B of A Stock Closes Up Nearly 2% on Settlement News

Bank of America apparently benefitted from the JPMorgan Chase settlement as its common stock gained 1.88% on Tuesday. B of A is currently looking to get approval of its own mortgage-backed securities settlement.

The Charlotte, N.C.-based bank scored the largest percentage increase among Mortgage Industry Equity Composite stocks.

There were nine MIEC stocks which closed higher than they did on Monday and seven which closed lower. Dime Community closed unchanged.

Astoria Financial closed 0.98% higher, while OceanFirst Financial closed 0.9% higher.

Ellie Mae’s common stock lost over 3%, while CoreLogic lost over 1% and Radian Group lost 0.92%.

Fannie Mae and Freddie Mac both continued their slides, each losing over 13% as investor euphoria over Pershing Square and Fairholme fades.