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BofA Sprints Toward New Mortgage Hurdle
Keywords:
Bank of America's profitable mortgage business in 4th quarter 2012 with over $1 billion in revenue. Bank of America worked with its own customers to tighten oversight and turned down mortgage purchases from other banks. Lending to borrowers under the government HARP program was more profitable. As refinancings under the HARP program shrink from the 800,000 reached in the first ten months of 2012, the revenues and margins are likely to decline, say analysts.
Bank of America's profitable mortgage business in 2013-14
02/03/2013
By doing mortgage lending to its own customers Bank of America is keeping tighter oversight over lending. Lending to the government's HARP program borrowers is more profitable, As a result Bank of America had over $1 billion in revenues from mortgage lending in the fourth quarter of 2012 with higher margins than JP Morgan Chase.
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Wall Street Journal 04/25/2014
BofA Sprints Toward New Mortgage Hurdle
Wall Street Journal 02/03/2013
Bank of America mortgage unit
01/05/2009
The effort to cleanup 1.3 million delinquent loans, a large part of which came with the acquisition of Countrywide Financial in 2008. Countrywide led by Mozilo is said to be one of the largest firms behind the mortgage mess.
Grouped Articles
BofA's Blunder: $40 Billion-Plus
Wall Street Journal 06/29/2012
A Toxic Subprime Mortgage Bond's Legacy Lives On
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Finally, Borrowers Score Points
New York Times 06/11/2010
Court Weighs Penalty in Bank of America 'Hustle' Case
Wall Street Journal 12/06/2013
Angelo Mozilo of Countrywide Settles Fraud Case for $67.5 Million
New York Times 10/15/2010
Bank of America to Pay $6.3 Billion To Settle Mortgage Securities Suit
New York Times 03/26/2014
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