Bank of America, Wells Fargo, JPMorgan Lead Rebound in HiringBy Laura MarcinekFeb. 28 (Bloomberg) -- Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co. are among financial firms that added employees last year as the industry adjusted to an expanding economy and demands imposed by new U.S. regulations.
Bank of America, the biggest U.S. lender, counted 288,000 employees in its annual report for 2010 to securities regulators, an increase of 4,000, or 1.4 percent. Wells Fargo, the biggest U.S. mortgage lender, increased headcount by 4,900, or 1.8 percent, to 272,200, according to its annual report. Bank of America’s workforce increased 17 percent in 2009, the year when Merrill Lynch & Co. was added, while San Francisco-based Wells Fargo dropped almost 5 percent that year.
( Read Bank of America more... )Bank of America Could Nickel And Dime Its Way To $16Banks such as JPMorgan, Citigroup and Wells Fargo have introduced new fees on the checking account service after the Dodd-Frank financial reform bill restricted banks from charging merchants processing fees on debit card transactions.
Bank of America, the largest bank in the U.S. based on the level of deposits, is testing a new fee structure for its checking account service which used to be free. The new pilot program in Arizona, Georgia and Massachusetts allows customers to apply for various account types with monthly fees ranging from $6 to $25. The bank plans to expand the program nationally later this year.
( Read Bank of America more... )Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), Citigroup (NYSE: C) Penalties Likely to End “No Money Down” ProgramsAs banks face penalties for abuse mortgage practices and sketchy foreclosure practices, lenders begin looking for larger down payments for borrowers looking to buy houses. Penalties faced by the nations largest banks, Bank of America, Wells Fargo and Citigroup are expected to run into billions of dollars as a result of the banks automatically signing foreclosure documents without reviewing them carefully. The result of the steep fines is that the banks will put an end to “no money down” type mortgage programs, and begin requiring larger down payments to qualify for mortgages.
During 1997 through 2006, mortgage lenders created a variety of no money down type programs and “loan to own” mortgages which eliminated the strict requirements previously needed to get a mortgage. Individuals did not have to prove their ability to repay the mortgage or have sizeable downpayments during this period, and lenders like Bank of America, Wells Fargo and Citigroup lent millions of mortgages to people they knew had little chance of fully repaying them.
( Read Bank of America more... )Bank of America Faces More Legal Costs: AnalystsNEW YORK (TheStreet) -- Bank of America(BAC_)'s liability tied to mortgages originated by Countrywide Financial remains unquantifiable and could continued to mount for years to come, according to industry analysts.
"The legal troubles for Countrywide are not going to end anytime soon. Countrywide was at the epicenter in faulty underwriting compared to its peers," said Stifel Nicolaus analyst Christopher Mutascio.
FBR Capital Markets' analyst Paul Miller agrees that legal settlements due to the Countrywide acquisition will keep piling on the bank.
( Read Bank of America more... )Market Midday, with news on the companies Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Twitter, JPMorgan Chase (NYSE:JPM), Citigroup (NYSE:C)Stocks have started up this week, based on positive economic reports in the US. First, the Chicago Purchasing Managers index is reporting that the region has seen increased manufacturing activities in January. According to the group, the index increased to 71.2 to start the year. This has far exceeded expectations, as economists were anticipating a decrease from 68.8 to 67.5 for the month.
Also helping to boost stocks has been the increase in personal spending in the United States. January’s spending levels increased by 0.2%, slightly off from what economists had predicted. Still, personal income levels blew away expectations, increasing 1.0% for the month. Analysts had predicted income to increase by only 0.3%.
( Read Bank of America more... )Current Refinance Mortgage Rates at Bank of America and Wells Fargo TodayMortgage rates are stable in the 4.75 to 5.00% range heading into the week ahead with pressure from world events subduing but not entirely holding down the stock market. Weakness in the market will continue to prevent undue mortgage rate movements to the upside.
Bank of America (NYSE: BAC) 30 year fixed interest rates are 4.75% today with 1.25 points. CitiMortgage offers 4.875%, Chase Bank and Wells Fargo 5.00% and PNC Mortgage 5.375%. The 30 year fixed FHA loan at Wells Fargo (NYSE: WFC) is 4.75% carrying an APR of 5.374% today.
( Read Bank of America more... )Bank Of America, Citi, Wells Fargo May Lose BillionsThree of America's largest banks have all come out and disclosed in recent regulatory filings that they stand to lose billions in respect of either foreclosure practices, or outstanding legal problems arising from the financial crisis.Dow Jones Newswires reports that Bank of America has said that it could face legal losses of up in $1.5bn more than it has already accrued in respect of a number of legal claims working their way through the system.
The bank says that, according to its best estimates, it could ultimately lose between $145m and $1.5bn.
( Read Bank of America more... )Bank of America (BAC) Legal Liability Could Reach $1.5 Billion in 2011Bank of America (NYSE:BAC) legal losses in 2011 could come in as high as $1.5 billion, according to the recent filing of its annual report.
The giant bank gave a wide range of legal liability for the year; from $145 million to $1.5 billion. Those numbers don't include accrued liability, which the financial institution didn't reveal.
The majority of costs related to legal action will in connection to mortgage-securitization lawsuits against Countrywide Financial. A number of other banks are facing similar lawsuits and liabilities, but Bank of America more than others through its acquisition of Countrywide.
( Read Bank of America more... )Bank of America Corporation (NYSE:BAC) Throws In Mortgage TowelDue to competing demands, leading financial institution Bank of America Corporation (NYSE:BAC) is exiting its reverse mortgage origination business and moving its operational resources into other units.
However, the bank will continue to serve the needs of existing reverse mortgage customers and those with loans in process.
( Read Bank of America more... )Bank of America May Be Fined For Improper PracticeLast October the biggest bank in the United States, Bank of America, halted the foreclosures of homes over unpaid mortgages in all of the 50 American states.
Then on the 5th of November it announced in a federal government filing that up to 102,000 foreclosures that had already been processed by the bank needed to be reviewed for faulty or improper practices.
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