Bank Of America | featured news

Bank of America Corp has started negotiating with powerful mortgage investors that accused the bank of failing to buy back bad home loans, in an apparent shift in the lender's stance.

WikiLeaks has several gigabytes of data from a Bank of America Corp executive's hard drive, the organization's founder Julian Assange said in a published interview in 2009.

A group of investors in bankrupt Tribune Co sued JPMorgan, Merrill Lynch, Citicorp and Bank of America, claiming the banks arranged $3.7 billion in loans in 2007 they knew the company could never repay.

Bank of America for the first time acknowledged finding some mistakes in foreclosure files as it begins a thorough review of 102,000 cases.

Bank of America Corp. said Tuesday it lost $7.65 billion during the third quarter due to a charge related to credit and debit card reform legislation passed over the summer.

Curtailing a moratorium sooner than expected, Bank of America said it would resume 102,000 foreclosures in 23 states where court approval is needed to go ahead.

Bank of America Corp is halting foreclosures and sales of foreclosed properties in all 50 states pending a review of its internal processes, the bank said on Friday.

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Bank of America, the country's largest mortgage lender by assets, said on Friday that it was reviewing documents in all of its pending foreclosure cases to evaluate if there were errors made.

Permanent modifications, which lower mortgage payments to 31% of a borrower's pretax monthly income for five years, have been given to only about a third of the 1.3 million borrowers in trial plans since the program's launch in April 2009. Most of the lawsuits allege that the three- or four-month trial payment plans are contracts, and that Bank of America and other servicers broke them by not giving permanent modifications to homeowners who made their trial payments on time and provided the necessary documentation.

Bank of America Corp is beefing up its internal accounting controls after it incorrectly classified as much as $10.7 billion in short-term lending and repurchase deals for mortgage securities as sales, according to a letter filed on Friday with U.S. securities regulators.