Thursday, March 8, 2012

Complaint: BofA defrauded mortgage-help program

Welcome to the morning roundup. Here's a look at today's banking and finance headlines.

BofA and HAMP. Bank of America Corp. prevented homeowners from receiving mortgage modifications under a federal program in order to avoid big losses - while benefiting from incentives for participating, according to a whistle-blower complaint unsealed in federal court this week, Reuters reports.

Merrill advisors benefiting from BofA merger? Forbes says the negatives outweigh the positives and that Bank of America just doesn't get it.

Rising markets. Stocks climbed this morning as Greece moved closer to completing its debt swap, Bloomberg reports. Meanwhile, jobless claims rose, but economists say the level is consistent with an improving job market.

Housing woes continue. Home sales have beat expectations, but prices are still falling as foreclosures and distressed sales continue. That means the market - and the broader economy - are not yet out of the woods, the New York Times writes.


Alison said...

Can you find out if Green Tree is owned by Bank of America? I had 2 mortgages with B of A;the house with equity stayed with B of A and the severely "under water" account went to Green Tree. I am wondering if that may have been another "ploy" to perhaps make their mortgage dept. look in better financial condition.Any info on this?