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Stock Market & Financial Investment News

News Breaks
January 7, 2013
07:32 EDTBAC, FNMABank of America announces settlement with Fannie Mae
Bank of America (BAC) announced agreements with the Federal National Mortgage Association (FNMA) to resolve outstanding and potential repurchase and certain other claims relating to the origination, sale and delivery of substantially all residential mortgage loans originated and sold directly to Fannie Mae from January 1, 2000 through December 31, 2008 by entities related to Countrywide Financial Corporation and Bank of America, National Association. The agreements with Fannie Mae cover loans with an aggregate original principal balance of approximately $1.4 trillion and an aggregate outstanding principal balance of approximately $300 billion. As part of the agreement to settle representations and warranties claims, Bank of America will make a cash payment to Fannie Mae of $3.6 billion and also repurchase for $6.75 billion certain residential mortgage loans sold to Fannie Mae, which Bank of America has valued at less than the purchase price. These actions are expected to be covered by existing reserves and an additional $2.5 billion in representations and warranties provision recorded in the fourth quarter of 2012. Bank of America also agreed to make a cash payment to Fannie Mae to settle substantially all of Fannie Mae’s outstanding and future claims for compensatory fees arising out of past foreclosure delays. This payment is expected to be covered by existing reserves and an additional provision of $260 million recorded in the fourth quarter of 2012. These actions described above are expected to reduce Bank of America’s pretax income by approximately $2.7 billion in the fourth quarter of 2012. After giving effect to the settlement agreements with Fannie Mae announced today, the company expects to reduce the range of possible loss above existing accruals for both GSE and non-GSE representations and warranties exposures to up to $4.0 billion at December 31, 2012, compared to up to $6.0 billion at September 30, 2012.
News For BAC;FNMA From The Last 14 Days
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July 16, 2014
10:14 EDTBACBofA said to offer $13B to settle mortgage-securities probe, WSJ reports
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09:37 EDTBACActive equity options trading on open
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08:51 EDTBACBank of America sees reserve releases to decline 'modestly' through rest of year
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08:47 EDTBACBofA now sees 'New BAC" cost savings of $2B to be achieved by Q4
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08:45 EDTBACBofA says balance sheet still positioned for NII benefit as rates move up
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08:36 EDTBACBofA says underlying trading business performed well despite lower volumes
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07:17 EDTBACBofA/Merrill to hold a roundtable
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07:13 EDTBACBank of America CEO says economy strengthening, customers doing more business
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07:11 EDTBACBank of America reports $21.16 book value per share at June 30
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07:08 EDTBACBofA reports Q2 provision for credit losses $411M, net charge-offs $1.1B
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07:05 EDTBACBofA sees Basel 3 common equity tier 1 ratio up to 9.5%
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07:04 EDTBACAIG to receive $650M in cash in Bank of America settlement
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07:02 EDTBACBank of America reports Q2 EPS ex-items 41c, consensus 29c
Reports Q2 revenue $21.75B, consensus $21.61B. Results include litigation expense of $4.0B pretax or approximately 22c per share after tax.
07:02 EDTBACAIG announces settlement with BofA on residential mortgage related disputes
American International Group (AIG) announced that it has reached a global resolution of its residential mortgage related disputes with Bank of America (BAC). The resolution includes its claims pending in New York and California federal courts related to the creation, offering, and sale of RMBS from which AIG and its subsidiaries suffered losses either directly on their own account or in connection with their participation in AIG’s securities lending program. The resolution also covers AIG’s objections to the $8.5 billion settlement of Countrywide’s mortgage repurchase obligations to various investors, as well as disputes concerning the issuance of mortgage guaranty insurance by AIG’s United Guaranty subsidiaries to Bank of America and Countrywide. Under the terms of the settlement, AIG will receive $650M in cash plus its pro rata share of whatever amount is ultimately paid out to investors in connection with the Countrywide repurchase settlement. In addition, the parties have agreed, subject to the approval of Fannie Mae, Freddie Mac and certain other mortgage holders, to resolve the outstanding mortgage guaranty claims disputes in accordance with agreed-to claims processes and payment formulae.
07:01 EDTBACAIG announces settlement with BofA on residential mortgage related disputes
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July 15, 2014
15:29 EDTBACBank of America July 15.5 straddle priced for 3.1% move into Q2
15:19 EDTBACNotable companies reporting before tomorrow's open
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14:32 EDTBACEarnings Preview: Bank of America to report after peers beat expectations
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12:10 EDTBACBank of America technical comments ahead of earnings
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10:12 EDTBACBank of America reports June default rate 3.24% vs. 3.75% last month
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