Bank of America Corp., the largest U.S. lender by assets, said Charles Noski will be replaced as chief financial officer after the illness of a family member prevented him from moving to Charlotte, North Carolina, where the company is based.
Bank of America Corp. hired Gary Lynch , formerly a U.S. Securities and Exchange Commission enforcement director and Morgan Stanley’s legal chief, as it seeks to resolve disputes with regulators over soured mortgages.
Bank of America Corp. , which set aside $4.1 billion in the fourth quarter to resolve disputes over faulty mortgages, said it could cost as much as $7 billion to $10 billion more to resolve outstanding claims.
Bank of America Corp. , the largest U.S. lender by assets, reported its first profit in three quarters and settled more claims tied to faulty mortgages as an improving economy helped borrowers keep up with debts.
Bank of America Corp. Chief Executive Officer Brian T. Moynihan said the firm’s dividend may not rise from 1 cent a share until next year as the biggest U.S. lender struggles to tame costs tied to defective mortgages.
The investor group including Pacific Investment Management Co. that is weighing whether to sue Bank of America Corp. over about $47 billion in mortgage bonds agreed to extend talks with the lender for the second time.
At Bank of America Corp. , where the company’s home-price forecasts have proved too good to be true, billions of dollars of new losses are at stake along with the credibility of Chief Executive Officer Brian T. Moynihan .
A rush by U.S. homeowners to refinance at near record-low interest rates marks a rare bright spot for the mortgage industry, under attack for choking the economy with shoddy loans and botched foreclosures.