The Real Deal New York

Posts Tagged ‘Bank of America’

  • 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]

  • 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]

  • 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]

  • 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]

  • 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]

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

  • 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]

  • 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]

  • 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]

  • 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]

  • 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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  • Chairman of the Federal Reserve Ben Bernanke

    The Federal Reserve’s housing policies have helped steer the four largest home loan lenders back to recovery, Bloomberg News reported. Wells Fargo, JPMorgan Chase, Bank of America and U.S. Bancorp reported $24.4 billion in revenues from home lending in 2012 and expenses of just over $21.7 billion for settlements and loan repurchases, according to Bloomberg News data. Total loan originations for the year were $1.75 trillion, the highest levels since 2009, according to the Mortgage Bankers Association. The increased activity was spurred by the Fed’s policy of pressing interest rates down, which led to lower borrowing costs and a spur of refinancing activity. … [more]

  • BofA to pay Fannie Mae more than $10B

    January 07, 2013 09:00AM

    Banks were faced with an unprecedented number of lawsuits in 2012, and 2013 may prove to be another litigation-heavy year for banks. According to the New York Times, Bank of America agreed today to pay more than $10 billion to Fannie Mae to settle a dispute over mortgages that tanked during the housing crash. [more]

  • A Bank of America

    Despite the fact that the Federal Reserve is pumping billions into the economy by buying mortgage bonds — making originating mortgages more profitable than ever — certain huge players continue to sit on the sidelines, namely, Bank of America, Bloomberg News reported.

    “I get that they got their faces torn off,” Scott Simon, head of the mortgage division at Pacific Investment Management, told Bloomberg News, referring to losses large banks took during the Lehman Brothers debacle. “But this is a different environment.” [more]

  • Bank of America is now sitting atop $64 billion in mortgages at least six months delinquent that have not yet entered the foreclosure process — more than twice the sum of delinquencies held by the bank’s four main competitors combined, Bloomberg News reported. The loans add up to 3.3 percent of Bank of America’s total loans. By contrast, Wells Fargo has collected $15.3 billion of the same unpaid mortgages, making up less than 1 percent of its total loans…. [more]

  • Attorney Aaron Shmulewitz

    It’s hard for many people to get financing to purchase a home these days, but harder still for residents of small co-op buildings, the New York Times reported. Small co-ops are now trying to convert to condominium, as buyers in these buildings are finding their options increasingly limited.

    Buyers in small co-ops often have to put down as much as 40 percent in a down payment, and work with lenders, such as JPMorgan Chase or Bank of America, which will consider loans for co-ops under 10 units, unlike many other banks, the Times said. [more]

  • The Rushmore

    After years of waging a legal fight over $16 million in escrow funds, buyers at the Rushmore condominium on Riverside Boulevard learned that an imposter pretending to work for Extell Development gained access to personal information stored in those same escrow accounts at Bank of America, The Real Deal has learned.

    Stroock, Stroock & Lavan, the Manhattan-based law firm, and escrow agent for the Rushmore, warned buyers in a November 14 letter that the fake employee got a copy of the master account statement, which contained the amount of the individual deposits and the last four digits of the buyers’ social security numbers or tax ID numbers. “We learned last week that a copy of the current statement of the bank master account for the Rushmore was provided to an imposter using the name of an actual employee of Extell Development Co.,” Stroock attorney Bruce Schneider wrote. [more]