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Bank of America

Bank of America CEO Search in Limbo

by Moe Bedard

Apparently Bank of America Corp.’s (NYSE:BAC) search for a new CEO is at a standstill, according to a Wall Street Journal report.

The board was hoping to pick a successor for Ken Lewis by Wednesday, but the committee choosing the new CEO needs more time. Lewis actually forewarned that the committee was taking its time during [...]

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Bank of America Desoer says homeowners part of the loan modification problem

by Moe Bedard

Now, servicers face challenges in turning 500,000 trial modifications granted into permanent ones with steps including document collection, Desoer said. Borrowers’ responses are part of the problem, she said.
“I listen to these calls every week, and we’ve got somebody talking on the phone while they’ve got four kids in the background, because they’ve got their [...]

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Bank of America’s mortgage chief says, ‘mortgage industry is fragile’

by Moe Bedard

The mortgage industry remains “relatively fragile,” in part because it has been bolstered by government aid, the head of Bank of America Corp.’s home-loan unit said.

“Clearly there are some green shoots and early indicators” the mortgage and housing markets are recovering, Bank of America’s Barbara Desoer said today at a Mortgage Bankers Association conference in [...]

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Homeowners allege bank hasn’t honored modified loan

by Moe Bedard

The Floreas’ modified mortgage payment was $584 per month. In late June 2009, the Bank of America sent a statement to the Floreas indicating their monthly mortgage payment is $924 — the initial mortgage payment amount, Legal Aid Society lawyers wrote.
The Bank of America correspondence to the Floreas also indicated they had a past due [...]

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Homeowner dunned to death, his widow believes

by Moe Bedard

On the really difficult days, Darleen Burbridge talks to the urn that contains her husband’s ashes and sits on a mantel inside her New Springville home — the one she is trying to save from foreclosure even though she’s sure it put her husband in an early grave.
John Burbridge, 65, died suddenly at home in [...]

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Ohio AG Cordray Complaint Filed in Shareholder Lawsuit Against Bank of America

by Moe Bedard

(COLUMBUS, Ohio) – Ohio Attorney General Richard Cordray announced today that the Lead Plaintiff group in a securities class action lawsuit against Bank of America has filed a consolidated amended complaint.  The complaint alleges that statements made in 2008 by Defendants regarding the Bank of America merger with Merrill Lynch failed to disclose billions of [...]

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Ohio homeowner sues Bank of America

by Moe Bedard

When she fell behind on her payments in 2008, Countrywide Home Loans – under pressure from the Ohio Attorney General to offer loan modifications – lowered her interest rate and extended the loan term. Her payment went from $524 a month to $401 a month – which Cable said she paid.
But then Countrywide went out [...]

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Not getting help from Bank of America? Here is a special email form to get help today!

by Moe Bedard

This blog and my forum reach a lot of Bank of America customers and it seems many homeowners are not getting the help they deserve. So, they have set up an email that you can email for help via CBS Channel 5 News Phoenix, AZ and they have promised to help you.
Have you had challenges [...]

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BOA Among Worst For Loan Mods: Bank Of America Fires Back, Issues Statement

by Moe Bedard

Bank of America is reacting to a Treasury Department report that found it to be among the worst performers among the biggest U.S. banks in modifying loans for struggling homeowners.
Bank of America began 27,985 trial loan modifications, or 4 percent of its eligible loans, under the government’s Making Home Affordable Program started this year, the [...]

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Struggling Homeowners Take Aim At Bank Of America

by Moe Bedard

One of the banks named was mentioned more than other institutions. Viewers said Bank of America has not given them help they need.
“Their customer service has been horrible,” Tempe resident Shelley Peterson said she first applied for a loan modification last December after losing her job.
Peterson said the company has still not notified her about [...]

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Bank of America CEO Lewis Issues Statement Regarding President Obama’s Speech

by Moe Bedard

CHARLOTTE, N.C., Sept. 15 /PRNewswire/ — Bank of America Chief Executive Officer Ken Lewis issued the following comments regarding President Barack Obama’s September 14 speech regarding financial regulatory reform.
“A year ago this week, the U.S. economy was on the brink of disaster. Large and important financial institutions were failing, as was confidence in our financial [...]

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Big Trouble For Bank Of America

by Moe Bedard

Bank of America “is in serious, serious trouble now,” says St. John’s University law professor Anthony Sabino. “The judge’s rejection of the SEC settlement, which is of course rooted in the same transactions, will embolden Cuomo to attack BofA head on and get more info about just what happened at the bank when it took [...]

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Bank of America says executives to continue flying in luxury

by Moe Bedard

Bank of America Corp., pressured by the U.S. Treasury Department to justify executive perks after receiving a taxpayer-funded bailout, said the firm doesn’t need to impose new constraints on employee use of company aircraft.
The lender encourages use of its corporate aircraft for business travel for “safety and efficiency reasons” and doesn’t plan a new pre-approval [...]

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Is your bank a lagging lender?

by Moe Bedard

“I just never heard back,” Chavez said. “They just kept giving me the runaround, telling me, ‘You’ll hear something, don’t worry.’ But I never heard from them and I’m in this position now.”
Chavez claims Bank of America told him he should pray or maybe get a second job to pay his mortgage.
He says they even [...]

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Bank of America Increases Number Helped by Foreclosure Program

by Moe Bedard

Bank of America, the country’s largest lender, said Tuesday it had more than doubled the number of people it has helped under a government foreclosure prevention program last month.
Under the program, known as Making Home Affordable, lenders are paid by the government to lower the payments of distressed homeowners. But in its first progress report [...]

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Subprime Lenders Getting U.S. Subsidies, Report Says

by Moe Bedard

Much “of this money is going directly to the same financial institutions that helped create the sub-prime mortgage mess in the first place,” Bill Buzenberg, executive director of the center, said in a statement.
For example, J.P. Morgan Chase, Wells Fargo and Countrywide, which has been bought by Bank of America, are eligible to receive billions [...]

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SEC Charges Countrywide CEO, Angelo With Fraud

by Moe Bedard

Ladies and gentleman, the infamous CEO from Countrywide Home Loans, Angelo Mozilo and three of his partners in financial crime have finally been sued for fraud by the Securities and Exchange Commission (SEC).
I think Mr. Mozilo recieved email training from the cast of a dumb and dumber because it looks like Angelo’s poor handling of [...]

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FBI arrests police officer, alleges mortgage fraud

by Moe Bedard

Looks like the FBI doesn’t mess around when it comes to sworn officers of the law and lying on mortgage applications (see story below).  I understand it is breaking the law, but I think that if everyone was actually arrested for doing this, then we would have millions of people going to prison.
I have personally reviewed [...]

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Wall Street War Brewing Against Obama Plan

by Moe Bedard

By Moe Bedard
While the likes of Bank of America, JP Morgan Chase, and Wells have signed on to the Obama plan, Bond managers are setting their battle plans against one of the largest government bailouts in history. Arguing that changing the terms of 4 million potential loans would do irreparable damage to the bond market, [...]

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In Exchange for Playing Ball B of A to Get $2.66 Billion

by Moe Bedard

By Moe Bedard
Of course we all already know that Bank of America, Wells Fargo, Citi and other lending giants have received trillions in bailout aid and now, because they’re willing to modify loans based on Federal guidelines they’ll get another nice chunk of change…$2.66 Billion according to the Treasury.
Perhaps this should be another “I’m [...]

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Analysis of Potential Loan Modification and Refinance Standardization

by Moe Bedard

By Moe Bedard
Over the last month there have been incredible developments in federally subsidized and incentivized loan modifications, refinance programs and the mortgage cramdown bill. Today, Bank of America announced that it will begin refinancing mortgages up to 105% of a home’s value, part of the Home Affordable program. Moreover, Bank of America also indicated [...]

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Countrywide Settles Subprime Suit With New Jersey

by Moe Bedard

Countrywide Financial Corp. and the state of New Jersey resolved allegations that the mortgage lender put borrowers in risky subprime loans.
The judgment calls for a no-fee, streamlined loan-modification program and sets aside $3.67 million for New Jersey borrowers and for foreclosure-mitigation programs.
Bank of America Corp., now the owner of Countrywide, is retiring the Countrywide name [...]

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Obama’s Foreclosure Incentives Yield Positive Results

by Moe Bedard

By Moe Bedard
Two days ago I wrote an article that summarized the complex details of President Obama’s Foreclosure Rescue Plan.  My prediction was that incentivizing lenders to do the right thing would improve Main Street directly and not merely line the pockets of major lenders and financial executives.  Today, two major lenders, Bank of America [...]

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Ohio to Receive $4.39M in Countrywide Settlement

by Moe Bedard

Attorney General Nancy Rogers has announced the details of a final settlement with Countrywide Financial Corporation.

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Bank of America has Agreed to the Nation’s Largest Loan Modification Program of Countrywide Predatory Loans

by Moe Bedard

“Countrywide’s greed turned the American dream into a nightmare for thousands of Californians who now face foreclosure,” said state Attorney General Jerry Brown, who led the negotiations for the states with Lisa Madigan, the Illinois attorney general.
Countrywide was sued by a handful state attorneys general, who alleged that the Calabasas, Calif., company engaged in predatory [...]

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Bank of America Announces Nationwide Homeownership Retention Program for Countrywide Customers

by Moe Bedard

Nearly 400,000 Countrywide Borrowers Could Benefit After Program Launches December 1
Nearly 400,000 Countrywide Borrowers Could Benefit After Program Launches December 1
CALABASAS, Calif., Oct. 6 /PRNewswire/ — Bank of America today announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal [...]

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CA Attorney General Urged to Seek Injunction Halting Foreclosure on Deceptive Countrywide Mortgages

by Moe Bedard

The California Reinvestment Coalition and the Greenlining Institute today sent an urgent letter to California Attorney General Jerry Brown urging him to take immediate action against Countrywide Financial/Bank of America. The community groups are asking Brown to secure a foreclosure moratorium on mortgages that fit the profile of the deceptive loans and practices cited in [...]

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Testimony Urging Passage of Foreclosure Moratorium Where Financial Institution Fraud Occurred

by Moe Bedard

By Robert Gnaizda
No efforts by the banking industry, by the federal regulators or Secretary of the Treasury Paulson will protect the vast majority of those who live from paycheck-to paycheck from foreclosure. Hope Now’s failures are a classic example of the failure of voluntary action without the threat of effective action via either class action [...]

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Where Are Congress’ Ethics Hearings into Countrywide’s VIP Loans?

by Moe Bedard

Sweetheart mortgages given by Countrywide Financial, the nation’s biggest mortgage lender, to elected officials and government bureaucrats seem tailor-made for an ethics inquiry by Congress, especially as the country is seeing a rising tide of voter anger in this presidential election year due to the massive $300 bn bailout of the housing industry at taxpayers’ [...]

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BofA CEO Lewis On Mortgage Business And Countrywide

by Moe Bedard

He is speaking to a packed house at a Town Hall Los Angeles luncheon, and I will update later with video clips and Q&A. But here are highlights from an advanced copy of the speech.
Lewis says BofA wants to help struggling homeowners stay in there homes, but admits he can’t help everyone.
“The first step [...]

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IndyMac Begins Dismantling Business As It Struggles to Keep Investors’ Faith

by Moe Bedard

First, Countrywide Financial Corp. went down, as the nation’s biggest mortgage lender was acquired in a rescue operation July 1 by Bank of America Corp. Now Countrywide’s offspring, IndyMac Bancorp Inc., is on the ropes.

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“Subprime Slime” — Bikini-wearing actresses against foreclosure

by Moe Bedard

Foreclosure bus tours touring foreclosed homes and now bikini girls banding together to save foreclosure victims. What next?
I know sex sells, but does sex save homes? Only in America folks……..
From LA Land:

In general, the bar at L.A. Land In general, the bar at L.A. Land is set very high for news coverage. In this particular case, though, [...]

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BofA CEO sees more consolidation in bank industry

by Moe Bedard

 The head of the nation’s largest consumer bank says the ongoing U.S. economic downturn will accelerate consolidation in the banking industry.
Bank of America Corp. (nyse: BAC – news – people ) chief executive Ken Lewis spoke Thursday to business students at New York University. He said the nation’s financial service companies are likely to come [...]

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Bank of America, Countrywide Announce $35 Million Package to Aid Distressed Homeowners and Communities

by Moe Bedard

Direct grants and investments part of companies’ efforts to preserve
               neighborhoods and help families stay in homes
    CHARLOTTE, N.C., May 1 /PRNewswire/ — Bank of America and Countrywide
Financial Corporation today provided additional details regarding the $35
million neighborhood preservation and foreclosure prevention package
announced last week in Chicago. The commitment includes foreclosure
prevention efforts by both financial institutions.
    [...]

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Bank of America Details Community Development, Foreclosure Relief Goals

by Moe Bedard

CHARLOTTE, N.C., April 28 /PRNewswire/ — Bank of America today announced key initiatives to reduce the impact and number of foreclosures on communities as well as new goals in corporate philanthropy and community development and investment. Bank of America also said it will locate the combined national consumer mortgage headquarters in Calabasas, California, once it [...]

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Will Bank of America Step Up to the Loan Modification Plate?

by Moe Bedard

Bank of America is in the process of finalizing the deal in acquiring Countrywide Financial. Along with the Countrywide deal, B of A stands to inherit all of Countrywide’s baggage and this is no carry on bag for your favorite weekend getaway.
It’s a super duper, toxic sludge bag of mortgages with sprinkles of good loans [...]

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Countrywide to Announce New Deal With ACORN

by Moe Bedard

Countrywide Home Loans has cut a new deal with and organization that used to be a formidable foe, the Association of Community Organizations for Reform Now, or ACORN. Apparanetly this new agreement, states that Countrywide will work with struggling h0homeowners and to try to manage payment plans for borrowers that are already behind in payments, regardless of which type [...]

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Bank of America Buys Countrywide for $4 Billion

by Moe Bedard

This is huge news and it looks like Countrywide borrowers will now be dealing with Bank of America. I will get all the details I can on how this will affect Countrywide borrowers that are in the loan workout and loan modification process.
You need to know ASAP how this will affect you and what B [...]

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Countrywide Named in Foreclosure Probe

by Moe Bedard

Welcome to the new unfortunate fleecing of the homeowner that is infiltrating our court systems and robbing unsuspecting borrowers that are oblivious to these “questionable” fees as they face foreclosure and are caught in a system that seems to be failing to protect consumers.
They call it questionable fees, I like to call it predatory servicing.
CNN reported yesterday that; 
Countrywide [...]

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A Copy Of Senator Schumer’s Letter to the Federal Home Loan Bank of Atlanta

by Moe Bedard

November 26, 2007
Ronald A. Rosenfeld
Chairman
Federal Housing Finance Board
1625 I Street NW
Washington, DC 20006
 
Dear Chairman Rosenfeld:
 
I write to express my serious concern over the lending practices of the Federal Home Loan Bank of Atlanta, specifically in regard to the significant volume of advances made to Countrywide Bank. I am concerned that the loans being pledged by [...]

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April Has a Question for Countrywide

by Moe Bedard

This comment is from a reader of my blog. I thought since it made perfect sense that I had to share it with everyone. Keep in mind this is a very experienced legal aid attorney who KNOWS what’s really going on. Thanks again April!
april wrote:
 Didn’t Countrywide just announce that it had terminated some 12,000 employees?
Based on the [...]

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Countrywide Home Preservation Foundation to Modify Billions in Loans

by Moe Bedard

CALABASAS, Calif., Oct. 23 /PRNewswire/ — Countrywide Financial Corporation today announced a comprehensive home preservation program to reach out to borrowers at-risk of default. Countrywide will launch an outbound calling initiative to refinance or modify up to $16 billion of Countrywide loans for borrowers who are facing an adjustable-rate mortgage reset through the end of [...]

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Is Countrywide Planning to be The Largest Real Estate Company in America?

by Moe Bedard

Countrywide is sending mortgage consultants to hold open their foreclosed houses. So now they will capture loans. Multiply that by thousands and thousands of homes and now you have a real estate company to compliment your lending division.
Countrywide Real Estate & Loans? Heck, you might as well open an escrow company also and hire out [...]

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