Bank of America has most homes facing foreclosure in the country.
Bank of America has modified loans at the lowest rate of any of the major banks.
FACT: Bank of America made permanent loan modifications loans to only 56,500 borrowers, or 5.2% of their total eligible loans under HAMP (as of April 2010).
Bank of America continues to foreclose on more homes than any other bank.
FACT: B of A has not extended a permanent loan modification to over 900,000 struggling homeowners facing foreclosure under the HAMP program.
FACT: Bank of America is the financial institution with the most foreclosures in the city of Chicago as well as in many other major urban areas.
Bank of America has spent millions in lobbying operations to fight common sense reforms that would protect American consumers.
FACT: B of A spent $16.1 million on lobbying in 2008 and 2009. In the first quarter of 2010, the bank spent an additional $1.1 million.
FACT: B of A spent millions to oppose bills like the Credit Cardholders Bill of Rights and the Foreclosure Prevention Act, Helping Families Save their Homes Act, Mortgage Reform and Anti-Predatory Lending Act, all of which would have directly benefited consumers.
Bank of America paid out billion of dollars in bonuses during the height of the financial crisis.
FACT: In 2009 B of A paid out $31.5 Billion in compensation and bonuses. Also paid $3.3 Billion in bonuses 2008 while the company received an initial $25 Billion in public support. B of A-owed Merrill Lynch, who invested heavily in subprime loans, paid out 3.6 billion in bonuses in 2008.
Bank of America has profited from the financial crisis while becoming the country’s largest financial institution.
FACT: Bank of America makes 1 out 5 home loans in the country. The bank nearly quadrupled their market share of the US home mortgage market during the financial crisis, growing from 5.1% market share in 2006 to 19% in 2009. (Source Media, Mortgagestats.com)
FACT: Bank of America is now the largest single home loan servicer nationwide and collects payment on one out of every four home loans nationwide. B of A services $2.1 trillion in residential mortgages controlling a massive 25.3% of the lucrative home loan servicing market, up from 5.6% market share in 2007.
FACT: B of A bought billions of dollars in rights to Countrywide’s subprime loans and is now looks to profit off of these distressed loans as the foreclosure crisis continues.
FACT: Bank of America’s Net Income for 2009 was $6.3 billion and reported $3.2 Billion in 2010 1st Quarter Profits, signaling the bank has recovered from the financial crisis.
Bail Out and Government Assistance Received
FACT: Bank of America has received public bailouts and loan guarantees totaling $199.2 billion plus an undisclosed amount from the Federal Reserve’s $8 trillion in emergency programs. This includes $45 Billion in TARP funds.
Bank of America Actions During the Housing Bubble:
FACT: Bank of America provided funding to major subprime mortgage lenders. The bank packaged $320 billion worth of subprime loans from 2004 to 2007 doing business with all of the largest subprime lenders: Countrywide, Ameriquest, New Century, and First Franklin.
CEO: Bryan T. Moynihan
CEO Compensation since 2004: $59,000,000
Federal taxpayer bailout funds received: $199.2 billion
Profits for 2009: $6.3 billion
Bank account fees for 2009: $11.0 billion
Credit card income for 2009: $8.4 billion
Median B of A bank teller wage: $10.73/hour, $22,328/year
2009 bonus and compensation pool: $31.5 billion
Offshore subsidiaries in tax havens (Dec '08): 143
Lobbying fees paid in 2008 and 2009: $16.1 million