Articles About Bank Of America

Author:
James I. Clark III
Posted:
03.21.2012

Fannie Mae Asks Uncle Sam For More Money

In an attempt to dig itself out of a deepening hole, Fannie Mae has requested $4.6 billion in additional federal aid. “We think that we have reserved for and recognized substantially all of the credit losses associated with the legacy book,” Chief Financial Officer Susan McFarland said.  “We’re very focused on returning to profitability so […]

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Author:
James I. Clark III
Posted:
03.14.2012

A New Chapter for Iconic Empire State Building

The landmark 102-story Empire State Building in midtown Manhattan could raise as much as $1 billion in a share sale and become a real estate investment trust (REIT), if the company that controls that iconic structure if its plans pan out.  According to a Securities and Exchange Commission filing, Empire State Realty Trust, Inc., intends […]

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Author:
Mike Ochs
Posted:
10.26.2011

A Lifeline for Underwater Homeowners?

Federal officials and some of the nation’s largest banks are collaborating on a plan that would make refinancing available to some borrowers whose houses are worth less than their loans, with the caveat that they must be up-to-date on mortgage payments.  Typically, these borrowers can’t refinance because they don’t have enough equity in their homes. […]

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Author:
Mike Ochs
Posted:
10.11.2011

August Foreclosures Rise 33 Percent Over July

Default notices sent to delinquent U.S. homeowners soared 33 percent in August when compared with July, evidence that lenders are accelerating the foreclosure process after almost one year of delays, according to RealtyTrac, Inc.  First-time default notices were filed on 78,880 homes, the highest number in nine months.  Total foreclosure filings, which also include auction and […]

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Author:
Mike Ochs
Posted:
08.17.2011

One Solution to Rundown Foreclosed Houses? Bulldoze Them

Several banks have found a new solution to the glut of foreclosed houses – many of them in poor condition.  It’s the bulldozer. Bank of America (BoA) owns a glut of abandoned houses that no one wants to purchase.  As a result, the nation’s largest mortgage servicer is bulldozing some of its most uninhabitable inventory.  Additionally, […]

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Author:
Mike Ochs
Posted:
04.26.2011

Regulators Cracking Down on Banks Over Foreclosures

Federal regulators at the Departments of Justice, Treasury and Housing, as well as the Federal Trade Commission, have ordered the nation’s largest banks to revamp their foreclosure procedures and compensate borrowers who were financially hurt by “pervasive” bad behavior or carelessness.  According to the bank regulators, failure to comply with the rules will result in […]

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Author:
James I. Clark III
Posted:
03.30.2011

The Fed Sends 19 Biggest Banks Back to the Treadmill

The Federal Reserve‘s second round of stress tests requires the 19 largest U.S. banks to examine their capital levels against a worst-possible-case scenario of another recession with the unemployment rate hovering above 8.9 percent. The banks were instructed to test how their loans, securities, earnings, and capital performed when compared with at least three possible […]

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Author:
Tom Silva
Posted:
01.27.2011

Federal Reserve Comes Clean on Who Received Bailout Money

At the instruction of Congress, the Federal Reserve has released the names of the approximately 21,000 recipients of $3.3 trillion in aid provided during the financial meltdown –without doubt the nation’s worst economic crisis since the Great Depression.  Not surprisingly, two of the top beneficiaries were Bank of America and Wells Fargo, who received approximately […]

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Author:
Matt Ward
Posted:
12.28.2010

Half of Companies Plan to Hire New Employees in 2011

Approximately half – 47 percent – of American companies whose sales range from $25 million to $2 billion say they will hire more employees in 2011, according to a Bank of America survey of chief financial officers (CFOs).  The new number represents a significant uptick over the 28 percent who planned to hire new employees […]

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Author:
Mike Ochs
Posted:
12.08.2010

Congressional Oversight Panel Takes on the Foreclosure Mess

Sloppy foreclosure paperwork could upset the nation’s housing market and destabilize the economy in general,  according to a report released by the Congressional Oversight Panel.  This group oversees the government bailout and its statement marks the first time a federal watchdog has issued an opinion on the foreclosure issue.  Consumer advocates and financial analysts had […]

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