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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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November 24, 2014
07:01 EDTBACFed could further restrict banks' commodities businesses, NY Times says
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06:26 EDTBACFaith-based investors ask BofA to split chairman, CEO roles, WSJ reports
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November 21, 2014
07:24 EDTBACBB&T CEO says 'banks lending recklessly' again, Reuters reports
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November 20, 2014
07:23 EDTBACBoston Security Analysts Society to hold a conference
Sustainable Investing: Taking the Long View is being held in Boston on November 20.
07:11 EDTBACBofA/Merrill to hold a conference
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November 19, 2014
07:51 EDTBACClearing House Payments Company to hold a conference
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November 17, 2014
10:15 EDTBACBank of America reports October default rate 2.81% vs. 2.93% last month
Reports October delinquency rate 1.94% vs. 1.92% last month.
November 12, 2014
16:23 EDTBACOn The Fly: Closing Wrap
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12:38 EDTBACOn The Fly: Midday Wrap
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10:14 EDTBACOCC fines Bank of America, Citigroup, JPMorgan $950M over FX trading
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07:28 EDTBACBofA/Merrill to hold a conference
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November 11, 2014
11:56 EDTBACAmerican Commercial weighs sale with value of over $1B, Financial Times says
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06:59 EDTBACBank of America's head of FICC trading to retire by year-end, WSJ reports
Bank of America's head of global fixed income, currencies and commodities trading trading, David Sobotka, will retire by year-end, the Wall Street Journal reports, citing an internal memo sent to employees. Sobotka is planning to take some time off before deciding on his next steps. Sources say BofA will name Sobotka's replacement by the end of the year. Reference Link
November 10, 2014
06:53 EDTBACBank of America, U.S. Bancorp settle bond trustee class action, Reuters says
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06:46 EDTBACRegulators set new capital buffer rule for banks, Reuters reports
Global banks should have buffers of bonds or equity worth 16%-20% of their risk-weighted assets, beginning in January 2019, The Financial Stability Board decided, according to Reuters. The board said the buffer would prevent the need for government bailouts, the news service explained. Publicly traded global banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) Wells Fargo (WFC), Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Reference Link

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