The Real Deal New York

Posts Tagged ‘Bank of America’

  • Bank of America and New York Attorney General Eric Schneiderman

    Bank of America and New York Attorney General Eric Schneiderman

    New York will receive an $800 million chunk of a national $16.65 billion settlement with Bank of America, state Attorney General Eric Schneiderman announced today.  [more]

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  • boa

    BoA CEO Brian Moynihan

    Bank of America is close to agreeing to pay as much as $17 billion to settle the mortgage-fraud case with the Justice Department.

    If the settlement occurs for that amount, it would break a record for the most damages and fines paid in a civil settlement suit involving a company and the U.S. government. The $9 billion that the Charlotte, N.C.-based bank already agreed to would not include funds that reduce loan balance for struggling consumers, the Wall Street Journal reported. This is part of the penalties the bank is facing for selling defective loans to Freddie Mac and Fannie Mae prior to the financial crisis. [more]

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  • boa

    BoA CEO Brian Moynihan

    Bank of America has been ordered to pay $1.27 billion in penalties in a mortgage fraud case.

    Federal District Court Judge Jed Rakoff determined the Charlotte, N.C.-based bank’s penalties for selling defective loans to Freddie Mac and Fannie Mae prior to the financial crisis. A jury found the bank liable back in October. In addition, a top manager of the Countrywide Financial division was found responsible for selling the loans, which were in a program called the “hustle.” [more]

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  • From left: Robert Benmosche and Brian Moynihan

    From left: AIG’s Robert Benmosche and Bank of America’s Brian Moynihan

    Bank of America will pay American International Group at least $650 million to settle a suit over faulty mortgages. [more]

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  • mobility-rate

    Mobility rate based on percentage of total population (Credit: Business Insider)

    The household mobility rate, or the percent of the population that moves into a new home in a year, has been in a long-term decline. This trend has been unfavorable for the housing market, which in turn has been a drag on GDP. [more]

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  • citigroup-TOPCitigroup’s bid to settle a probe into the handling of the bank’s mortgage-backed bonds right before the 2008 financial crisis is running into trouble.

    The U.S. Justice Department wants Citibank to pay $10 billion to put an end to its investigation. But the DOJ halted talks with Citibank on June 9 after the lender offered to pay less than half the request – just shy of $4 billion. Now, prosecutors are prepared to sue the bank as early as next week. [more]

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  • From left: TV Guide and 50 Rockefeller Plaza

    From left: TV Guide and 50 Rockefeller Plaza

    Bank of America is leasing its 14th-floor space at 50 Rockefeller Plaza to TV Guide.

    TV Guide has agreed to a seven-year deal, paying rent in the mid-$40s per square foot, for the full 18,284-square-foot spread, according to CompStak data cited by the New York Observer. The spot is one of two in the building alotted for the bank, which is landlord Tishman Speyer property’s largest tenant. [more]

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  • Bank of America and Morgan Stanley

    Bank of America and Morgan Stanley

    The fourth quarter of 2013 was a rough one for many of the country’s biggest banks, thanks to lingering litigation, the payouts for which took a bite out of the bottom line. [more]

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  • Smaller lenders are rapidly gaining market share

    Smaller lenders are rapidly gaining market share

    Smaller lenders touting more personalized customer service experience and local know-how have swooped in over the last few years to grab market share from giants such as Wells Fargo and Bank of America. Indeed, the 10 biggest lenders dominated with an 80 percent share of the primary mortgage market in 2010, according to a recent report from Fannie Mae. But as of the first half of 2013, their share had dropped to 60 percent of the market. [more]

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  • Fannie Mae has filed suit against nine banks, including Bank of America and JPMorgan Chase, for working to suppress the London interbank offered rate, commonly known as LIBOR. [more]

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  • Fresh off an August lawsuit over an $850 million mortgage bond, Bank of America is set to face three more Justice Department civil probes over risky mortgage-backed securities packaged by subprime lender Countrywide Financial, which they purchased in 2008. [more]

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  • Eric Schneiderman

    Eric Schneiderman

    New York State Attorney General Eric Schneiderman is taking Wells Fargo to court to force it to comply with last year’s national mortgage case settlement.

    The settlement, which resolved litigation over allegedly improper lending practices, banned banks from moving forward with foreclosures while negotiating loan modifications. Schneiderman’s actions imply that Wells Fargo wasn’t keeping up its end of the bargain, but the bank maintained in a statement that it had followed the terms of the deal. [more]

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  • Banks are giving investors a heads up that home-loan profits will fall. [more]

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  • Lynn Szymoniak

    Fraud expert Lynn Szymoniak

    A lawsuit against two dozen banks and mortgage servicers is alleging that New York City and New York State have been the victims of mortgage fraud with damages possibly exceeding $100 million.

    These allegations of violations of the False Claims Act from Florida-based attorney and fraud expert Lynn Szymoniak and her legal team have just been unsealed. Now, Szymoniak and her lawyers are looking to bring big banks and mortgage servicers to trial in federal court. [more]

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  • Durst’s One Bryant Park not so green

    August 03, 2013 04:00PM
    One Bryant Park

    One Bryant Park

    Despite being known as New York City’s most energy-efficient skyscraper, and the sparkling green credentials of its developer, the Durst Organization’s One Bryant Park uses more energy than the Empire State Building, the New Republic reported.

    The skyscraper was given a LEED-platinum rating by U.S. Green Building Council, the highest of its kind. However, citing data released by New York City last fall, the New Republic reported that the Bank of America headquarters produces more greenhouse gases and uses more energy per square foot than any similarly sized Manhattan office building. [more]

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  • Eric Schneiderman

    New York Attorney General Eric Schneiderman today announced his plans to sue Bank of America and Wells Fargo for allegedly violating the terms of the national mortgage settlement — the $26 billion deal that resolved wide-ranging litigation over the banks’ supposed foreclosure abuses, HousingWire reported.

    The suit would be the first since the agreement was signed in October 2012, according to Schneiderman’s office. [more]

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  • Got a beef with your mortgage company or loan servicer? Lots of people do, and thousands of them have been turning to a Federal complaint hotline for action — or at least a quick response from the lender. [more]

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  • From left: Bond’s Bruno Ricciotti and Noah Freedman

    Bond New York, the Manhattan-based residential brokerage, is facing a lawsuit from Bank of America after allegedly defaulting on $750,000 in loans. The action comes a few days after StreetEasy, the listings provider, sued the firm claiming it failed to pay a hefty advertising bill.  [more]

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  • Discoveries of misconduct among the nation’s largest mortgage lenders, prior to and during the foreclosure crisis, are continuing to add up, with the revelation that the nation’s biggest banks wrongfully foreclosed on more than 700 members of the U.S. military, the New York Times reported. [more]

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  • Bank of America CEO Brian Moynihan

    A proposed $8.5 billion deal by Bank of America to settle claims of mortgage abuses by Countrywide Financial, which the bank bought in 2008, is in jeopardy as a new lawsuit alleges that those abuses continued after Countrywide was acquired, the New York Times reported. Three Federal Home Loan Banks, in Boston, Chicago and Indianapolis, and Triaxx, a collateralized debt obligation fund, brought the suit, filed Friday in state Supreme Court in Manhattan. [more]

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