The U.S. Justice Department broke off the negotiations last week, as it was dissatisfied with the offer made by Bank of America to pay penalties totaling more than $12 billion, including the amount of $5 billion to be put in a consumer relief account. The department’s latest settlement request was of a rough amount of $17 billion, even though the negotiators wanted to consider less. The total amount would have been over and above the $9.5 billion settlement that the bank agreed to service in the month of May for resolving the Federal Housing Finance Agency claims.Bank of America
As of now per the new mortgage data published by the Charlotte based mortgage lender Bank of America (NYSE: BAC), the 30 year fixed rate mortgage home loan packages are coming out at the same interest rate of 4.125% and are backed by an annual percentage rate of 4.265%. In the short term lending division, interested customers can find the 15 year fixed rate mortgage deals being published at an interest rate of 4.000% and an APR yield of 4.186% on June 16, 2014. In the flexible lending zone, 5 year adjustable rate mortgage deals are traded at an interest rate of 3.375% and an annual return rate of 3.563% today.
When it comes to refinancing home loan options, the bank offers its popular 30 year fixed rate mortgage loans at an interest rate of 4.250% and an APR yield of 4.380%. The short term, 15 year counterparts of the 30 year refinancing fixed rate mortgage packages are now advertised at an interest rate of 4.125% and are carrying an annual return rate of 4.279% today. In the flexible lending division, the 5 year refinancing adjustable rate mortgage home loan options are now published against a lending rate of 3.500% today and an annual percentage yield of 3.675% this Monday.
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