News Breaks |
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| October 1, 2012 |
| 09:20 EDT |  | BAC | Shapiro Haber says court upholds claims in suit against Bank of America
Shapiro Haber & Urmy LLP announces that on September 21, the United States Court of Appeals for the First Circuit issued a decision upholding claims by borrowers in a class action lawsuit against Bank of America. The lawsuit alleges that Bank of America breached its mortgage contracts and acted in bad faith by forcing borrowers to maintain excessive amounts of flood insurance. In that decision in Kolbe v. BAC Home Loans Servicing, LP, d/b/a Bank of America, N.A., the Court upheld claims that Bank of America breached the terms of FHA mortgages and violated U.S. Housing and Urban Development guidelines by requiring borrowers to carry flood insurance in excess of the amount they owed on their loans. The Court found “strong support” for these claims in the mortgage contract, and noted that the mission of the FHA loan program is to make home ownership “affordable.” On September 21, the Court of Appeals, in a second case, captioned Lass v. Bank of America, N.A., also upheld similar claims that Bank of America “demand[ed] more flood insurance than required by federal law or the mortgage agreement,” and also upheld claims that Bank of America “unjustifiably charged borrowers for backdated coverage and commissions[.]” |
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News For BAC From The Last 14 Days Check below for free stories on BAC the last two weeks. |
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| June 18, 2013 |
| 07:29 EDT |  | BAC | Securities Industry and Financial Markets Association to host a conference
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| June 17, 2013 |
| 10:22 EDT | | BAC | Bank of America reports May card write-offs 4.03% vs. 4.55% last month
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| 07:13 EDT |  | BAC | Bank profits seen hurt by rising rates with no growth, Bloomberg reports
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| 06:14 EDT | | BAC | On the Fly: Periodicals Wrap-Up
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| June 13, 2013 |
| 16:00 EDT |  | BAC | Options Update; June 13, 2013
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| June 12, 2013 |
| 08:49 EDT | | BAC | Babcock & Wilcox names Mark Carano Chief Corporate Development Officer
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| 06:41 EDT | | BAC | Firm says JPMorgan was top investment bank in Q1, Reuters reports
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| 06:04 EDT | | BAC | Coty to price its IPO later today, WSJ reports
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| 05:58 EDT | | BAC | Some major banks get two year delay on swap rule, WSJ reports
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| June 11, 2013 |
| 18:35 EDT | | BAC | Banks given extension to spin off swaps units, WSJ reports
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| 16:00 EDT | | BAC | Options Update; June 11, 2013
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| 07:33 EDT | | BAC | Bank of America may still put Countrywide into bankruptcy, Reuters reports
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| 07:30 EDT | | BAC | Morgan Stanley to host a conference
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| June 10, 2013 |
| 16:21 EDT | | BAC | Fifth Third Bancorp names Frank Forrest as Chief Risk and Credit Officer
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| 11:52 EDT | | BAC | Telefonica seeks bids for Irish unit during June, Bloomberg says
Telefonica (TEF) is said to be seeking offers for its Irish unit, 02, within this month, reported Bloomberg, citing two people with information on the matter. The sale process is being run by Bank of America (BAC) and Hutchison Whampoa, Eircom Group and Liberty Global’s (LBTYA) UPC Ireland were among those that received sale information, one source said. Reference Link |
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| 10:00 EDT | | BAC | Bank of America Merrill Lynch expands transaction services in Canada
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| June 7, 2013 |
| 10:11 EDT |  | BAC | On The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: ARM Holdings (ARMH) initiated with a Hold at Topeka... American Software (AMSWA) initiated with a Buy at B. Riley... Amkor Technology (AMKR) initiated with a Buy at Topeka... Applied Micro Circuits (AMCC) initiated with a Hold at Topeka... Bank of America (BAC) initiated with an Underperform at Macquarie... Boulder Brands (BDBD) initiated with an Outperform at Imperial Capital... Broadcom (BRCM) initiated with a Buy at Topeka... Cadence Design (CDNS) initiated with a Buy at Topeka... Citigroup (C) initiated with an Outperform at Macquarie... Consolidated Water (CWCO) initiated with a Buy at Roth Capital... Cornerstone OnDemand (CSOD) initiated with an Equal Weight at Stephens... Crosstex Energy LP (XTEX) initiated with a Buy at Citigroup... Demandware (DWRE) initiated with an Overweight at Stephens... Freescale (FSL) initiated with a Buy at Topeka... Garmin (GRMN) initiated with an Outperform at Raymond James... Goldman Sachs (GS) coverage resumed with a Neutral at Macquarie... Mellanox (MLNX) initiated with a Hold at Topeka... Morgan Stanley (MS) initiated with an Outperform at Macquarie... Myriad Genetics (MYGN) initiated with a Buy at Cantor... NXP Semiconductors (NXPI) initiated with a Buy at Topeka... Piedmont Natural Gas (PNY) initiated with a Hold at BB&T... Platinum Group (PLG) initiated with an Outperform at BMO Capital... Qualcomm (QCOM) initiated with a Hold at Topeka... Rambus (RMBS) initiated with a Buy at Topeka... Spreadtrum (SPRD) initiated with a Buy at Topeka... Steven Madden (SHOO) initiated with an Overweight at Piper Jaffray... Take-Two (TTWO) initiated with a Buy at Stifel... Wolverine World Wide (WWW) initiated with a Neutral at Piper Jaffray. |
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| 08:17 EDT | | BAC | PIMCO supports BofA's $8.5B mortgage settledment, Bloomberg reports
Bank of America's (BAC) $8.5B mortgage-bond settlement is “outstanding” for investors, says Kent Smith, an executive VP at Pimco who helped negotiate the agreement, and who testified in a trial over the agreement, reports Bloomberg. The settlement was reached after an investor group that included Pimco and BlackRock (BLK) at first demanded $12B. The accord resolves claims from Countrywide Financial mortgage-bond investors over loans bundled into securities. AIG (AIG) is fighting the settlement, saying Bank of America isn’t paying enough to compensate investors. Reference Link |
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| 06:43 EDT | | BAC | Bank of America initiated with an Underperform at Macquarie
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| 06:09 EDT | | BAC | Top rated BofA Merrill analyst Nakanishi to leave firm, Bloomberg reports
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