Legal Costs Hurt Bank of America’s Q3 Earnings

first_img Share Save  Print This Post Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Legal Costs Hurt Bank of America’s Q3 Earnings Bank of America reported its earnings for the third quarter on Wednesday, revealing that the weight of a recent mortgage settlement with the Justice Department hurt the bank’s profits.In its quarterly earnings release, the bank reported a net income of $168 million for Q3, down from $2.5 billion a year ago. After preferred dividends, the results came to a loss of 1 cent per share.Revenue for the quarter totaled $21.4 billion, down just 1 percent from the same time last year.Bank of America’s Q3 earnings took a hit from a record $16.65 billion settlement with the Justice Department and other federal and state agencies in August to settle charges against the bank related to the sale of toxic mortgage-backed securities. That settlement cost the bank $5.3 billion (pretax), or $0.43 per share after tax.Factoring in the settlement, Bank of America’s mortgage unit was the only one of its five businesses that didn’t see income grow over the last year. The bank reported a loss of $5.2 billion for that segment.Consumer real estate revenues declined to $1.1 billion, down nearly half a billion dollars from Q3 2013. Bank of America said the decrease was driven mostly by lower servicing fees due to a smaller portfolio, lower mortgage servicing rights results, and fewer originations—$11.7 billion in first-lien mortgages, a little more than half of last year’s volume.Home equity lending bounced up, meanwhile, coming to $3.2 billion in originations last quarter compared to $1.8 billion last year. Bank of America Bank Profits Justice Department Settlements Third Quarter Earnings 2014-10-15 Tory Barringer About Author: Tory Barringer The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Previous: DS News Webcast: Wednesday 10/15/2014 Next: Lenders Appeal Court Decision Allowing HOAs to Extinguish Mortgagescenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago October 15, 2014 1,048 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Bank of America Bank Profits Justice Department Settlements Third Quarter Earnings Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News, Secondary Market Demand Propels Home Prices Upward 2 days ago Legal Costs Hurt Bank of America’s Q3 Earningslast_img read more

Tickets Now On Sale for New York Premiere of Naomi Wallace’s The Liquid Plain

first_img The Liquid Plain Show Closed This production ended its run on March 29, 2015 On the docks of late 18th century Rhode Island, two runaway slaves, Adjua and Dembi, plan a desperate and daring run to freedom. When a chance encounter triggers an unexpected collision of worlds, painful truths are uncovered and the brutality of past crimes spills into the next generation. View Comments Related Shows Tickets are now available to see the New York premiere of Naomi Wallace’s The Liquid Plain. Directed by Kwame Kwei-Armah, the production will play a limited off-Broadway engagement February 17 through March 29. Opening night is scheduled for March 8 at the Alice Griffin Jewel Box Theatre at The Pershing Square Signature Center. The cast will include Ito Aghayere, LisaGay Hamilton, Robert Hogan, Michael Izquierdo, Kristolyn Lloyd, Karl Miller, Tuck Milligan, Tara A. Nicolas, Johnny Ramey and Lance Roberts.last_img read more

Wolf Administration Accepting Applications for “It’s On Us PA” Campus Sexual Assault Prevention Grants

first_img SHARE Email Facebook Twitter September 15, 2016 Wolf Administration Accepting Applications for “It’s On Us PA” Campus Sexual Assault Prevention Grantscenter_img It’s On Us PA,  Press Release Harrisburg, PA – As part of the Wolf Administration’s “It’s On Us PA” campaign, Governor Tom Wolf today announced that eligible post-secondary institutions in Pennsylvania can now apply for up to $30,000 in competitive funding to address campus sexual assault.“Despite increased scrutiny, programming, and institutional reporting requirements, sexual violence continues to be the most prevalent and underreported crime at postsecondary institutions, affecting an estimated one in five women and one in 20 men during their time on campus,” Governor Wolf said. “In order to properly address this growing problem, we must partner with our colleges and universities and provide the necessary resources for keeping all students safe.”The Pennsylvania Department of Education (PDE) will accept applications for the Governor’s It’s On Us PA Grant Program from September 15, 2016 to October 15, 2016. Independent, public, and state-related institutions are eligible to apply. Priority will be given to proposals that focus on addressing the goals of the Governor’s It’s On Us PA campaign, institutions that have taken the It’s On Us PA pledge.“Since its launch last January, Pennsylvania’s It’s On Us Campaign has sparked a dialogue among stakeholders on how the commonwealth’s secondary and postsecondary schools can address the issue of sexual assault,” Secretary of Education Pedro A. Rivera said. “By building effective partnerships and developing new approaches, Pennsylvania’s institutions can develop best practices that can be replicated around the state.”Survivors of sexual assault often struggle with long-term health issues, including depression, post-traumatic stress disorder, suicidal ideation, and substance abuse. They are more likely to earn lower grades or drop out of school altogether. Based on estimates from researchers, the lifetime costs in lowered educational attainment and lost productivity for adolescent girls experiencing sexual assault in Pennsylvania is a staggering $15.1 billion.In an effort to increase awareness, education and resources to combat sexual assault Governor Wolf launched the “It’s On Us PA” campaign on January 29, 2016, inviting education leaders and all Pennsylvanians to be part of the solution to protect students from sexual violence. The campaign’s goals are to:Improve awareness, prevention, reporting, and response systems regarding sexual violence in schools, colleges and universities to better serve all students. Remove/reduce barriers that prevent survivors of sexual violence from reporting and/or accessing vital resources by creating a more consistent, empowering reporting process for student survivors of gender based violence.Demonstrate significant, proactive, and sustainable leadership to change campus culture by challenging Pennsylvania’s education leaders – including college and university presidents, superintendents – as well as students, teachers, faculty, staff, families, and communities to pledge to improve their institutions’ climate.With this announcement, Pennsylvania became the first state to launch an “It’s On Us” campaign, building off the momentum of the national campaign launched in 2014 by President Obama and Vice President Biden. In an effort to continue the campaign’s progress, Governor Wolf successfully advocated for funding in the 2016-17 state budget to support postsecondary institutions’ efforts to: improve or conduct training for students, faculty, and administrators; increase institutional capacity to meet existing federal and state reporting requirements; and reduce or eliminate barriers to reporting for survivors of sexual violence.Programs or activities that will be considered for funding include campus-wide training for students, faculty and staff; institutional campaigns to raise awareness and understanding of the reporting process and resources available to and rights of survivors of sexual violence; programs that enhance awareness of available resources and students’ rights or seek to increase mechanisms for anonymous reporting; and efforts to improve capacity to collect federal- or state-required data.Applications will be reviewed on a competitive basis by a team chosen by PDE’s Office for Postsecondary and Higher Education using the following criteria:Goals and objectives of grant proposal and alignment to the goals of the Governor’s It’s On Us PA Program;Program and activity narrative for which funding will be used including details of how the proposed program/activity will improve awareness, training, reduce or eliminate barriers for reporting or improve data collection and reporting capacity;Supporting institutions’ efforts to better understand strengths and barriers within their existing prevention, reporting, and response systems through the development, use, and/or analysis of campus climate surveys or other data including current data reported for Clery Act compliance;Detailed budget information that supports the goals and objectives of the proposal;Expected outcomes; andAccuracy of the information submitted.For more information on the application process, please contact PDE’s Office for Postsecondary and Higher Education at [email protected] Governor Tom Wolf on Facebook: read more

Atlas Kicks Off Asia Pacific Offshore Wind Recruitment

first_imgAtlas Professionals has extended permanent recruitment and executive search services for the offshore wind industry to the Asia Pacific region.According to Atlas, the decision came as a response to the demand of professionals for permanent roles, which is growing due to the development of offshore wind at a remarkable rate.The initiative, which began in March, will be executed from the company’s Singapore office and led by Edgare Kerkwijk, Atlas’ Strategic Director Renewables APAC.Atlas added that the need also rose because of the region’s need to rely on European-based experts as it does not yet have its own offshore wind sector.”With the offshore wind industry in Asia-Pacific to rise 20-fold to 45GW in 2027, the provision of skilled and qualified personnel will become one of the key success factors for the industry to achieve this growth,” said Kerkwijk.“As the European offshore wind sector is still continuing to grow, we need to develop our own executive expertise in Asia-Pacific and therefore recruiting and training senior-level people here.”Atlas is currently supporting clients from its offices in Bristol, the UK, and Hoofddorp, the Netherlands, with permanent recruitment.“We are proud of the very good relationships we have with our clients. As recruitment is very time consuming and clients don’t always have access to the right professionals, Atlas is happy to give that extra service in helping finding the right people for the job taking in consideration the values of the client,” said Andrew Blears, Director APAC.last_img read more