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BofA delays foreclosures in 23 states

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Bank of America is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents. Bank of America isn’t able to estimate how many homeowners’ cases will be affected, Dan Frahm, a spokesman for the Charlotte, N.C.-based bank, said Friday. The move adds the… Continue Reading BofA delays foreclosures in 23 states

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Bank of America will pay $108 million to settle federal charges that Countrywide Financial Corp., which it acquired nearly two years ago, collected outsized fees from borrowers facing foreclosure. It’s the latest evidence of misconduct at Countrywide, once an industry giant that has since fallen. Last year, three top executives, including former CEO Angelo Mozilo,… Continue Reading Bank of America to pay borrowers $108 million

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WASHINGTON (AP) – Citigroup Inc. and Bank of America Corp. will need to raise more capital if they can’t convince regulators that “stress test” results were mistaken, according to two people familiar with the matter.The banks are hard at work preparing their appeals, said the people, who spoke on condition of anonymity because everyone involved… Continue Reading BofA, Citigroup need more capital after stress test

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