Posts Tagged ‘Economy’

Bank of America Opposes Arizona AG’s Bid to Interview Ex-Workers

Bank of America Corp. (BAC) opposes a request by the Arizona attorney general’s office to interview former employees as part of a state lawsuit against the bank over mortgage modifications.

The state is seeking court approval to conduct interviews with non-management former employees without bank attorneys present so it can “fully investigate” Bank of America’s practices, according to court papers.

Full Story: Bloomberg

Bank Of America Announces Huge Mortgage Settlement, And Big Loss In The Coming Quarter

As was originally reported last night, Bank of America is announcing a big settlement over bad mortgages, and that will lead to a big loss this quarter.Here’s the key part from the announcement:

The agreement includes a cash payment of $8.5 billion to the covered trusts to be made after final court approval of the settlement. Bank of America also intends to record an additional $5.5 billion provision to its representations and warranties liability for both Government-Sponsored Enterprises (GSE) and non-GSE exposures in the second quarter of 2011.
Read more: http://www.businessinsider.com/bank-of-america-announces-settlement-2011-6#ixzz1Qh27aWCa

Bank of America Gets Pad Locked After Homeowner Forecloses On It

It started five months ago when Bank of America filed foreclosure papers on the home of a couple, who didn’t owe a dime on their home.

The couple said they paid cash for the house.

The case went to court and the homeowners were able to prove they didn’t owe Bank of America anything on the house. In fact, it was proven that the couple never even had a mortgage bill to pay.

Read more…

How to Profit From Food Stamps

Big banks reporting huge profits, but how?
Unemployment rate is through the roof, Real Estate market is down, investments no so good either.
Poverty is a reality for more and more people, yet banks are thriving…..