Bank of America -- which a few weeks ago agreed to buy Countrywide Financial Corp. -- took a $5.28 billion charge on its collateralized debt obligation holdings in the fourth quarter. BoA saw its earnings plunge by 94% in the period to just $268 million. Over the past few days, investment bankers have speculated that BoA could back out of the Countrywide deal entirely, or at the very least ask for a reduction on the $4 billion purchase price. In trading early Tuesday morning, BoA's share price was down 6%, Countrywide's 13%. Bank of America can be found online at http://www.bankofamerica.com.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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