Key Developments: Bank of America Corp (BAC)
13.24USD
24 May 2013
$0.03 (+0.23%)
$13.21
$13.17
$13.26
$13.12
83,452,519
142,866,465
$13.73
$6.85
Latest Key Developments (Source: Significant Developments)
Bank of America Corp Sells $110 Billion CMBS Servicing Rights Portfolio To KeyCorp's Unit-Reuters
Reuters reported that Bank of America Corp will sell a commercial mortgage servicing rights portfolio valued at around $110 billion to a KeyCorp's unit for an undisclosed amount, the latest offloading of servicing assets which many big banks consider costly to collect on. KeyBank Real Estate Capital said in a statement it will more than double its servicing portfolio to $205 billion with the acquisition, which includes about $14 billion in special servicing rights. The transaction needs the approval of private investors. Full Article
New York To Sue Wells Fargo & Co, Bank of America Corp Over Mortgage Practices-Reuters
Reuters reported that New York Attorney General Eric Schneiderman said, he plans to sue Bank of America Corp and Wells Fargo and Co for violating the terms of a settlement designed to end mortgage servicing abuses. The planned action is the first involving allegations that top banks, which agreed last year to provide $25 billion in relief to homeowners and comply with a set of servicing standards to atone for foreclosure misconduct, are not living up to their obligations under the deal. A spokeswoman for Wells Fargo declined to comment. Bank of America said in a statement that it takes seriously the allegations of servicing problems and will work quickly to address them. Full Article
Bank of America Corp Reaches $1.6 Billion Settlement With MBIA Inc-Reuters
Reuters reported that Bank of America Corp has agreed to pay $1.6 billion in cash to MBIA Inc and will receive the right to buy a 4.9% stake in the bond insurer to resolve long-running litigation, the companies said. Bank of America will also remit $137 million worth of MBIA senior debt it acquired in December and provide MBIA with a $500 million credit line as part of the deal. The accord will settle all of the two companies' disputes, including liability for MBIA as a counterparty in swap deals with Bank of America. Bank of America will take a charge against previously reported first-quarter earnings and its capital ratios will rise under Basel III as a result of the deal. Full Article
Bank Of Queensland Ltd Announces Holding Interest Of Bank Of America Corporation
Bank Of Queensland Ltd announced that Bank Of America Corporation and its related bodies corporate have an interest of 37,328,936 ordinary shares, which represents 11.87% of voting power in the Company. Full Article
Bank of America Corp Declares Quarterly Dividends
Bank of America Corp announced the Board of Directors declared a regular quarterly cash dividend on Bank of America common stock of $0.01 per share, payable on June 28, 2013 to shareholders of record as of June 7, 2013. The board also declared a regular quarterly cash dividend of $1.75 per share on the 7% Cumulative Redeemable Preferred Stock, Series B. The dividend is payable on July 25, 2013 to shareholders of record as of July 11, 2013. Full Article
Judge Approves Bank of America Corp $2.43 Billion Settlement Over Merrill-Reuters
Reuters reported that Bank of America Corp won a federal judge's approval for a $2.43 billion settlement with investors who said the lender hid crucial information when it bought Merrill Lynch & Co. The accord, among the largest investor settlements stemming from the recent global financial crisis, was approved by U.S. District Judge Kevin Castel in Manhattan. Bank of America had agreed to buy Merrill in an all-stock deal initially valued at $50 billion on September 15, 2008, the same day that Lehman Brothers Holdings Inc went bankrupt. Full Article
Julius Baer Gruppe AG Says Bank of America Corp's Merrill Lynch Unit Integration On Track-Reuters
Reuters reported that Julius Baer Gruppe AG has transferred ownership of businesses in Chile, Uruguay, Monaco and Luxembourg which it bought from Bank of America Corp's Merrill Lynch as it integrates the wealth management businesses it acquired from the U.S. bank. The transfers would substantially boost its businesses in South America and Monaco. Baer closed its purchase of Merrill Lynch's wealth management business outside of the United States and Japan in February, with the aim of expanding in fast-growing emerging markets and strengthening its business in more mature ones. Baer said it would also transfer other major former Merrill Lynch businesses in Hong Kong, Singapore and the UK later this year. It said it expects the integration to be complete in the first quarter of 2015, with most large businesses to be transferred this year. Full Article
Bank of America Corp And Other Banks Score Win In Private Libor Suits-Reuters
Reuters reported that A group of banks won a victory when a U.S. judge dismissed a substantial portion of the claims in private lawsuits accusing them of rigging global benchmark interest rates. The banks include Bank of America Corp, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, Royal Bank of Canada, Royal Bank of Scotland and WestLB AG. They had been accused by a diverse body of private plaintiffs, ranging from bondholders to the city of Baltimore, of conspiring to manipulate the London Interbank Offered Rate (Libor). Full Article
Bank of America Corp And Societe Generale SA Appeal Dismissal of Challenge To MBIA Inc's Restructuring
Dow Jones reported that Bank of America Corp and Societe Generale SA Thursday appealed a New York Supreme Court judge's dismissal of their challenge of MBIA Inc's restructuring, Bloomberg News reported on Friday. Justice Barbara Kapnick erred in her decision earlier this month to dismiss their challenge of the bond insurer's 2009 restructuring, the banks said, calling it 'arbitrary and capricious and an abuse of discretion'. Full Article
Federal Home Loan Mortgage Corp Sues Bank of America Corp, JPMorgan Chase & Co, UBS AG, Credit Suisse Group AG And Other Banks Over Libor-Reuters
Reuters reported that Federal Home Loan Mortgage Corp is suing more than a dozen banks for losses from the alleged manipulation of the benchmark interest rate known as Libor. Bank of America Corp, JPMorgan Chase & Co, UBS AG and Credit Suisse Group AG are among the banks named as defendants in the lawsuit. Freddie Mac, which invested in mortgage bonds and swaps tied to U.S. dollar Libor, claims the banks colluded to rig the benchmark from 2007 to 2010, according to the complaint, which was filed March 14, 2013 in U.S. District Court for the Eastern District of Virginia. Bank of America, JPMorgan Chase, UBS, Credit Suisse and other banks did not immediately respond to calls for comment or declined to comment. Full Article
New York claims more proof of bank mortgage abuses
NEW YORK - New York Attorney General Eric Schneiderman said there is mounting evidence that Bank of America Corp , Wells Fargo and Co and other banks violated the terms of a settlement designed to end mortgage servicing abuses.
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