Bank of America - Articles

Los Angeles Sues Bank of America, Alleging Mortgage Discrimination

AP LOS ANGELES -- The Los Angeles city attorney is suing Bank of America for mortgage discrimination it claims led to a wave of foreclosures that cost the city a fortune in extra expenses and lost taxes. The suit, filed Friday in federal court, claims B of A redlined minority neighborhoods for years, then turned around... Continue Reading »

U.S. Judge Weighs Penalties After BofA Fraud Verdict

Paul Sakuma/AP By Nate Raymond NEW YORK -- A U.S. judge is considering an alternative that could result in Bank of America paying much less than the $863.6 million the government is seeking as a penalty for the sale of defective mortgages before the financial crisis. At a hearing Thursday, U.S. District Judge Jed Rakoff... Continue Reading »

BofA to Pay $404 Million to Settle Mortgage Dispute

Chuck Burton/AP By Tanya Agrawal Bank of America said it settled all claims with Freddie Mac arising from residential mortgages sold to the government-backed housing agency through the end of 2009. Bank of America (BAC) will pay $404 million to settle claims related to loans sold to Freddie Mac from Jan. 1, 2000 to Dec.... Continue Reading »

Bank of America Liable for Countrywide Mortgage Fraud

Joshua Roberts/Bloomberg via Getty ImagesFormer Countrywide executive Rebecca Mairone testifying before Congress in 2010. By Nate Raymond NEW YORK -- Bank of America was found liable for fraud Wednesday over defective mortgages sold by its Countrywide unit, a major win for the U.S. government in one of the few trials... Continue Reading »

Mortgage Modifications Still Taking Banks Too Long, Report Says

By Andrew Miga WASHINGTON -- A new report says homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nation's top mortgage servicers. Such delays can plunge borrowers deeper in debt. Joseph A. Smith, the independent monitor of last year's... Continue Reading »

Do Banks or Homeowners Win in Mortgage Settlement?

Hundreds of thousands of Americans stand to benefit from the latest mortgage-abuse settlement, but consumer advocates say U.S. banks may be getting the best of the deal. Banks have agreed to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners in the wake of the 2008 financial... Continue Reading »

Mortgage Settlement's Next Step: Banks to Pay $8.5 Billion in 'Robo-Signing' Mess

U.S. banks have taken another step to clear away the wreckage of the 2008 financial crisis by agreeing to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners. The deal announced Monday could compensate hundreds of thousands of Americans whose homes were seized because of abuses... Continue Reading »

Bank of America to Pay $10 Billion Over Risky Mortgages

Bank of America says it will spend more than $10 billion to settle mortgage claims resulting from the housing meltdown. Under the deal announced Monday, the bank will pay $3.6 billion to Fannie Mae and buy back $6.75 billion in loans that the North Carolina-based bank and its Countrywide banking unit sold to the... Continue Reading »

Banks Modify Home Loans, Reduce Rates for 300,000

By Les Christie More than 300,000 homeowners have received $26 billion in relief under the big foreclosure abuse settlement reached earlier this year, according to a recent government report. Five of the country's largest mortgage lenders have modified home loans, reduced interest rates or forgiven debt as part of a... Continue Reading »

Homeowner Kimberly Smith's Mortgage Loan Modification Saved Her Only $1.61 Per Month

Stone Mountain, Ga., resident Kimberly Smith couldn't believe her eyes when she saw how much she was saving on her mortgage under a loan modification with Bank of America. That's not to say that it was a generous amount: Her monthly payments went down by a grand total of $1.61. "It has to be a Halloween joke,"... Continue Reading »

Bank of America Lawsuit: Countrywide's Unethical Lending 'Brazen in Scope,' U.S. Prosecutor Says

By Christina Rexrode The latest federal lawsuit over alleged mortgage fraud paints an unflattering picture of a doomed lender: Executives at Countrywide Financial urged workers to churn out loans, accepted fudged applications and tried to hide ballooning defaults. The suit, filed Wednesday by the top federal prosecutor... Continue Reading »

Bank of America Hit by Another Discrimination Complaint Over Upkeep of Foreclosed Homes

The vacant property next door to Chicago resident Mae Campbell has cast a pall over her neighborhood of Austin for more than five years. The home, which she said was owned by Bank of America until very recently, has overgrown grass, water damage and boarded-up windows. "We bought locks to chain it up to keep squatters... Continue Reading »

Expiring Tax Cut Poised To Take a Bite Out of Mortgage Settlement Payouts (Opinion)

By Adam Levin It just may become the latest outrage during a year of outrages. At the precise moment when the federal government finally delivers a modicum of justice and some economic relief to millions of homeowners victimized by the nation's largest banks, the government threatens to beat those victims over the head... Continue Reading »

Bank of America Branch in San Diego Gets 'Trash Deposit' in Protest Over Blighted Vacant Home

What do you do when the bank-owned house next door is a vacant and blighted mess? If you're these San Diego residents, you remove the garbage piled out front and take it to its rightful owner: the bank itself. The Alliance of Californians for Community Empowerment, a homeowner advocacy group, gathered dirty rugs,... Continue Reading »

Wells Fargo to Pay $175 Million to Settle Case of Race Discrimination in Mortgage Lending

WASHINGTON -- Wells Fargo & Co has agreed to pay $125 million to resolve allegations it discriminated against certain borrowers on the basis of race and national origin in its mortgage lending, the U.S. government said on Thursday. Wells Fargo also agreed to contribute $50 million to help those buyers making down... Continue Reading »

Banks' Paperwork Foul-Up Cost Atlanta Woman Her Home

Sidnetta Smith (pictured at left) had to uproot herself and her children and move to North Carolina, leaving half of their belongings behind, when Bank of America foreclosed on their Atlanta home and evicted them. That's painful enough, but there's an added rub: Smith's home wasn't BofA's to take – because the bank... Continue Reading »

Whistleblowers Win $46.5 Million in Foreclosure Settlement

By James O'Toole NEW YORK (CNNMoney) -- Getting served with foreclosure papers made Lynn Szymoniak rich. While she couldn't have known it at the time, that day in 2008 led to her uncovering widespread fraud on the part of some of the country's biggest banks, and ultimately taking home $18 million as a result of her... Continue Reading »

Court Blasts BofA for Reneging on Homeowner's Mortgage Makeover

By Samantha Henry A New Jersey appeals court blasted Bank of America this week, chastising the company for the way it handled the case of a woman the court found to be making a good faith effort to hang on to her foreclosed home. In upholding a lower court decision, the New Jersey Superior Court's appellate division... Continue Reading »

BofA Mailing Principal Reduction Offers to 200,000 Borrowers

LOS ANGELES -- Homeowners with a Bank of America mortgage have good reason to check their mailbox. The lender said Tuesday that it has begun mailing out letters to customers who may qualify to have their home loans reduced as part of a multistate settlement over alleged foreclosure abuses. The Charlotte, N.C.,-based... Continue Reading »

Ken Williams' Music Video Spurs Bank of America to Close Loan

When banks drag their feet in the loan process, most borrowers probably feel like there's little they can do to move things along. But one Georgia couple may have hit on a way for borrowers to get results. Ken and Meredith Williams launched a full-on social media onslaught -- capped by the lovable music video above --... Continue Reading »

Countrywide's Lending Practices Cost BofA $335 Million

Attorney General Eric Holder announced one of the biggest fair-lending settlements in U.S. history with Bank of America agreeing to pay $335 million to settle complaints levied against Countrywide Financial Corp. by the Department of Justice. During a press conference Wednesday, Holder said that his office investigated... Continue Reading »

BofA Plans to Rent Foreclosed Homes to Former Owners

By Jon Prior Bank of America is looking at a new program to rent a home back to the borrower after foreclosure. "There are programs that we are quite interested in," said Ron Sturzenegger, who leads the bank's legacy asset servicing division, in an interview with HousingWire. "We are talking with investors that would... Continue Reading »

BofA Threatens Family With Foreclosure Over $1 'Coding Error'

When Shantell Curtis sold her Vernal, Utah, home last year, she expected, as a reasonable person might, that she'd paid her last mortgage payment on the house. But her lender, Bank of America, thought differently, according to KUTV 2News in Utah. Because of a $1 "coding error" on the bank's part, the title to Curtis' home... Continue Reading »

Home Destroyed by Hurricane Ike Still Faces Foreclosure

Even those that continue to make payments on a house that no longer exists aren't immune to foreclosure. Brad Gana, of Seabrook, Texas, is being threatened with foreclosure over a home that hasn't existed since it was destroyed by Hurricane Ike in 2008, local Houston 2 News reports. Furthermore, after the hurricane, which... Continue Reading »

One Homeowner's Foreclosure Clock: 2 Years and Counting

By Laura Rowley Losing your home to foreclosure is traumatic, no doubt. And for a variety of reasons--from internal bank bureaucracy and missteps to slow-moving government programs--the pain can stretch out for months. It takes an average of 336 days for a home to move through the foreclosure process, from the first day... Continue Reading »

Bank of America Offering Up to $20,000 to Florida Short Sellers

It's not mortgage principal reduction, but it's a start. Bank of America is quietly rolling out an incentive program in parts of Florida in which they'll pay distressed homeowners up to $20,000 if they successfully short-sell their home, according to The Palm Beach Post. A short sale is an arrangement in which the lender... Continue Reading »

Houston Family Foreclosed On Through No Fault of Their Own

In the ever-widening foreclosure crisis, stories of families losing their homes from predatory lending practices, free-falling property values and modification scams are legion. But for one Houston couple, the reason for their foreclosure was entirely out of their control. Brian and Khanklink Pryon purchased their... Continue Reading »

Bank of America Escalates Foreclosures After Settlement

NEW YORK -- It's no secret that Bank of America wants to put its mortgage-related woes behind it. But it appears that a key $8.5 billion settlement with large investors is playing a role in pushing many more people into foreclosures. The number of homes across the country that received an initial default notice -- the... Continue Reading »

Foreclosure Protesters Dump Trash at Bank of America President's Home

Hauling several bags of garbage left at a foreclosed Bank of America property in Malden, dozens of protesters showed up at bank president Robert Gallery's Beacon Hill home Wednesday to dump the trash and unload fury. "We're here today because of the loan-servicing abuse that's going on in America," Antonio Ennis, of... Continue Reading »

Mortgage Principles: BOA Forced to Pay Whistle-Blower $930,000

The Labor Department ordered Bank of America to reinstate and pay $930,000 to a employee, who was fired after reporting instances of possible fraud among Countrywide Financial Corp. employees. The Labor Department's Occupational Safety and Health Administration division in San Francisco launched an investigation after a... Continue Reading »

>

AOL RealEstate on Facebook