Latest Business News: BofA Rejects Ex-workers' Claims on How it Treats Troubled Homeowners

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Latest Business News: BofA Rejects Ex-workers' Claims on How it Treats Troubled Homeowners

Latest Business News: BofA Rejects Ex-workers' Claims on How it Treats Troubled Homeowners
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Latest Business News: BofA Rejects Ex-workers' Claims on How it Treats Troubled Homeowners

by Wochit 1:09 mins

Bank of America Corp rejected allegations that greed and bad faith drove the bank and its workers to push distressed homeowners into foreclosure, rather than help them obtain loan modifications to which they were entitled. It was another record day on Wall Street ? barely. After spending most of the day flat or down, stocks rallied at the last minute and closed slightly higher, just enough to post new record highs for the Dow Jones industrial average and the Standard & Poor's 500 index. A top U.S. central banker said the Federal Reserve should keep buying bonds at the current pace until inflation rises back up toward the 2-percent target. The remarks illustrate how divided the Fed is on its quantitative easing program. St. Louis Fed President James Bullard, a voter on policy this year, told reporters the Fed would have to rethink its strategy for reducing asset purchases if inflation, now around 1 percent, drifted lower.

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