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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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October 29, 2014
07:26 EDTBACSecurities Industry & Financial Markets Association to hold a forum
The SIFMA Complex Products Forum is being held in New York on October 29.
October 28, 2014
06:39 EDTBACSEC undecided on Bank of America business curbs, WSJ reports
An international disagreement within the SEC is threatening potentially lucrative revenue streams at Bank of America, reports the Wall Street Journal. According to people close to the situation, the SEC is deadlocked on whether to allow the bank to continue selling share sin hedge funds and startups to wealthy investors. The deadlock is also over the company's ability to quickly issue stocks and bonds without the speed bump of an SEC review. Reference Link
October 27, 2014
11:07 EDTBACFINRA fines Merrill $6M for Reg SHO violations, supervisory violations
The Financial Industry Regulatory Authority, FINRA, announced that it has censured and fined Merrill Lynch Professional Clearing Corp. $3.5M for violating Regulation SHO, an SEC rule that established a regulatory framework to govern short sales and prevent abusive naked short selling. FINRA also censured and fined its affiliated broker-dealer, Merrill Lynch, Pierce, Fenner & Smith Incorporated, $2.5M for failing to establish, maintain and enforce supervisory systems and procedures related to Regulation SHO and other areas. Reference Link
06:33 EDTBACRoku preparing IPO, NY Times says
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October 23, 2014
06:32 EDTBACGovernment relaxing mortgage regulations, NY Times says
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October 22, 2014
15:19 EDTBACBank of America Apple Pay glitch should be fixed today, Re/code reports
The Apple (AAPL) Pay glitch that some Bank of America (BAC) customers experienced, where they would be charged twice for a single transaction, should be fixed by today, Re/code reports, citing a person familiar with the error. Reference Link
12:53 EDTBACSome BofA customers charged twice by Apple Pay, CNN Money reports
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09:38 EDTBACActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL PBR AMZN C TWTR YHOO BAC GILD FB THRX DOW CAR
October 21, 2014
08:18 EDTBACBasel Committee accelerating work on leverage ratio, FT says
The Basel Committee on Banking Supervision will begin work on the calibration of the leverage ratio, a measure of bank capital seen as less vulnerable to manipulation, sooner than previously planned, which suggests the finished rule could be released as soon as 2015 or 2016, which is ahead of the previous target date of 2017, reported Financial Times, citing comments from the secretary-general of the committee, William Coen. Publicly traded large U.S. banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Publicly traded large EU banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), Royal Bank of Scotland (RBS) and UBS (UBS). Reference Link

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