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E. Scott Reckard

Doubts drag down Bank of America's stock

Last updated Wednesday, August 24, 2011 - 7:13am

LOS ANGELES — Bank of America Corp. is facing a crisis of confidence on Wall Street as investors sent the stock tumbling to levels not seen since the financial crisis and the cost of insuring its debt against default rises to near-record levels.

Business, Bank of America, Banks, Stock Market, Wall Street Read more Comments

Wells Fargo offers settlement over mortgage-backed securities

E. Scott Reckard Los Angeles Times

Last updated Friday, July 8, 2011 - 2:23pm

SAN JOSE, Calif. -- Wells Fargo & Co. agreed to pay $125 million to investors in its mortgage-backed securities who claimed that before the Great Recession hit, they were misled about how much equity the borrowers had in their homes.

Business, Courts, Mortgages, Wells Fargo Read more Comments

Bank of America nears $8.5-billion deal over mortgage-backed securities

E. Scott Reckard, Los Angeles Times McClatchy Newspapers

Last updated Wednesday, June 29, 2011 - 10:25am

LOS ANGELES -- In the latest blow from its takeover of Countrywide Financial Corp., Bank of America Corp. tentatively agreed to pay $8.5 billion to settle claims by large investors stung by losses on mortgage-related securities that Countrywide issued.

The final details of the agreement were still being worked out, according to a bank executive knowledgeable about the pending settlement but not authorized to discuss it publicly.

The 22 investors, including money-management giants Pacific Investment Management Co. of Newport Beach and BlackRock Inc.

Business, Bank of America, Mortgages, Securities Read more Comments