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Bank of America Corp. (NYSE:BAC) violated the terms of the national mortgage settlement, (WFC), (JPM)

Boston, MA 06/20/2013 (wallstreetpr) – The share prices of Bank of America Corp. (NYSE:BAC) had declined by 0.60 percent to close at $13.19 per share for the end of last trading session on Wednesday. The shares of the bank holding company had been trading in the range of $13.17 to $13.40 per share during the day. The shares of Bank of America Corp. (NYSE:BAC) had recorded 52 week low price level at $6.90 per share and 52 week high price level at $13.99 per share.

It had recently been reported that Bank of America Corp. (NYSE:BAC), Wells Fargo & Co and many other banks have violated the terms of the national mortgage settlement designed to end mortgage servicing abuses. In the progress report evaluating the compliance of the banks with the servicing standards related to mortgages, a compliance testing had been done on Ally Financial Inc (NYSE:GMA), Bank of America Corp (NYSE:BAC), Citigroup Inc (NYSE:C), JPMorgan Chase & Co (NYSE:JPM) and Wells Fargo & Co (NYSE:WFC).

In May 2013, the New York state Attorney General Eric Schneiderman notified the monitoring committee of the servicing standards agreement that he would sue Bank of America Corp. (NYSE:BAC) and Wells Fargo & Co (NYSE:WFC) for not properly complying with the mortgage servicing standards. However, a spokesperson from Bank of America Corp. (NYSE:BAC) had announced that the bank holding company had taken immediate remedy measures to improve their compliance level.

The $25 billion servicing settlement was brokered last year between five banks and 49 state attorney generals, wherein banks have agreed to provide relief to homeowners and comply with a set of servicing standards to atone for foreclosure misconduct.

The shares of Bank of America Corp. (NYSE:BAC) had witnessed a trade of 103.85 million shares on Wednesday, while the average trading volume is at 129.92 million shares per day.

Published by Nicholas Maithya

Nicholas is a Financial Analyst by profession, who enjoys writing about investments, technological developments, business, economics and other financial topics at various financial publications. Join him here on as he endeavors to deliver to you the latest breaking news on the above mentioned fronts. Contact him by email at [email protected] or follow Nicholas Kitonyi @nmaithyak on Twitter.

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