Bank of America Corp., Charlotte, N.C., has reported net income of $16.89 billion ($4.15 per share) for 2005, up 19% from $14.14 billion ($3.69 per share) in 2004.Home equity production volume rose 27% to a record $72 billion, BoA said. For the fourth quarter, the company reported net income of $3.77 billion ($0.93 per share), down from $3.85 billion ($0.94 per share) a year earlier. The company can be found online at http://www.bankofamerica.com.
Mortgage applications rose 0.4% on a seasonally adjusted basis from one week prior for the period ending June 26, according to the MBA's Market Composite Index.
Homeowners accuse the home equity investment company of breaking the law for suggesting that its home equity investment product isn't a mortgage.
The fee hike, which also raises the cost of assumptions, is part of the House pay-as-you-go rules to support a proposed expansion of veterans benefits.
Mortgage fintechs are attracting investor attention and dollars with agentic AI processes in new origination-focused platforms and assistants.
The portfolio for sale contains hundreds of millions of dollars worth of reperforming loans that the government-sponsored enterprise co-marketed with Citigroup.
The S&P Cotality Case-Shiller home price index rose 0.8% year over year in April, while U.S. Federal Housing's index climbed 2%. Both indexes declined monthly.
