The Real Deal Miami

Posts Tagged ‘bank of america’

  • Morgans refinances Delano South Beach

    Hotel part of $450 million transaction that includes Hudson in New York
    February 12, 2014 12:00PM
    Delano South Beach

    Delano South Beach

    Morgans Hotel Group has completed a $100 million refinancing of a credit facility secured by the popular Delano South Beach hotel.

    The transaction was part of a $450 million refinancing that includes the New York company’s Hudson hotel, Morgans announced Monday. Bank of America and Citigroup Global Markets Realty provided the financing. The new loan matures in February 2016, with three one-year extension options. [more]

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  • Miami sues major banks over predatory lending

    City claims Fair Housing Act violated in federal lawsuit
    December 20, 2013 12:00PM

    gavThe City of Miami believes three of the biggest banks in the world violated the Federal Fair Housing Act.

    A federal lawsuit has been filed by the city against Bank of America, Citigroup and Wells Fargo over alleged predatory lending, the Miami Herald reported. The city claims it has lost substantial property tax revenue from foreclosures filed by the banks. The lawsuit accuses each bank of regularly giving loans to minority borrowers in the city under different terms than white borrowers over the last decade. [more]

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  • From the New York site: 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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  • From the New York site: Now that the budget standoff has ended – at least for the time being – home loan borrowers shouldn’t dilly dally waiting for mortgage rates to fall, according to industry experts. [more]

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  • jamie-dimon

    JPMorgan’s Jamie Dimon

    From the New York site: Banks are giving investors a heads up that home-loan profits will fall.

    JPMorgan Chase expects to lose money on its mortgage-origination business for the rest of the year. Bank of America cut 2,100 of its employees due to a drop in refinancing activity, and is closing 16 of its mortgage offices, a spokesperson said. And investors are concerned that the surge in interest rates will prompt the Federal Reserve to move to decreasing the $85-billion-a-month bond-buying program intending to give the economy a boost. [more]

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  • Terranova, Acadia buy retail trio on Lincoln Rd.

    Use $84 million loan from Bank of America
    June 18, 2013 11:00AM
    Lincoln Road

    Lincoln Road

    Terranova Corp. and Acadia Realty Trust obtained a $84 million loan from Bank of America for a trio of retail buildings on Lincoln Road in Miami Beach, Daily Business Review reported.

    Terranova and Acadia purchased the buildings at 719, 801 and 826 Lincoln Road for $139 million last year. [more]

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  • Bank of America accused of lying to homeowners

    Boynton Beach resident claims lender lied about loan modification
    June 17, 2013 03:00PM
    bank-of-america-tallahassee-leon-fl

    Bank of America in Tallahassee (Credit: Tallahassee Leon FL)

    A Boynton Beach resident is among the plaintiffs in a multi-district lawsuit alleging that Bank of America willingly hindered modifications requested by borrowers through the federal Home Affordable Modification Program, the Palm Beach Post reported.

    In her lawsuit, Shari Goldman said she completed a trial loan modification that reduced her monthly payment by $390. She continued to pay the same amount, but six months later, was denied a permanent modification and was told she owed $3,158 in back payments. [more]

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  • Bank of America regaining share of mortgages

    Florida A.G. accused lender of failing to comply with settlement terms
    June 11, 2013 03:00PM
    bank-america

    Bank of America

    Despite criticism from Florida’s attorney general over mortgage settlement practices, Bank of America is strengthening its foothold on the market, Bloomberg reported.

    The lender boosted home-loan volume 57 percent in the year through March by selling more products to existing customers, chief financial officer Bruce Thompson said today. Its cut of the U.S. mortgage market fell below 4 percent after it shut a business that bought loans marketed by third-party firms, he said. [more]

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  • pam-bondi-bank-america

    Pam Bondi and Bank of America

    Florida’s attorney general Pam Bondi wrote in a five-page letter to Bank of America claiming it may not be fully complying with the terms of last year’s nationwide, five-bank mortgage settlement, the South Florida Business Journal reported. [more]

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  • Using your home as an ATM is no longer a financial option, but the tools that allowed owners to pull out massive amounts of money during the boom years — equity credit lines and second mortgages — are making a comeback. [more]

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