Daily Archives: June 28, 2013

Link

Bank of America Said to Send Property Reviews to India

Bank of America Said to Send Property Reviews to India

Bank of America Corp. opened a unit in India to review home-valuation reports as it seeks to rebuild share in U.S. mortgages at a lower cost, said four people with knowledge of the move.

Workers in the new Bangalore office follow checklists to determine if appraisals are complete, said the people, who requested anonymity because they weren’t authorized to comment. The firm also eliminated jobs of licensed U.S. workers in its LandSafe business, the appraisal division of the Charlotte, North Carolina-based company, which made $78.7 billion in loans last year, the people said.

Link

BofA, Wells Fargo Won’t Face Mortgage Deal Enforcement Case

BofA, Wells Fargo Won’t Face Mortgage Deal Enforcement Case

Bank of America Corp. and Wells Fargo & Co. (WFC) won’t face an enforcement action by state and federal officials over claims the banks violated a $25 billion mortgage-servicing settlement.

The agreement established a process for banks to fix violations and remediate harm to borrowers, a committee of states and federal agencies said in a letter today to the New YorkAttorney General’s office, which claims Bank of America and Wells Fargo have violated the settlement.

Link

ResCap to Pay $230M to End Foreclosure Reviews

ResCap to Pay $230M to End Foreclosure Reviews

Residential Capital has won court permission to set aside $230 million for payments to homeowners whom the company may have foreclosed on improperly.

The former subprime mortgage unit of Ally Financial has received approval to enter into an agreement with the Federal Reserve Board that would end regulatory review of its foreclosure practices, Judge Martin Glenn of the U.S. Bankruptcy Court in Manhattan ruled on Wednesday.

Link

FHFA reports ‘irrelevant’ to BofA MBS deal, investors say

FHFA reports ‘irrelevant’ to BofA MBS deal, investors say

The institutional investors backing an $8.5 billion Bank of America ($13.01 0.25%) mortgage-backed securities settlement said that the judge overseeing a trial shouldn’t consider two Federal Housing Finance Agency inspector general reports because they’re irrelevant, Law360 reports.

Some investors, including  American International Group Inc., have challenged the proposed settlement because they say $8.5 billion isn’t enough money and they don’t know enough about how the deal was negotiated.

Link

Bank of America rejects AIG bid to reopen MBS settlement

Bank of America rejects AIG bid to reopen MBS settlement

Bank of America  ($13.01 0.25%) has rejected a bid to re-open negotiations into its proposed $8.5 billion settlement with investors in mortgage-backed securities, indicating it plans to take its chances that a judge will approve the deal, Reuters writes. 

American International Group ($44.48 0.86%) and the Federal Home LoanBanks of Boston, Chicago and Indianapolis, which object to the settlement, sent a letter toBank of New York Mellon Corp  ($28.72 0.39%), the trustee overseeing the securities.