bank of America

Bank of America and Genentech Lead Market Higher

admin_huliq — Mon, 21 Jul 2008 09:53:56 -0500

Bank of America gave yet another boost to financial market following less than catastrophic earnings results from the large money center banks last week. It says a lot about the market we're in when a stock can rally 10% on news that it will not need an FDIC bailout this week.

Bank Of America Completes Countrywide Transaction

jredz — Tue, 01 Jul 2008 23:24:41 -0500

With the completed purchase of Countrywide, Bank of America is now the largest mortgage lender and mortgage servicer in America. The deal closed Tuesday morning with a final price tag of $2.5 million, a 37 percent discount from the original price tag.

Fed approves BofA, Countrywide purchase

admin_huliq — Sat, 07 Jun 2008 09:12:42 -0500

The Federal Reserve has approved the purchase of Countrywide by Bank of America. Not surprising really - at this point the Fed will probably approve the purchase of any bank by another just to save the public from “BANK FAILURE” headlines. While the acquisition is approved there has been some rumblings that Bank of America is not quite sure whether they’ll complete the transaction; but so far all signs and sounds coming from BofA point to moving forward.

Bank of America Slashes Estimates for Goldman, Lehman, Morgan

admin_huliq — Tue, 27 May 2008 10:52:25 -0500

Analysts at Bank of America cut earnings estimates for Goldman, Lehman and Morgan Stanley today.

EDS deploys 100,000 Cisco Unified IP Phones for Bank of America

harminka — Tue, 13 May 2008 12:13:07 -0500

EDS and Bank of America today announced the deployment milestone of 100,000 Cisco Unified Internet Protocol (IP) phones within the bank’s extensive North American network environment.

Bank Of America May Not Back $38 B. Countrywide's Debt

admin_huliq — Fri, 02 May 2008 15:42:10 -0500

Bank of America has indicated that it may not guarantee $38.1 billion in Countrywide's debt despite its determination to close the acquisition of CFC in the third quarter.

SEC Charges Banc of America With Disclosure Failure

admin_huliq — Thu, 01 May 2008 17:26:53 -0500

SEC Charges Banc of America Investment Services With Failing to Disclose It Favored Affiliated Mutual Funds.

Is Bank of America headed to principal reductions?

admin_huliq — Thu, 01 May 2008 09:48:59 -0500

Reader Paul (big hat tip to him) pulled a key comment out of the B of A press release issued earlier this week that addressed Bank of America’s efforts to help homeowners keep their home. The comment, buried at the bottom of the release was the following:

BofA to Modify 265,000 Countrywide Loans

admin_huliq — Tue, 29 Apr 2008 15:01:31 -0500

Bank of America announced that it plans to work-out approximately $40 billion of loans in trouble at Countrywide as part of it’s acquisition of the failed mortgage lender.

Bank of America Neuters Countrywide?

admin_huliq — Tue, 22 Apr 2008 15:47:21 -0500

CNN reports that Bank of America will eliminate all but the most sound mortgage products as it attempts to complete its takeover of Countrywide. Countrywide was made famous by its option ARM and other non-traditional products which have clearly back-fired. Which begs the question - why Countrywide mortgage at all?

Bank Of America Hit By Mortgage Meltdown

jredz — Tue, 22 Apr 2008 00:39:07 -0500

Bank of America posted a 77 percent loss in its quarterly profit for the first quarter of 2008 which may send shock waves through the mortgage and credit industries. The new trend shows that US homeowners with second mortgages, homebuilders and small business owners are showing an alarming trend in defaulting on their mortgages, which lead BoA to set aside $3.8 billion.

BofA Writes Down Another $1.91 Billion

admin_huliq — Mon, 21 Apr 2008 09:02:05 -0500

Bank of America Corp. posted a 77% drop in net income Monday, as provisions for credit losses quintupled to $6 billion and investment banking write-downs cost at least another $1.91 billion.