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SEC warns budget threats give swindlers upper hand
Feb 04, 2011 18:01 EST
WASHINGTON (Reuters) - Tighter budgets at the Securities and Exchange Commission could mean killing vital technology upgrades needed to catch swindlers, the agency's chief said on Friday in a blunt appeal for more funding.
BofA's Countrywide sued, accused of massive fraud
Jan 26, 2011 07:31 EST
NEW YORK (Reuters) - Bank of America Corp's Countrywide mortgage unit has been sued by investors claiming they were victimized in a "massive fraud" when they bought mortgage-backed securities.
Instant view: Bank of America posts loss, shares fall
Jan 21, 2011 07:40 EST
NEW YORK (Reuters) - Bank of America Corp, the largest U.S. bank by assets, reported a second straight quarterly loss, driven by a $2 billion writedown of its mortgage business.
BofA settlement with Fannie, Freddie "clears air"
Jan 03, 2011 18:39 EST
Bank of America stock up 6 percent on deal to settle claims from Fannie Mae and Freddie Mac. Bank of America Corp. reached a $2.8 billion settlement with Fannie Mae and Freddie Mac over claims that one of its businesses sold bad mortgages. The payment is far lower than analysts expected and removes some uncertainty that has hovered over the bank.
Allstate sues BofA and Mozilo over Countrywide losses
Dec 29, 2010 08:21 EST
NEW YORK (Reuters) - Allstate Corp has sued Bank of America Corp, its Countrywide lending unit and 17 other defendants for allegedly misrepresenting the risks on more than $700 million of mortgage securities it bought from Countrywide.
Allstate sues Countrywide over toxic investments
Dec 28, 2010 17:07 EST
Allstate sues Countrywide, Bank of America over $700 million in toxic mortgage investments. Allstate Corp. has filed a federal lawsuit against Countrywide Financial Corp. over $700 million in toxic mortgage-backed securities that the insurer bought beginning in 2005, only to see their value decline rapidly.
MBIA wins key ruling in Bank of America case
Dec 23, 2010 17:39 EST
WILMINGTON, Delaware (Reuters) - MBIA Inc won a key ruling that will sharply reduce the time and cost of gathering evidence to prove that Bank of America fraudulently induced it to insure billions of dollars of mortgage bonds.
Two states sue Bank of America on mortgage servicing
Dec 17, 2010 17:32 EST
SAN FRANCISCO (Reuters) - The states of Arizona and Nevada sued Bank of America Corp on Friday, accusing the largest U.S. bank of routinely misleading consumers about home loan modifications.
Two states sue Bank of America on mortgage servicing
Dec 17, 2010 17:32 EST
SAN FRANCISCO (Reuters) - The states of Arizona and Nevada sued Bank of America Corp on Friday, accusing the largest U.S. bank of routinely misleading consumers about home loan modifications.
SEC expands mortgage probe: sources
Dec 17, 2010 17:22 EST
NEW YORK/WASHINGTON (Reuters) - Securities regulators have broadened their inquiry into the mortgage industry, asking big banks about the early stages of securitizing home loans, two sources familiar with the probe said.
Arizona sues Bank of America on mortgage servicing
Dec 17, 2010 15:29 EST
SAN FRANCISCO (Reuters) - The state of Arizona sued Bank of America Corp on Friday, accusing the nation's largest bank of routinely misleading consumers about home loan modifications.
BofA looks to sell toxic mortgages worth $1 billion: report
Dec 13, 2010 10:00 EST
(Reuters) - Bank of America Corp has put up for sale at least $1 billion worth of toxic mortgage assets, the New York Post said on Monday, citing sources.
Pa. lawsuit: Firm let nonlawyers file foreclosures
Dec 03, 2010 15:29 EST
Pa. lawsuit targets law firm's foreclosures, saying it let its support staff file paperwork. A Philadelphia law firm used nonlawyers to file untold numbers of mortgage foreclosures across the state and fraudulently collected attorney's fees that caused people to lose their homes in cases which should be legally nullified, a Pittsburgh lawyer claims in a lawsuit.
Companies beware: The next big leak could be yours
Dec 02, 2010 14:09 EST
WikiLeaks release highlights risks companies face from poor security policies, angry workers. WikiLeaks' release of secret government communications is a warning to the world's biggest companies: You may be next.
BofA says had no contact with WikiLeaks
Dec 01, 2010 11:03 EST
BOSTON (Reuters) - Bank of America has no evidence that it is the target of alleged plans by website WikiLeaks to disclose confidential data and that thousands of the bank's internal documents have already been scoured by lawmakers and regulators, a top executive said on Wednesday.
Bank of America urges dismissing robo-signing suit
Nov 11, 2010 15:14 EST
NEW YORK (Reuters) - Bank of America Corp <BAC.N> has urged a federal judge to throw out a racketeering lawsuit over its alleged use of "robo-signers" in foreclosures.
Analysis: Fannie, Freddie may have edge in mortgage buybacks
Oct 21, 2010 16:45 EDT
NEW YORK (Reuters) - Fannie Mae and Freddie Mac, the U.S. housing finance giants, stand a good chance of recouping billions of dollars of losses on bad mortgages, but private investors face prolonged legal battles that most will not be able to win.
Foreclosure fiasco frustrates homeowners
Oct 17, 2010 13:48 EDT
DELRAY BEACH, Florida (Reuters) - Curtis Jones has fought for more than a year to keep his two-story townhouse in this beachside Florida city from being foreclosed.
Countrywide CEO Mozilo settles with SEC for $67.5M
Oct 16, 2010 00:43 EDT
Former Countrywide CEO Mozilo, 2 others agree to settle civil fraud charges for more than $70M. Countrywide Financial Corp. co-founder Angelo Mozilo has agreed to a $67.5 million settlement to avoid trial on civil fraud and insider trading charges that alleged he profited from doling out risky mortgages while misleading investors about the risks.
Summary Box: Mozilo settles with SEC for $67.5M
Oct 15, 2010 21:38 EDT
Summary Box: Ex-Countrywide CEO Mozilo settles SEC fraud charges for $67.5 million. BIG SETTLEMENT FOR COUNTRYWIDE CO-FOUNDER: Former Countrywide Financial CEO Angelo Mozilo agreed to a $67.5 million settlement to avoid trial on civil fraud and insider trading charges. Federal regulators had accused him of profiting from doling out risky mortgages while misleading shareholders about the risks.
