Bank of America is Being Investigated by the California AG
The Los Angeles Times is reporting that the California Attorney General’s office is investigating Bank of America (NYSE:BAC) in order to determine whether Bank of America and its Countrywide Financial subsidiary fraudulently sold risky mortgages to investors in California.
The paper reports:
The state is trying to determine whether the bank and its Countrywide Financial subsidiary sold investments backed by risky mortgages to institutional and private investors in California under false pretenses….The subpoenas, which were served Tuesday, came as talks continue for a broad foreclosure settlement by a coalition of state attorneys general and federal agencies. California walked away from those discussions with major banks more than two weeks ago, saying what the banks were offering was not enough and the state would pursue its own investigations.
Shares of large banks are mixed today. Following is some information on their stock price performance.
- Bank of America Corp. (NYSE:BAC): The shares recently traded at $6.32, down $0.08, or 1.25%, on the day. The shares have traded in a 52-week range of $5.13 to $15.31 and its market capitalization is $64.15 billion. About the company: Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary.
- Citigroup, Inc. (NYSE:C): The shares recently traded at $29.67, up $0.28, or 0.99%, on the day. The shares have traded in a 52-week range of $21.40 to $51.50 and its market capitalization is $86.58 billion. About the company: Citigroup, Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers around the world. The Company’s services include investment banking, retail brokerage, corporate banking, and cash management products and services.
- JPMorgan Chase & Co. (NYSE:JPM): The shares recently traded at $32.59, up $0.30, or 0.93%, on the day. The shares have traded in a 52-week range of $27.85 to $488.36 and its market capitalization is $123.81 billion. About the company: JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JPMorgan Chase serves business enterprise, institutions, and individuals.
- Wells Fargo & Company (NYSE:WFC): The shares recently traded at $25.69, up $0.53, or 2.1%, on the day. The shares have traded in a 52-week range of $22.58 to $34.25 and its market capitalization is $135.64 billion. About the company: Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.
- Barclays PLC (NYSE:BCS): The shares recently traded at $11.13, down $0.01, or 0.09%, on the day. The shares have traded in a 52-week range of $8.38 to $21.69 and its market capitalization is $33.92 billion. About the company: Barclays PLC offers commercial and investment banking, insurance, financial, asset management and related services. The Company’s banking subsidiaries operates branches in the United Kingdom and overseas.
(Note: Selected financial data are sourced from Google Finance. All data are assumed to be accurate.)
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