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Stock Market & Financial Investment News

News Breaks
April 16, 2014
07:07 EDTBACBank of America says Q1 earnings hurt by resolving more mortgage issues
The results for Q1 include $6.0B in litigation expense related to the previously announced settlement with the Federal Housing Finance Agency, and additional reserves primarily for previously disclosed legacy mortgage-related matters. Bank of America reached a settlement with FGIC, as well as separate settlements with The Bank of New York Mellon, as trustee, for certain second-lien residential mortgage-backed securities (RMBS) trusts for which FGIC provided financial guarantee insurance. The agreements resolve all outstanding litigation between FGIC and the company, as well as outstanding and potential claims by FGIC and the trustee related to alleged representations and warranties breaches and other claims involving second-lien RMBS trusts for which FGIC provided financial guarantee insurance. Seven of the trust settlements have already been completed, and the two remaining trust settlements are subject to additional investor approvals in a process that is expected to be completed within the next 45 days. Bank of America has already made payments totaling approximately $900M under the settlement with FGIC and the completed trust settlements and will pay an additional $50M if the remaining two trust settlements are completed. The costs of the FGIC and trust settlements are covered by previously established reserves. With this settlement, Bank of America has resolved disputes with four monolines. "The cost of resolving more of our mortgage issues hurt our earnings this quarter,” said CEO Brian Moynihan. “But the earnings power of our business and customer strategy generated solid results and we continued to return excess capital to our shareholders."
News For BAC From The Last 14 Days
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May 29, 2015
15:07 EDTBACBank of America assessed $30M civil penalty by OCC
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May 28, 2015
16:03 EDTBACOptions Update; May 28, 2015
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13:26 EDTBACBank of America downgraded to Sector Perform from Outperform at Portales
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07:13 EDTBACSolarCity, BofA partner on renewable energy tax equity investment program
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May 27, 2015
16:03 EDTBACOptions Update; May 27, 2015
iPath S&P 500 VIX Short-Term Futures down 82c to 18.56 Option volume leaders: AAPL KORS BRCM MCD FB MNKD AAL YHOO BAC MU ANF S EOX
08:43 EDTBACF.N.B. acquires five Pennsylvania branches from Bank of America
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May 26, 2015
16:01 EDTBACOptions Update; May 26, 2015
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09:47 EDTBACActives on open:
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06:41 EDTBACJPMorgan, other banks close branches on border to avoid laundering, WSJ says
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May 22, 2015
09:34 EDTBACActive equity options trading on open
Active equity options trading on open: AAPL BABA AMZN FB MU BIDU SDRL BAC INTC EXPE CHK FEYE
May 21, 2015
16:00 EDTBACOptions Update; May 21, 2015
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May 20, 2015
16:00 EDTBACOptions Update; May 20, 2015
iPath S&P 500 VIX Short-Term Futures up 3c to 19.19. Option volume leaders: AAPL AAL YHOO DAL FB BABA UAL BAC TWTR LUV C TSLA GE MU
08:21 EDTBACATM data theft soars to highest rate in two decades, WSJ says
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May 19, 2015
18:01 EDTBACAflac names Matthew Owenby as Chief Human Resources Officer
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16:01 EDTBACOptions Update; May 19, 2015
iPath S&P 500 VIX Short-Term Futures down 27c to 19.17. Option volume leaders: AAPL BAC WMT MSFT FB TWTR MNKD NFLX T PBR
09:37 EDTBACActive equity options trading on open
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06:24 EDTBACU.S. Bancorp and Bank of America win dismissal of mortgage claims, Reuters says
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May 18, 2015
16:00 EDTBACOptions Update; May 18, 2015
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09:46 EDTBACMPLX enters common unit sales agreement for up to $500M
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09:36 EDTBACActive equity options trading on open
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