Bank of America announced today that they would be extending their moratorium on foreclosures until the details of President Obama’s Homeowner Affordability and Stability Plan have been released.
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Andrew Cuomo, the New York Attorney General, subpoenaed former Merrill Lynch CEO John Thain today in relation to the $4 billion in bonuses that were paid out to top Merrill Lynch executives in December.
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Last week Bank of America reported its first quarterly loss since 1991, feeling the hit from rising credit costs, including additions to reserves, and significant writedowns and trading losses in the capital markets businesses.
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According to a Wall Street Journal analysis of bank ten of the 13 biggest beneficiaries of the Treasury Department’s Trouble Asset Relief Program, or TARP, had a decline in total loan balances of about $46 billion, or 1.4% from the third and fourth quarters of 2008.
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This acquisition is another major investment for Bank of America who has spent more than $100 billion since 2004 becoming the second largest bank.
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Citigroup, Bank of America, annd JPMorgan Chase abandon their plan to create a 100 billion dollar super fund designed to unblock the credit markets.
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Today Treasury Secretary Henry Paulson commended some big banks that have made efforts to bring off balance sheet investments tied to their subprime mortgage loans back onto their books.
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Wall Street Journal reported today that Citigroup, JPMorgan Chase, and Bank of America, the three largest US banks with the backing of the US Treasury Department, have agreed on the structure of a 100 billion dollar super fund designed to help unblock the credit markets.
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