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Bank of America Corporation (BAC)

  • Mar. 2, 2012, 3:45 PM
    The Obama administration says it will release withheld incentive payments to JPMorgan (JPM) and Bank of America (BAC) as their performance in the Making Home Affordable Program has improved. The two lenders were previously under double-secret probation for their poor practices in this area.
    | Mar. 2, 2012, 3:45 PM | 9 Comments
  • Mar. 1, 2012, 5:32 PM
    Bank of America (BAC) is denying reports that it is testing plans to charge customers for keeping a checking account: "Media reports this morning provided inaccurate information. [BofA] is not planning to increase checking account fees with our existing customers." Perhaps Sen. Dick Durbin, one of the bank's harshest critics, will be satisfied (WSJ report).
    | Mar. 1, 2012, 5:32 PM | 13 Comments
  • Mar. 1, 2012, 12:27 PM
    That didn't take long. Massachusetts Sec. of the Commonwealth William Galvin slams Bank of America's (BAC +2.3%) consideration of new fee structures on its checking accounts, and proposes a law barring banks from holding state deposits if they don't offer basic checking without fees. Expect to hear soon from the new Consumer Financial Protection Bureau. (also)
    | Mar. 1, 2012, 12:27 PM | 12 Comments
  • Mar. 1, 2012, 10:02 AM
    Though Bank of America (BAC +1.9%) stands to become the lightning rod again for complaints on higher banking fees, other big banks are considering joining the party as they view low-fee checking a bottom-line drainer. JPMorgan (JPM +1.6%) exec Todd Maclin says the bank wants to charge customers more than its current average of $10-$12 a month, but in the current climate it won't rock that boat. Translation: Let BofA go first.
    | Mar. 1, 2012, 10:02 AM | 4 Comments
  • Mar. 1, 2012, 8:05 AM
    Fannie Mae (FNMA.OB) disputes Bank of America's (BAC) version of events behind the end of their loan-purchase agreement, saying the decision to part ways was not mutual and that it alone chose not to renew the contract after the bank resisted demands to buy back mortgages. "Ultimately the taxpayer pays" if BofA resists, as Fannie prepares to ask the feds for another $4.6B.
    | Mar. 1, 2012, 8:05 AM | Comment!
  • Mar. 1, 2012, 3:35 AM
    Bank of America (BAC) is working on plans to once again revamp its fee system, tagging some clients with monthly charges unless they agree to bank online, buy more products or maintain certain balances. Last time BofA tried to up its fees, public outcry forced the bank to retreat.
    | Mar. 1, 2012, 3:35 AM | 7 Comments
  • Feb. 29, 2012, 4:58 PM
    The five biggest U.S. banks are too powerful and should be broken up, Dallas Fed President Richard Fisher says after a speech lauding Mexico's economic reforms. BAC, JPM, GS, MS and C have "a higher concentration of deposits than they did before the crisis... perversely, these banks are now even bigger, they are too 'bigger' to fail than before."
    | Feb. 29, 2012, 4:58 PM | 3 Comments
  • Feb. 28, 2012, 1:34 PM
    It appears the banking industry may have landed itself a very positive mortgage settlement, says Rochdale's Dick Bove, having negotiated some "huge benefits" with the Attorney General over its mortgage servicing issues: Bank of America (BAC +0.8%), Wells Fargo (WFC +1.2%), JP Morgan (JPM +0.6%) and Citigroup (C +1.6%)
    | Feb. 28, 2012, 1:34 PM | Comment!
  • Feb. 28, 2012, 3:48 AM
    The Fed released yesterday the documents submitted by banks outlining their plans to fix foreclosure problems. This first data dump (with more likely to follow) includes papers from BofA (BAC), Citigroup (C), JPMorgan (JPM) and Wells Fargo (WFC), among others.
    | Feb. 28, 2012, 3:48 AM | 1 Comment
  • Feb. 27, 2012, 3:58 PM
    Bank of America's (BAC +2%) proposed $8.5B settlement with investors in mortgage-backed securities should be returned to New York state court for review, a U.S. appeals court rules. The decision is a win for BofA, which seeks approval to settle claims by investors in 530 mortgage securitization trusts with $174B of unpaid principal.
    | Feb. 27, 2012, 3:58 PM | 4 Comments
  • Feb. 23, 2012, 5:38 PM
    Bank of America (BAC) says it will stop selling new home loans to Fannie Mae (FNMA.OB) and will deliver only loan modifications and refinancings to the GSE. Commitments allowing the efficient delivery of such loans had expired, BofA says, and "ongoing differences with [Fannie Mae] in other contexts, including repurchase claims" influenced the decision.
    | Feb. 23, 2012, 5:38 PM | Comment!
  • Feb. 23, 2012, 2:43 AM
    BofA (BAC) will accelerate its expansion in China, adding as many as five branches in the country over the next 2-3 years from its current three outlets in Shanghai, Beijing and Guangzhou. BofA is also open to other options including a securities venture with a local partner.
    | Feb. 23, 2012, 2:43 AM | 1 Comment
  • Feb. 22, 2012, 12:16 PM
    Single family RE in Daytona Beach has reached Depression levels, writes Robert Sinn, with cap rates of 20%, i.e. operating income of $20K on a $100K purchase. With the cost of capital less than 5%, well, you do the math. Bank of America (BAC) owns at least 1/3 of single-family RE there, and may not have taken the marks yet - something to think about the next time someone says BofA is cheap on a price/book basis.
    | Feb. 22, 2012, 12:16 PM | 4 Comments
  • Feb. 22, 2012, 12:07 PM
    Ireland's Sealink investment firm sues a rack of big banks (including JPM, C, BAC, RBS, CS and more) for $948.8M in damages over residential mortgage-backed securities, charging material misrepresentation and omissions in underwriting standards.
    | Feb. 22, 2012, 12:07 PM | 12 Comments
  • Feb. 22, 2012, 3:41 AM
    BofA (BAC) and Barclays (BAC) grant Equity Residential (EQR) more time to submit a bid for their 26.5% stake in Archstone, but at a higher minimum price of $1.485B. EQR will have until April 19 to bid, and may use the extra time to prepare an offer for all of Archstone; the remaining stake is held by Lehman. (previously)
    | Feb. 22, 2012, 3:41 AM | Comment!
  • Feb. 21, 2012, 7:05 PM
    The financial services industry may be seeing massive job cuts, but leading brokerage houses are still aggressively recruiting brokers working for rivals. Merrill Lynch (BAC) is offering top brokers from rival firms upfront cash payments equal to 150% of the fees and commissions they generated over the prior 12 months, while UBS has raised its payment to 180%.
    | Feb. 21, 2012, 7:05 PM | 5 Comments
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Company Description
Bank of America Corporation is a bank holding and a financial holding company. Through its subsidiaries, it provides banking and non-banking financial services and products throughout the United States and in selected international markets.