BofA

Bank Of America Laying Off 675 In Fort Lauderdale Where The Bank Modifies Mortgages

Submitted by News Desk 2 on Fri, 06/08/2012 - 10:11

Bank Of America will be laying off 675 employees in two offices in Fort Lauderdale as part of its overall 30,000 layoffs that is previously had announced. The offices affected were primarily responsible for modifying homeowner mortgages.

The move is expected to save BofA an estimated $43 million a year and together with other layoffs will save the bank nearly $2 billion.

The bank has been under pressure to show better profits and has taken a beating by the public and regulators in its mortgage practices in the past which have cost it $11 billion in all.

Bank Of America Makes Another Side Deal To $25 Billion Mortgage Settlement

Submitted by News Desk 2 on Fri, 03/09/2012 - 14:57

Charlotte, NC -

Bank of America has made another side deal with federal officials as part of the overall $25 billion mortgage settlement that the top five banks made last month. As part of the deal, BofA can reduce its out of pocket cash penalty by allowing larger write-downs on mortgages that were originated by then mortgage giant Countrywide.

Bank of America Ends Debit Card Fees; Bows to Pressure from Molly Katchpole, 300,000 strong Petition and Consumer Lashing

Submitted by News Desk 2 on Wed, 11/02/2011 - 11:51

Charlotte, NC -

Bank of America has announced it will no longer impose debit card fees. After announcing them recently, then modifying the planned roll-out, it has succumbed to pressure from widespread consumer backlash, as well as from Molly Katchpole, 22, who organized a 300,000-strong online petition.

After all the other banks like Chase, Wells Fargo and SunTrust had reversed course to dropping the controversial fees, Bank of America remained steadfast, saying it is not a fee but a service to its customers and will help improve customer service.

Bank of America Suffers Another Blow; Credit Rating Downgraded by Moody's

Submitted by News Desk 2 on Wed, 09/21/2011 - 13:30

 

As if the massive buyback of toxic mortgages it has been forced to buy, having to close hundreds of bank branches, laying off 30,000 - 40,000 employees, and having its stock prices slide into the gutter are not enough, Moody's lowered BofA's credit rating to "Baa1" from "A2" and gave the nation's largest bank a negative outlook.