Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Bank of America Corp    BAC

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Bank of America Corp : NY to sue Wells Fargo, strike deal with Bank of America over mortgages: sources

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/02/2013 | 03:58am CEST

The New York Attorney General plans to sue Wells Fargo & Co on Wednesday over failures to comply with the terms of the $26 billion national mortgage settlement, according to a person familiar with matter.

At the same time, Bank of America Corp confirmed it had separately struck an agreement with New York Attorney General Eric Schneiderman over similar types of alleged compliance problems.

Separately, a committee of 14 other states and federal authorities monitoring the settlement are expected to announce agreements with both Bank of America and Wells Fargo to address similar compliance concerns over loan modifications and other issues, people familiar with the matter told Reuters.

Those agreements seek to address complaints from borrowers that banks had not met the terms of the national settlement.

Vickee Adams, a spokeswoman for Wells Fargo, said the bank had not been served a copy of the lawsuit.

She added that the bank believed a "collaborative approach - not protracted litigation or continued threats - offers the best path toward continuing to improve services to borrowers."

Dan Frahm, a spokesman for Bank of America, said: "We're pleased to resolve without litigation the matters brought forward by the New York Attorney General related to loan modifications and other assistance mortgage servicers provide."

He added that the agreement would require the bank to bolster its interactions with the New York Attorney General and home owner advocates.

The two pending actions by Schneiderman come several months after he said he had evidence to suggest the banks had violated the terms of the settlement, which is designed to end mortgage services abuses.

Last year, the country's top banks agreed to provide $26 billion in fines and relief to struggling homeowners.

Schneiderman has claimed his office has documented hundreds of potential violations over the timely processing of mortgage modification applications.

(Reporting by Karen Freifeld; additional reporting to Peter Rudegeair in New York; Writing by Sarah N. Lynch in Washington; Editing by Stephen Coates)

By Karen Freifeld

Stocks treated in this article : Bank of America Corp, Wells Fargo & Co
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BANK OF AMERICA CORP
03:01p BANK OF AMERICA : Small Business Confidence in the Economy Jumps 21 Percent in S..
12:40p IDFC BANK : appoints Avtar Monga as its executive director
12:04a BANK OF AMERICA : rejects move to separate chairman and CEO roles
04/26 BANK OF AMERICA : Trial to begin in dispute over Superman building maintenance
04/26 BANK OF AMERICA CORPORATION (LON : BAC) Files An 8-K Submission of Matters to a ..
04/26 BANK OF AMERICA CORP /DE/ : Submission of Matters to a Vote of Security Holders ..
04/26 BANK OF AMERICA : Seattle woman receives fake movie money from ATM
04/26 BANK OF AMERICA : Movies are back in Cambria at two different locations
04/26 U.S. Patents Awarded to Inventors in New York (April 26)
04/26 FARO TECHNOLOGIES : U.S. Patents Awarded to Inventors in Delaware (April 26)
More news
Sector news : Banks - NEC
06:38p HSBC : Compliance firm Exiger buys Canadian regtech startup OutsideIQ
06:36p RAIFFEISEN BANK INTERNATIONAL : EBRD backs Lavrenchuk for Ukraine central bank j..
06:15p European shares fall as ECB stands pat, banks drop
05:50p TSX falls as big banks, energy stocks weigh
05:17pDJCHINA CONSTRUCTION BANK : First-Quarter Profit Rises 3%
More sector news : Banks - NEC
News from SeekingAlpha
04/26 The Best Of The Blue Chips (And The Worst)
04/26 THE SECRET OF BANK OF AMERICA : The Investment Bank And Almost Unlimited Growth ..
04/26 Tracking Ken Fisher's Fisher Asset Management Portfolio - Q1 2017 Update
04/26 Reports Of General Electric's Demise Have Been Greatly Exaggerated
04/26 Buy Bank Of America - Cramer's Lightning Round (4/25/17)
Advertisement
Financials ($)
Sales 2017 89 350 M
EBIT 2017 34 215 M
Net income 2017 19 599 M
Debt 2017 -
Yield 2017 1,60%
P/E ratio 2017 13,05
P/E ratio 2018 11,06
Capi. / Sales 2017 2,68x
Capi. / Sales 2018 2,57x
Capitalization 239 185 M
More Financials
Chart BANK OF AMERICA CORP
Duration : Period :
Bank of America Corp Technical Analysis Chart | BAC | US0605051046 | 4-Traders
Full-screen chart
Technical analysis trends BANK OF AMERICA CORP
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 33
Average target price 25,8 $
Spread / Average Target 8,0%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Eugene M. McQuade President & Director
Catherine P. Bessant Co-COO & Chief Technology Officer
Tom Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
BANK OF AMERICA CORP8.51%239 185
JPMORGAN CHASE & CO.2.48%315 869
WELLS FARGO & CO-1.03%272 911
INDUSTRIAL AND COMMRCL..10.43%247 616
CHINA CONSTRUCTION BAN..9.93%204 774
BANK OF CHINA LTD4.07%192 753
More Results