Bank Of America, Real Estate | featured news

Bank of America Corp and JPMorgan Chase & Co have started modifying tens of thousands of mortgages where the banks deem the loans especially risky, even if the borrowers have not asked, the New York Times reported on Sunday.

Bank of America Corp is working to improve profits by reducing its number of problem mortgages and cutting other costs, Chief Executive Brian Moynihan told shareholders on Wednesday. Moynihan, speaking at the company's annual meeting in downtown Charlotte, said the mortgage business of the largest U.S. bank by assets is "still struggling mightily" as it slowly crawls out from under the billions in soured home loans.

Bank of America Corp's Countrywide mortgage unit has been sued by investors claiming they were victimized in a "massive fraud" when they bought mortgage-backed securities.

Bank of America reported Friday that it had a $1.2 billion loss in the fourth quarter of last year, including a previously announced charge of $2 billion reflecting a decline in the value of its home loans and insurance business.

In a ruling that may affect foreclosures nationwide, the Massachusetts high court has voided the seizure of two homes by Wells Fargo & Company and US Bancorp after the banks failed to show that they held the mortgages at the time of the foreclosures.

Bank of America Corp. violated Arizona's consumer fraud law by misleading consumers who tried to reduce their mortgage payments so they could keep their homes, state Attorney General Terry Goddard said Friday as he filed a civil lawsuit against the bank....

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.

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

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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