Bank of America Corp (BAC.N) said the wide-ranging probe into banks' foreclosure problems could lead to "significant" legal costs in 2011, according to the bank's annual report filed on Friday with U.S. securities regulators.
The largest U.S. bank by assets said it could not predict the outcome of the various investigations now being conducted by state and federal authorities, but said the probes could results in enforcement actions or various fines and penalties.
Bank of America temporarily halted foreclosures nationwide last fall after it found problems with the documents used to repossess homes.
The bank has since begun refiling documents on roughly 77,000 U.S. foreclosures.
Also, BofA disclosed that it expects foreclosure costs to remain elevated in 2011 after they increased in fourth quarter 2010 due, in part, to fixing the bank's foreclosure process.
(Reporting by Joe Rauch; Editing by Bernard Orr)
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This article can be found at: http://www.reuters.com/article/2011/02/25/us-bankofamerica-foreclosures-...
Bank of America Corp (BAC.N) said the wide-ranging probe into banks' foreclosure problems could lead to "significant" legal costs in 2011, according to the bank's annual report filed on Friday with U.S. securities regulators.
The largest U.S. bank by assets said it could not predict the outcome of the various investigations now being conducted by state and federal authorities, but said the probes could results in enforcement actions or various fines and penalties.
Bank of America temporarily halted foreclosures nationwide last fall after it found problems with the documents used to repossess homes.
The bank has since begun refiling documents on roughly 77,000 U.S. foreclosures.
Also, BofA disclosed that it expects foreclosure costs to remain elevated in 2011 after they increased in fourth quarter 2010 due, in part, to fixing the bank's foreclosure process.
(Reporting by Joe Rauch; Editing by Bernard Orr)
Housing MarketTweet this
Share thisLink this
Digg this
EmailReprintsAfter reading this article, people also read:Wells Fargo, BofA expect foreclosure probe fines
Feb 25, 2011
Obama pushes multibillion-dollar mortgage pact: report
Feb 24, 2011
Foreclosure deal slowed by infighting: sources
Feb 25, 2011
Judge approves Countrywide settlement
Feb 25, 2011
Kelsey Grammer marries for fourth time - on Broadway
Feb 25, 2011Comments (0)This discussion is now closed. We welcome comments on our articles for a limited period after their publication.
Ads by Marchex
Calamos Growth Funds
Find Mutual Funds that Outperform their Peers. Visit Calamos Today.
www.calamos.com/growthworks
Winning Penny Stock Picks
Want to See Up to 1000% Gains? Free Penny Stock Alerts. Join Now!
www.StockBrain.net
Do You Buy Penny Stocks?
Our Free Stock Alerts delivered recent Gains of over 600%! Sign up today!
www.StockBrain.net
Gold Investment: Open an Account
It's Easier Than You Think to Invest in Gold. Secure & Grow Your Portfolio Now.
www.usgoldbureau.com/Open-Account
Government shutdown unlikely, but budget battle remains
WASHINGTON (Reuters) - A deal to avert a government shutdown took shape in Congress on Monday, but the short-term spending measure would do nothing to resolve the bitter debate over federal spending.
Continue Reading Happening Now
FDIC's Bair sees big bank changes
Large financial institutions may need to make significant and potentially costly structural modifications to comply with new rules, the bank regulator said in a Reuters interview. Video | Full Article
EU banks call for stress test clarity
Nations weave tangled bank rules web
"Too big to fail" too big for Dodd-Frank?
Submit questions to Barton, Kleinfeld
Future Face of Finance SummitTop Videos Budget deal by the end of the week, says Representative Scott Garrett (R - NJ) The day ahead: Mar. 1, 2011
Tough times for Portugal's banks
» More Top VideosTop News Consumer spending slows, factories roar |
Blackstone to buy Centro malls for $9.4 billion: sources
U.S. says $30 billion of Libyan assets blocked |
Iran arrests two opposition leaders: opposition website
Barclays raises S&P 500 index 2011 target
Ford CFO wants fewer incentives in Europe
China's U.S. Treasury holdings revised to $1.160 trillion
» More Top NewsAnalysis & Opinion
Differentiated change in the Middle East and North Africa
Mohamed El-ErianPredicting the next uprising
Chrystia FreelandWhat to expect from the iPad 2
John Abell» More Analysis & OpinionToday in Pictures Editor's choice A selection of our best photos from the past 24 hours.
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