Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Bofa Finds It Hard To Shake Off Mortgage Troubles

Saturday, April 16, 2011 - 11:51 PM
"It seems like some of the mortgage-related issues that they said were behind them are actually not behind them yet," said Paul Miller, a bank analyst at FBR Capital Markets.

Most banks will likely have to pay more fees and fines in the future for investigations on other mortgage-related issues. Bank of America and other banks are waiting for a decision from the attorneys general of all 50 states who are investigating allegations that the banks bungled foreclosure documents, and a separate decision from the Securities and Exchange Commission on its probe into misleading mortgage-backed investments.

MikeMike327 posts since
Feb 22, 2010
Rep Points: 876
1. Sunday, April 17, 2011 - 6:25 AM
I also found this interesting from the article
Much of Bank of America's mortgage-related woes stem from its 2008 acquisition of Countrywide Financial

BofA's acquisition of Countrywide was probably a bigger mistake than Wachovia's acquisition of World Savings.
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708