SOURCE: The Bedford Report

The Bedford Report

February 28, 2011 08:46 ET

Huge Fines Ahead for Wells Fargo & Bank of America

The Bedford Report Provides Analyst Research on Bank of America & Wells Fargo

NEW YORK, NY--(Marketwire - February 28, 2011) - A speedy resolution to the so-called "foreclosure-gate" looks less likely after recent events. Efforts to reach a coordinated settlement with mortgage servicers over alleged "robo-signing" foreclosure practices are still in the preliminary stages, with federal regulators and state attorney generals still hashing out the size and scope of any deal with banks. The Bedford Report examines the outlook for companies in the Financial Sector and provides research reports on Bank of America Corporation (NYSE: BAC) and Wells Fargo & Co. (NYSE: WFC). Access to the full company reports can be found at:

According to a report from The Wall Street Journal, the Obama Administration is pushing banks such as Wells Fargo, JPMorgan, Bank of America and Citigroup that maintain loan-servicing platforms pay as much as $30 billion in fines to settle state and federal claims that they illegally foreclosed on homes and abused borrowers. As part of the settlement, the government wants a commitment from banks to reduce payments for borrowers who owe more on their homes than they are worth.

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Bank of America is being sued by investors who want the bank to buy back mortgage loans or pay damages, accusing BofA owned Countrywide of making false representations on about 1,432, or nearly 66 percent, of the 2,166 mortgage loans they investigated.

Though BofA has faced several lawsuits tied to Countrywide, company spokesman Jerry Dubrowski calls this investor lawsuit "meritless."

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