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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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November 25, 2014
06:04 EDTBACBank of America implied volatility of 15 at lower end of index mean range
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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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