Home >> Tag Archives: Bank of America (page 20)

Tag Archives: Bank of America

HARP 2.0 Continues to Progress Throughout the Industry

As the new version of the Home Affordable Refinance Program takes effect, lenders large and small are joining the government's effort to boost assistance to underwater homeowners. HARP 2.0, which went into implementation on December 1, has already garnered support from the country's four major financial institutions and companies like United Wholesale Mortgage.

Read More »

Issa: Countrywide Gave Lawmakers Discounted Loans

A congressional investigation turned up evidence that Countrywide Financial Corp. lavished four members of Congress and an unknown number of GSE executives with discounted mortgages between 1996 and 2008, Rep. Darrell Issa said Friday. Issa addressed members of the House Committee on Oversight and Government Reform, which he chairs, by releasing an open letter to the public. He did not disclose the names of any members of Congress implicated by evidence in the investigation.

Read More »

Reports: Morgan Stanley to Eliminate 1,600 Jobs

Amid declining share and revenue across the industry, financial services firm Morgan Stanley announced that it will eliminate about 1,600 jobs, or about 2.6 percent of all employees, multiple news outlets said Friday. The move arrives for the financial services firm amid continued problems for the investment trading industry and debt crises for euro zone countries. Earlier this year Bank of America, Citigroup, and MetLife all followed the same route by announcing job-slashing measures.

Read More »

New EVP for Digital Risk

Digital Risk has added a new executive vice president for its sales and strategy sector, with the announcement that Randy Lightbody will take over the position. Through hiring Lightbody, Digital Risk hopes to continue its pattern of growth and boost its support for services and originators.

Read More »

Small Originators Filling Footprint of Rivals: Report

Smaller mortgage originators are stepping up to the plate to make loans as larger lenders - encumbered by mounting litigation and repurchase claims - pull back from the servicing sector, according to a report released Thursday. Paul Miller, a financial analyst with FBR Capital Markets, based conclusions from the report on quarterly shares of market activity. He credited the retreat by larger lenders for reasons why rivals more than doubled their respective footprints in the mortgage market by the third quarter this year.

Read More »

Stocks Soar on Fed’s Move to Save Global Financial System

Fed

A bold move to shore up global financial liquidity by the Federal Reserve and central banks from five other countries created a surge in confidence for investors Wednesday, inspiring a pickup in stocks and shares for the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós four biggest U.S. lenders. The Dow Jones Industrial Average jumped nearly 500 points to crest at 12,045.68 by end of day in response, with shares climbing for Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo. Central banks agreed to lower prices for U.S. dollar liquidity swaps by 50 basis points.

Read More »

Research Reveals Plans for Layoffs at Big Banks

A new report from Zacks Equity Research provides an in depth examination of the imminent layoffs for Wells Fargo, Bank of America, Citigroup, Bank of New York Mellon, and State Street. Via the company's Analyst Blog, Zacks.com evaluated the planned personnel reductions and the potential long-term effects of staff cuts from the major financial institutions. According to Zacks, Wells Fargo is moving forward with Project Compass, the entity's cost-efficiency initiative which began in 2010.

Read More »

Fannie, Freddie Release New HARP 2.0 Guidelines

Freddie

The same day that lawmakers deluged the GSEs and their regulator with criticism, Fannie Mae and Freddie Mac finally released guidelines Tuesday for lenders and servicers about modifications to the Home Affordable Refinance Program. The Obama administration ended weeks of speculation when it announced the modifications ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô specific to HARP 2.0, as dubbed by the media ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô in October. New guidelines effectively took lenders and servicers off the hook by nixing their legal culpability for original loans before homeowners refinance with the GSEs.

Read More »

Bank of America’s CEO on a GSE-Free Future

The current complexion of the national housing market is prompting Bank of America Corp. to focus on new lending measures, including taking steps toward facilitating loans that are not backed by the government-sponsored enterprises. BofA's CEO Brian Moynihan highlighted future initiatives from the financial institution during his speech at the BofA Merrill Lynch conference in New York recently, and his remarks revealed the bank's key interest in pursuing changes related to the influx of investor cash into real estate markets around the country.

Read More »

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.