was made in locations where use was low. Drive up ATMS will still be available at those branches.  Retail banking analyst Will Weidman, vice president of Applied Predictive Technologies, says banks are trying find a balance between traditional services like drive-through windows and new technologies that let people bank from home and on mobile devices.

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Local News
4:29 pm
Wed May 8, 2013

BofA Shareholders Get Folksy Welcome

Bank of America corporate buildings were barricaded on Wednesday morning in anticipation of protests at the annual shareholder's meeting in Charlotte.
Julie Rose WFAE

Bank of America shareholders gathered for their annual meeting in Uptown Charlotte Wednesday morning.

Four years after the financial crisis, these meetings have settled into a familiar routine:  a few dozen protesters wave signs outside while activist investors control the microphone inside.  Today was no different, but the meeting did have a different atmosphere.

For the second largest bank in the country, this annual meeting sure got off on a folksy foot.

"Good morning!" called Bank of America board Chairman Chad Holliday to the crowd of about 250. 

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2:29 pm
Mon January 7, 2013

Latest Settlement Shows 'Light At The End Of The Tunnel' For BofA

Credit Jennifer Lang

We've already established that Bank of America's 2008 acquisition of Countrywide was a costly move – and a mistake in the view of many. The Charlotte bank has spent tens of billions of dollars on settlements and losses tied to that mountain of messed-up mortgages. On Monday, Bank of America made some important progress.

Another day, another settlement - or really two,  in the case of Bank of America. And these are far from the last we'll expect to see. 

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Local News
3:58 pm
Mon November 19, 2012

BofA Shines In Mortgage Settlement Status Update

Former NC Commissioner of Banks Joseph Smith was appointed to monitor the mortgage settlement.
Credit Office of Mortgage Settlement Oversight

The nation's five largest mortgage servicers – including Bank of America and Wells Fargo – have so far provided more than $20 billion in homeowner relief under a settlement with state attorneys general. Bank of America shows well in the latest report.

The last status report in August had a big zero for the number of mortgages modified or partially forgiven by Bank of America under the settlement. The Charlotte-based bank now leads the other four banks, in those categories with around $3.7 billion in homeowner debts written off.

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Charlotte Observer
3:03 pm
Wed October 24, 2012

U.S. Sues BofA For $1 Billion For Mortgage Fraud

Bank of America branch in Uptown Charlotte.
Jennifer Lang WFAE

Federal prosecutors in Manhattan sued Bank of America for $1 billion on Wednesday, alleging the bank defrauded government-sponsored mortgage giants Fannie Mae and Freddie Mac.

The lawsuit is the latest legal mire for the Charlotte-based bank, which has already agreed to pay billions of dollars to resolve other lawsuits.

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6:26 am
Mon October 15, 2012

BofA Gets Praise From Housing Counselors

Bank of America's Customer Assistance Center in Northeast Charlotte opened in October 2011.
Julie Rose

When Bank of America announces quarterly earnings this week, foreclosures and defaulting loans will once again be a key part of the equation.

The Charlotte bank has spent four years wading through a sea of troubled mortgages it took on with the 2008 acquisition of Countrywide. Along the way it's become a favorite target of vitriol - often landing on lists of "most hated institutions" in America. 

But recently, WFAE's Julie Rose discovered some of the people on the front lines of the foreclosure crisis are softening toward Bank of America. 

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