Rick Simon News
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Bank of America Corp. Chief Executive Officer Brian T. Moynihan has summoned more than 100 of his regional leaders to a private meeting today where they’ll be pushed to boost the lender’s flagging revenue, said two people with direct knowledge of the project.
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Funds planning to invest more than $6 billion to buy and rent foreclosed homes are finding it easy to raise money. The difficulty is spending it.
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Banks that agreed to help troubled borrowers as part of a settlement with regulators over foreclosure misdeeds are spending most of the promised aid on sales that displace homeowners and forgiveness that erases home equity loans from their books.
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Bank of America Corp. and its Countrywide Home Loans unit were accused of racketeering in a lawsuit filed by two Indiana residents claiming that perjured affidavits were used to foreclose on their home.
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California and New York, along with Florida, agreed to join more than 40 other states in a nationwide settlement 16 months in the making that seeks to end abusive bank foreclosure practices that followed the collapse of the housing bubble, a person familiar with the matter said.
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Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co. were sued by New York Attorney General Eric Schneiderman over the use of a mortgage database that the state said led to improper foreclosures.
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Stockton, California, has the highest U.S. foreclosure rate. It also has a housing shortage.
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Bank of America Corp. and JPMorgan Chase & Co. , along with three other U.S. mortgage servicers, proposed paying $5 billion to settle a probe of their foreclosure practices by state and federal officials, two people familiar with the matter said.
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Bank of America Corp. and its Countrywide Home Loans unit were accused of racketeering in a lawsuit filed by two Indiana residents claiming that perjured affidavits were used to foreclose on their home.
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Bank of America Corp., the second- largest U.S. bank, is in negotiations to sell mortgage servicing rights tied to $300 billion in loans, according to Reuters.
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