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Tag Archives: Bank of America

BofA Plans to Close Mortgage Correspondent Unit

On the heels of attempts by investors to derail a mega settlement in the courts, Bank of America continued to shake up headlines Wednesday with multiple news outlets confirming that the mortgage giant plans to sell off its share of the correspondent mortgage market. With mortgage correspondents in the bank├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós unit set to soon receive their pink slips, multiple news outlets quoted suggested that some 3,500 could feel impact in their jobs. New job losses would follow recently reported second-quarter fallout.

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U.S. Bank Sues BofA Over $1.75B in MBS

US Bancorp joined a field of investors taking issue with the $1.75-billion deal proposed by Bank of America, filing suit to recover losses over alleged falsifications, according to multiple news outlets. Following a filing in New York by the FDIC Monday, the suit emerges as the newest in a barrage of legal maneuvers to hit the bank over bad mortgage-backed securities. The litigation, which Bank of America continues to fend off as it seeks to finalize a $8.5-billion settlement, concerns loans allegedly misrepresented by Countrywide.

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More Q2 Layoffs for Mortgage Professionals

Mortgage brokers, originators, and other loan production personnel continue to face a tough jobs market as two mortgage giants slashed their payrolls, according to second-quarter employment numbers released by MortgageDaily.com. The mortgage Web site predicted that bad loans and invitingly low mortgage rates could create the pickup needed for lenders to hire more brokers and loan officers. The results follow much worse numbers from the first-quarter over 2011.

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FDIC Voices Concerns Over BAC Settlement

The FDIC stepped in late Monday to halt the mega $8.5-billion Bank of America deal over mortgage-backed securities, according to multiple news outlets. The federal agency, an erstwhile bank regulator, filed its concerns in a U.S. District in New York as an investor with claims to securities at stake in the settlement. A state judge in New York will preside over the decision to green-light the settlement come November, even as an investor group persists in trying to kick the case up to a federal court, according to Bloomberg News.

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Nine Alleged, Convicted in Mortgage Fraud Cases

Another week rolled by with more instances of mortgage fraud, as reported by several news outlets from around the country. Defendants alternately received indictments, pled guilty, and submitted to their sentences from courts as a result of allegations and convictions stemming from mortgage fraud conspiracy, wire fraud, and money-laundering activities. The alleged activities resulted in millions of dollars in fraudulently obtained money from lenders.

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Fall Bond Sale by Big Banks Set

Big lenders are set to unload up to $5 billion in commercial mortgage bonds, with planned securities offerings scheduled in September and October. Participating financial institutions include Goldman Sachs Group Inc., Citigroup Inc., Bank of America Corp., Morgan Stanley, Wells Fargo & Co., Royal Bank of Scotland Group Plc, and JPMorgan Chase & Co. The upcoming bond sales are largely attributed to the effects of struggling U.S. employment numbers, the European debt crisis, and the resistance against debt.

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MBA Names Top Banks in Loan Categories

The Mortgage Bankers Association came out Thursday with a list that ranks commercial and multifamily mortgage servicers on the basis of their loan size, financial balance, and amount lent to borrowers midyear 2011. Wells Fargo achieved the number-one spot for both master servicing and commercial mortgage-backed securities. According to a statement, the MBA said that Wells Fargo, PNC Mortgage Real Estate, and Bank of America topped the master and primary servicing list for commercial and multifamily CMBS loans.

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Dow Falls on Banks, Homebuilders. Again

Spurred by ongoing fears about a global economic slowdown and the spreading European debt contagion, the Dow Jones Industrial Average replayed the daytime drama previously seen last week by plunging by over 400 points. As before, the nosedive crashed a party exclusive to mortgage banks and homebuilding companies, gutting their stocks and closing shares at new lows. Bank of America, JPMorgan Chase, and Wells Fargo saw their stocks drop, mirroring sharp losses for Beazer Homes, D.R. Horton, KBH Homes, and Lennar Corp.

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BofA Sells Mortgage Rights to Fannie Mae

In an endeavor to get ahead of mortgage-related woes from the financial crisis, mortgage giant Bank of America has offered to sell a chunk of its mortgage portfolio servicing rights to GSE Fannie Mae, according to the Wall Street Journal. The sale of bad loan rights to the government entity may shift new bulk onto federal balance sheets at a time when the GSE recently posted second-quarter losses and announced plans to petition the government for more taxpayer funds.

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