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Bank of America (NYSE:BAC) was a strong bank stock in the trading week as the DJIA traded flat, the S&P 500 ticked higher 3 points and the Nasdaq climbed 12 points upward. Here’s the most important news you need to know on Bank of America (NYSE:BAC) from the trading week:
Monday, Bank of America Corp (NYSE:BAC) was alone in its decision not to sell mortgage loans to Fannie Mae (FNMA), which could result in the bank charging less attractive mortgage rates. On CNBC, Warren Buffett said the Bank of America CEO was doing exactly what he would do. In a win for the bank, a U.S. appeals court ruled that Bank of America’s (NYSE:BAC) proposed $8.5B settlement with investors in mortgage-backed securities should be returned to New York state court for review, reversing an earlier judgment by a U.S. District judge which took the case from state court, reported Reuters.
On Tuesday, Rochdale’s Dick Bove said the banking industry may have negotiated some “huge benefits” with the Attorney General regarding mortgage services.
Wednesday, U.S. banks reported their biggest quarterly increase in lending in four years, according to the Federal Deposit Insurance Corp., a positive sign for the U.S. economy, reports the Wall Street Journal. Bank of America (NYSE:BAC) Co-COO Thomas Montag, spoke at a conference, told hedge fund investors and managers that “risk seems to be back on,” and that he has seen a rush of investors in recent weeks into equities and bonds, reported Reuters. He then added that risk taking is not occurring among the bank’s own traders.
Thursday, cash bonuses on Wall Street last year are expected to have fallen 14% from 2010 to $19.7B from $22.8B, according to a report released by New York state Comptroller Thomas DiNapoli, reported the Wall Street Journal. When Bank of America (NYSE:BAC) let Fannie Mae (FNMA) know it would fight demands that it should repurchase mortgage loans that have soured, the next move may be that Fannie seeks more taxpayer funds, reported the Wall Street Journal.
In Friday trading action, Sen. Richard Durbin took issues with Bank of America’s (NYSE:BAC) tests of potential new fee structures for its checking-account customers, saying, “This brazen return to new monthly fees is a challenge that cannot go unanswered,” reported The Wall Street Journal.
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