1:09 pm
Thu January 30, 2014

Feds Seeking $2.1B From Bank Of America

Credit 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.

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2:13 pm
Wed January 15, 2014

Bank Of America Profits By Reducing Expenses

Credit 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.

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Local News
4:35 pm
Thu June 27, 2013

Watt Faces Senate Skeptics, Confirmation Unclear

Charlotte Congressman Mel Watt speaks at a senate hearing in Washington on Thursday. He's been nominated to lead the Federal Housing Finance Agency.

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.

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Local News
4:08 pm
Fri January 11, 2013

Charlotte: A City Of Mortgage-Debtors

Only 20 percent of Charlotte homeowners have paid off their mortgages completely, compared to a national average of 29 percent.

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.

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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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12:51 am
Tue October 2, 2012

Big Banks Now Required To Improve Service On Home Loans

Bank of America

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.

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