Hugh Son, Author at Providence Business News

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BANK OF AMERICA Corp. on Wednesday reported a net loss of $276 million for the first quarter of 2014, compared with a profit of $1.48 billion during the same period a year earlier. The lender cited $6 billion in legal costs tied to mortgage disputes inherited through Bank of America's 2008 purchase of Countrywide Financial Corp.

BofA posts 1Q loss on $6B of legal costs tied to...

Financial Services 04/16/2014

NEW YORK – Bank of America Corp., the second-biggest U.S. lender, swung to a surprise loss as the company booked $6 billion of costs...

Bank of America settles mortgage claims for $9.5B

Financial Services 03/26/2014

Bank of America Corp. agreed to a $9.5 billion settlement over claims tied to faulty mortgages and boosted its dividend for the first time...

BofA said to cut jobs across Montag’s trading, banking units

Financial Services 03/19/2014

NEW YORK - Bank of America Corp. is cutting jobs today across co-Chief Operating Officer Thomas Montag’s global trading and investment banking divisions, according...

BANK OF AMERICA Corp. said Wednesday that its fourth-quarter profit rose to $3.44 billion, or 29 cents per diluted share, from $732 million, or 3 cents per diluted share, in the fourth quarter of 2012. / BLOOMBERG FILE PHOTO/JIN LEE

BofA says quarterly profit quadruples as mortgage costs ebb

Financial Services 01/15/2014

NEW YORK – Bank of America Corp., the second-biggest U.S. lender, said fourth-quarter profit more than quadrupled as the company quelled claims tied to...

BANK OF AMERICA Corp. has agreed to pay Freddie Mac $404 million in a settlement resolving disputes over allegedly faulty loans sold by Bank of America. Bank of America has spent more than $50 billion settling mortgage-repurchase claims. / BLOOMBERG FILE PHOTO/JIN LEE

BofA reaches $404 million mortgage deal with Freddie Mac

Financial Services 12/02/2013

NEW YORK – Bank of America Corp., the second-biggest U.S. lender, agreed to pay government-backed Freddie Mac $404 million to resolve mortgage-repurchase claims. The deal...

BofA said to cut 1,300 more mortgage-unit jobs

Financial Services 10/24/2013

NEW YORK – Bank of America Corp., the second-largest U.S. lender, is cutting about 1,300 more jobs in its mortgage division as the firm...

BANK of AMERICA Corp., already under scrutiny by the U.S. government over bad loans allegedly sold by its Countrywide unit, is facing three additional Justice Department civil probes over mortgage-backed securities, according to two people with knowledge of the situation. / BLOOMBERG FILE PHOTO/JIN LEE

BofA said to face three more probes of mortgage-bond sales

Financial Services 10/22/2013

NEW YORK - Bank of America Corp., sued by U.S. attorneys in August over an $850 million mortgage bond, faces three additional Justice Department...

BANK of AMERICA Corp. reported that profits rebounded in the third-quarter and capital levels improved. The bank's shares also gave the best showing among the four biggest U.S. lenders, rising 7.3 percent during the third quarter. / BLOOMBERG FILE PHOTO/JIN LEE

Bank of America says net income rebounds as expenses ease

Financial Services 10/16/2013

NEW YORK - Bank of America Corp., the second-largest U.S. lender, said third-quarter profit rebounded as the firm curbed legal expenses and more borrowers...