The first of at least 300 financially distressed Mid-Southerners went to Downtown Memphis on Thursday seeking lower monthly mortgage payments on their Bank of America loans. Through Saturday, the bank is setting up a special operation at Memphis Cook Convention Center to try to ease loan terms for its 3,500 borrowers in the region who could lose their homes.
WASHINGTON - Illinois Attorney General Lisa Madigan and federal officials on Wednesday announced a $335 million national settlement with Bank of America Corp. stemming from former mortgage giant Countrywide allegedly steering minority borrowers into subprime loans and charging them higher interest rates and fees on mortgages. Approximately 15,000 African-American and Latino mortgage- holders in Illinois who took out loans from 2004 to 2008 and were victims of discriminatory lending practices may be eligible for money from the settlement, according to Natalie Bauer, a Madigan spokeswoman.
NEW YORK - Bank of America and its Countrywide unit will pay $8.5 billion to settle claims that the lenders sold poor-quality mortgage- backed securities that went sour when the housing market collapsed. The deal, announced Wednesday, comes after a group of 22 investors demanded that the Charlotte, N.C. bank repurchase $47 billion in mortgages that its Countrywide unit sold to them in the form of bonds.
NEW YORK - Bank of America said it will not buy back bad mortgages from a series of high-profile investors who complained defaults are being handled improperly and homes not being foreclosed on fast enough. In response to an effort to push the Charlotte, N.C.-based bank to buy back defaulted mortgages made by its Countrywide unit, Bank of America attorneys rejected claims that the loans were made improperly or being handled incorrectly in a letter Thursday.
Legal Services of New Jersey said Thursday that an agreement between the state and six large mortgage lenders doesn't go far enough to protect homeowners facing foreclosure and wants the judge to consider more safeguards. Legal Services filed court papers in Trenton in connection with a settlement that would appoint a retired judge to oversee the foreclosure activity of the six lenders -- Ally Financial (parent of GMAC Mortgage), Bank of America, JPMorgan Chase, Wells Fargo, OneWest Bank and Citibank.
PITTSBURGH, March 26 /PRNewswire/ -- On Wednesday, March 24, 2010, Bank of America announced that it will forgive some troubled mortgages debt in order to provide assistance in stabilizing the economy and housing market, reports Solomon Finance. With further dropping housing sales and house values, increasing alternative lending such as payday loans due to less traditional credit availability, and pressure from both homeowners and investors, the lending giant will start reducing mortgage balances to a select group, possibly leading other banks to follow suit if things work out well. After unsuccessful attempts of stabilizing the housing market with interest rate decreases by many banks and the government reduction program, which helped less than 200,000 homeowners, Bank of America, rece...
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