Jennifer Lang / WFAE

The U.S. Attorney General’s office is seeking to more than double the fines Bank of America faces for fraudulent mortgages that helped lead to the financial crisis.

The federal government is asking for $2.1 billion in damages, the total amount it says Bank of America’s Countrywide unit received for its defective loans from Fannie Mae and Freddie Mac in 2007 and 2008. The new number is a substantial increase from the $863 million plaintiffs had sought, representing the amount they say Fannie and Freddie lost from the loans in 2007 and 2008.

Jennifer Lang / WFAE

Bank of America shares jumped almost 2 percent overnight, up to over $17 a share, as the company announced better-than-expected profits in its fourth quarter.

Watt Faces Senate Skeptics, Confirmation Unclear

Jun 27, 2013

Charlotte Congressman Mel Watt's path to become the next head of the agency that oversees mortgage finance remains unclear after his senate confirmation hearing in Washington on Thursday.

Charlotte: A City Of Mortgage-Debtors

Jan 11, 2013

More homeowners in Charlotte have mortgage debt than in most other major metro areas around the country.  Are we just prone to big spending, or is something else at play in the housing market here?  

Almost 21 million Americans – nearly a third of the nation's homeowners – own their homes outright.

In Charlotte, the percentage is much lower – just 20 percent.  New York City outdoes us with 30 percent of its homeowners free and clear. In Tampa it's 33.2 percent and Pittsburgh – a whopping 38 percent of homeowners have completely paid off the mortgage.

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. 

BofA Shines In Mortgage Settlement Status Update

Nov 19, 2012
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.

Getting a mortgage modified should be significantly easier as of today - assuming five of the nation's largest lenders deliver on promises they made in a $25 billion settlement signed six months ago.

Today is the deadline for Bank of America, Wells Fargo, JP Morgan Chase, Citigroup and Ally Financial to implement hundreds of improvements to customer service for home loans.