|Bid||26.19 x 1300|
|Ask||26.20 x 1800|
|Day's Range||26.17 - 26.24|
|52 Week Range||25.00 - 26.59|
|Beta (3Y Monthly)||0.00|
|PE Ratio (TTM)||9.32|
|Forward Dividend & Yield||1.55 (5.90%)|
|1y Target Est||N/A|
The ‘buy the dip’ theme appears to be in full swing, as Bank of America Merrill Lynch clients took advantage of last week's stock market decline.
Invesco Vice Chairman of Investments Krishna Memani says President Trump's got a valid point and calls previous FED moves misplaced policy tightening as Wall Street prepares for the FED to cut interest rates.
(Bloomberg) -- Bank of America Corp., which took heat for how it treated customers in the mortgage crisis a decade ago, has emerged as a champion of elderly borrowers in Ditech Holdings Corp.’s second trip through bankruptcy.The bank is siding with a growing list of groups, including the U.S. Trustee, attorneys general from several states and consumers, who object to Ditech’s plan to sell its reverse mortgage business.BofA, for its part, has warned that the sale could leave thousands of BofA’s elderly borrowers without promised services on their loans, according to a court filing.The reverse mortgages are held by people with an average age of 81, and for many of them, the loan is their primary source of income, court documents show. Some of the loans date from before the financial crisis, according a person familiar with the situation.“They rely on this income to fund their basic living expenses,” the bank said in the filing. “Any interruption in the servicing of these reverse mortgage loans could have severe consequences for these borrowers.”The loans are owned by BofA and serviced by Ditech’s Reverse Mortgage Solutions Inc., which the company plans to sell to Mortgage Assets Management LLC. The latter company is affiliated with Waterfall Asset Management LLC, according to court papers filed in the case. New York-based Waterfall focuses on investing in asset-backed securities, loans and private equity, according to its website.The objection from BofA comes on top of separate complaints and objections from borrowers who oppose the bankruptcy plan; they say Ditech is trying to sell its business to a new owner free-and-clear of their claims against the company for mishandling their mortgages. The U.S. Trustee this week voiced similar concerns.Representatives for BofA, based in Charlotte, North Carolina, and Ditech, based in Fort Washington, Pennsylvania, declined to comment. Waterfall Asset Management and lawyers representing Mortgage Assets Management didn’t respond to messages.Role ReversalBofA wound up paying more than $50 billion by 2014 to settle claims related to shoddy mortgages, most tied to its 2008 purchase of Countrywide Financial Corp. The recovery led by current Chief Executive Brian Moynihan included selling off most of its mortgage servicing assets by 2013.One of the buyers was Ditech’s predecessor, Walter Investment Management Corp., which in 2013 bought servicing rights for a BofA portfolio of more than 650,000 loans.By 2017, Walter Investment Management had collapsed into bankruptcy. It emerged in February 2018 with Ditech as its new name and quickly appointed Tom Marano, the former head of mortgage-backed securities at Bear Stearns & Co., as the new CEO -- only to fall back into bankruptcy almost exactly one year later.Ditech and BofA also recently settled a dispute over expenses related to the 2013 sale of mortgage servicing rights, with the bank agreeing to pay Ditech $7.6 million.Earlier this year, as Ditech tried to reach agreements to sell its businesses, complaints from borrowers and consumer groups began to pile up. Some homeowners sued the company, claiming that Ditech’s failures put them in financial peril and cast doubt on the value of the servicing rights Ditech was trying to sell. Attorneys General from Colorado, Washington, Nevada, Iowa, Oregon and New York have joined with the consumer creditor committee in objecting to Ditech’s bankruptcy plan and the sale of its businesses.Now comes Bank of America, adding the weight of the second-biggest U.S. bank by assets to the fray.Critical FundsBofA’s filing shows that servicing a reverse mortgage for the elderly is more of a high-touch business than a conventional home loan. It involves handling borrower requests for money that they may need for basic living expenses. For some, it’s their primary source of income, and RMS has been their only point of contact on the mortgage for years, the filing shows. The process also involves paying taxes and insurance and communicating with heirs when a borrower dies.BofA said it tried to bargain without success for terms to ensure those services are maintained. Without a new contract, elderly borrowers may wind up with loans that aren’t serviced properly or funded in a timely way, according to BofA.Ditech, it said, “should not be allowed to walk away from this protected class of borrowers.”The bank wants the federal judge overseeing Ditech’s bankruptcy to make sure servicing arrangements are made for the reverse mortgages.When Ditech filed for Chapter 11 protection in February, Marano said in a statement that the company remains “firmly committed to our mission of serving customers through the homeownership journey.”A confirmation hearing on the bankruptcy plan is slated for Aug. 7.BofA also wants to avoid negative headlines and the possibility that poor servicing of the reverse mortgages could show up in the media, said Christopher Whalen, chairman of Whalen Global Advisors LLC. “They are still sensitive to any potential liability that could come back at them,” he said.\--With assistance from Lananh Nguyen and Shannon D. Harrington.To contact the reporters on this story: Josh Saul in New York at email@example.com;Jeremy Hill in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Rick Green at email@example.com, Nicole BullockFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Bank of America and UBS have reshuffled their investment banking teams in a bid to muscle in on fundraising and advisory work for private companies, as businesses put off going public and fees from initial public offerings come under pressure. Both banks have this month created new teams focused on capital raising and advice to privately owned businesses, according to memos seen by the Financial Times. The moves reflect how early introductions to such companies have become increasingly important as Wall Street banks look to generate revenues from advising on initial public offerings and mergers and acquisitions.
Although most consumers think of Mastercard as a credit card company, in actuality it is a participant in the payments industry, acting as a middleman in transactions.
Merrill Lynch reportedly shelled out $40 million to settle allegations that a now-fired broker made unsuitable investment recommendations and engaged in excessive trading.
Bank of America will open its first Ohio branch this morning, and it’s in Greater Cincinnati. Charlotte, N.C.-based Bank of America (NYSE: BAC), the nation’s second-largest bank at $2.4 trillion in assets, tapped Deerfield Township for the first of 15 full-service banking offices it’s planning to open in Greater Cincinnati over the next two years. The Deerfield Township branch is at 12191 Montgomery Road, in a fast-growth area near Field Ertel Road.
The youngest American to visit every country in the world gives his tips on how to save money and maximize rewards.
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Two large banks, a food-and-beverage company, and a prescription-drug distributor are expected to announce dividend increases next week.
Bank of America Corp has appointed Janis Vitols to be its new head of global asset management investment banking, according to an internal memo seen by Reuters on Thursday. "A 20-year veteran in investment banking, Janis joins us from Barclays, where he was most recently managing director and head of global asset management investment banking," Bank of America Vice Chairman and Americas head of its financial institutions group Will Addas wrote in the memo to staff.
Bank of America CEO Brian Moynihan just went a long way in showing not all millenials are broke.
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The wirehouse reportedly plans to stick with its existing broker compensation plan, which includes incentives to bring in new clients
Bank of America earnings topped second-quarter views, with shares rising Wednesday. The banking giant has been nearing a buy point.
Charlotte-based Bank of America Corp. again broke company records in its second-quarter earnings report released Wednesday morning. That success means reinvesting resources back into the business, Chief Executive Brian Moynihan said.
On Wednesday, Bank of America (BAC) reported mixed second-quarter results. The bank’s profitability beat analysts' expectation.
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