Record-breaking settlement between Bank of America and US federal and state entities
Bank pays fine for mortgage fraud in the lead-up to the financial crisis
No incentive to improve
Mozilo agrees $22.5 million settlement with SEC over charges of misleading investors
Mortgage bank alleged to have exposed investors to excessive risk
Losses & Lawsuits
Bank of America (BofA) posted profits of $3.41 billion for the second quarter, despite recording combined writedowns of $4.84 billion in its credit book and elsewhere for the same period.
Amid disappointing third-quarter results, credit default swaps (CDSs) referenced to Bear Stearns and Lehman Brothers ranked among the most active in CDS trading in the US in September, according to a monthly report by New York-based inter-dealer broker…
Dealers believe the $2 billion investment by Bank of America in troubled California-based mortgage lender Countrywide Financial helped ease credit worries during morning trading in Europe.
Kevin Mahon, Florida-based senior vice-president at Countrywide Securities, has called upon the US structured products industry to work more closely together to provide greater transparency for investors. “Dealers need to clarify in plain English what a…
Credit default swaps (CDS) referenced to financial services firms, banks and telecom companies were among the most active in April trading, according to a monthly list produced by GFI, a New York-based interdealer broker.
Credit default swaps (CDSs) referenced to financial services and telecommunications firms were the most active in the global credit default swap market in January, according to New York-based interdealer broker GFI.
Deutsche Bank has hired Nicholas Letica as head of agency collateralised mortgage obligation (CMO) trading.