The civil verdict by a Manhattan federal court jury similarly found the bank's Countrywide Financial unit found liable, and also determined that former Countrywide executive Rebecca Mairone committed fraud while overseeing the loan-origination program.
Bank of America acquired Countrywide in July 2008.
The decision following a month-long trial focused on evidence that the Countrywide program processed mortgage applications at high speed with little checking for fraud, misrepresentations or other potential wrongdoing.
U.S. District Judge Jed Rakoff is expected to determine civil costs to be paid by the bank in the penalty phase of the case.
Top 10 Financial Companies To Invest In 2014: Halmont Properties Corporation (HHC.V)
Halmont Properties Corporation invests in commercial real estate properties and securities of companies with real estate interests in Canada. It holds a 75% equity interest in a commercial office building located in the central financial district of Toronto, Ontario; and interests in a forest reserve. The company is headquartered in Toronto, Canada.
Top 10 Financial Companies To Invest In 2014: Putnam High Income Bond Fund(PCF)
Putnam High Income Securities Fund is a closed-ended fixed income mutual fund launched and managed by Putnam Investment Management, LLC. The fund is co-managed by Putnam Investments Limited (U.K.). It invests in the fixed income markets of the United States. The fund seeks to invest in high yield convertible securities. For its fixed income portfolio, it looks for convertible, high yield, lower rated securities to make its investments. The fund benchmarks the performance of its portfolio against the Merrill Lynch All-Convert. Speculative Index and JP Morgan Dev. High yield Index. It was formerly known as Putnam High Income Bond Fund. Putnam High Income Securities Fund was formed on July 9, 1987 and is domiciled in the United States.
Top 10 Blue Chip Companies To Own For 2014: CoreSite Realty Corporation(COR)
CoreSite Realty Corporation operates as real investment trust in the United States. The company engages in the ownership, acquisition, construction, and management of data centers. It provides data centers that optimize, secure, and interconnect the mission-critical IT assets of the organizations. The company offers private data centers and suites, cage-to-cabinet colocation, and interconnection services, such as Any2, CoreSite's Internet exchange. Its data centers are located in Los Angeles, the San Francisco Bay and Northern Virginia areas, Chicago, and New York City. The company provides its data centre services to enterprises, cloud providers, financial firms, and Government agencies. As of March 31, 2011, its property portfolio included 11 operating data center facilities, 1 data center under construction, and 1 development site. The company was founded in 2010 and is headquartered in Denver, Colorado.
Advisors' Opinion:- [By Ong Kang Wei]
For example, Digital Realty (DLR) is the undoubted leader in the data storage industry, with a market cap of $8.3B. Its other three competitors, DuPont Fabros (DFT), CoreSite Realty (COR) and CyrusOne (CONE), have market caps of $1.5B, $930M and $430M respectively. In addition, with the level of complexity involving Digital's business making it immensely difficult for companies to operate data centre facilities, the company is in a good position for future growth. The company also has a wide network of 595 tenants (significantly more than other competitors), including CenturyLink (CTL), AT&T and Morgan Stanley (MS). This further secures its long term business prospects and also its dominance over its competitors.
- [By Monica Wolfe]
CoreSite Realty Corp (COR)
During the second quarter, Columbia Wanger increased their holdings in CoreSite Realty by 256.43%. The fund purchased a total of 1,176,650 shares of the company�� stock. They purchased these shares at an average price of $34.19 and since then the price per share has increased an additional 4.1%.
Top 10 Financial Companies To Invest In 2014: Straits Trading Co. Ltd (S20.SI)
The Straits Trading Company Limited, together with its subsidiaries, engages in the mining, and smelting of tin concentrates and tin bearing materials. The company produces, sells, and delivers various grades of refined tin metal and its by-products under the MSC brand name, as well as invests in other metals and mineral resources. It also owns, leases, and/or manages 13 hotels under the Rendezvous and the Marque brands; and invests, develops, sells, and leases properties, including residential and commercial properties, such as apartments, retail malls, office buildings, hotels, bungalows, condominiums, resort, and recreation facilities. In addition, the company provides media advertising services; and manages resorts. It primarily has operations in Singapore, Malaysia, Indonesia, and Australia. The company was founded in 1887 and is headquartered in Singapore. The Straits Trading Company Limited is a subsidiary of The Cairns Private Limited.
Top 10 Financial Companies To Invest In 2014: Transpac Industrial Hldgs Ltd (T55.SI)
Transpac Industrial Holdings Limited, an investment holding company, provides venture capital to companies with capital appreciation potential in Asia. It invests in the securities of growing private companies principally located in China/Hong Kong SAR, Taiwan, Singapore, Malaysia, Thailand, and Indonesia. The company is based in Singapore.
Top 10 Financial Companies To Invest In 2014: Nuveen Texas Quality Income Municipal Fund(NTX)
Nuveen Texas Quality Income Municipal Fund is a closed-ended fixed income mutual fund launched by Nuveen Investments, Inc. The fund is managed by Nuveen Asset Management. It invests in the fixed income markets of Texas. The fund invests primarily in municipal securities rated Baa/BBB or better. It invests in securities that provide income exempt from federal and Texas income tax. The fund employs fundamental analysis with bottom-up stock picking approach to create its portfolio. It benchmarks the performance of its portfolio against the S&P National Municipal Bond Index and the S&P Texas Municipal Bond Index. Nuveen Texas Quality Income Municipal Fund was formed on July 26, 1991 and is domiciled in the United States.
Top 10 Financial Companies To Invest In 2014: PSB Holdings Inc.(PSBH)
PSB Holdings, Inc. operates as the holding company for Putnam Bank that provides a range of banking services to individual and small business customers located primarily in eastern Connecticut. It accepts various deposit products that include checking, savings, money market deposit accounts, negotiable order of withdrawal accounts, and fixed-term certificates of deposit. The company?s loan portfolio comprises one- to four-family residential real estate mortgage loans, including home equity loans and lines of credit; commercial real estate loans comprising multi-family real estate loans; commercial loans; construction mortgage loans primarily secured by single-family properties; and consumer loans, such as loans on new and used automobiles, loans secured by deposit accounts, and unsecured personal loans. It operates seven full service branch offices and one loan origination center. The company was founded in 1862 and is headquartered in Putnam, Connecticut. PSB Holdings, I nc. is a subsidiary of Putnam Bancorp, MHC.
Top 10 Financial Companies To Invest In 2014: Magyar Bancorp Inc.(MGYR)
Magyar Bancorp, Inc. operates as the bank holding company for Magyar Bank, which provides various banking products and services in New Jersey. The company?s deposit products include demand accounts, savings accounts, now accounts, money market accounts, certificates of deposit, and retirement accounts. Its loan portfolio comprises residential mortgage loans, commercial real estate loans, construction loans, commercial business loans, home equity lines of credit, and consumer loans. The company also provides non-deposit investment products and financial planning services, including insurance products, fixed and variable annuities, and retirement planning for individual and commercial customers. As of September 30, 2009, it operated five branch offices, including two in New Brunswick, and one each in North Brunswick, South Brunswick, and Branchburg, New Jersey. The company was founded in 1922 and is headquartered in New Brunswick, New Jersey. Magyar Bancorp, Inc. is a subsi diary of Magyar Bancorp, MHC.
Top 10 Financial Companies To Invest In 2014: First Citizens Banc Corp.(FCZA)
First Citizens Banc Corp operates as the holding company for The Citizens Banking Company, which provides various banking products and services in Ohio. It accepts various deposit products that include non interest-bearing and interest-bearing demand deposits; savings accounts comprising money market deposit accounts; and certificates of deposit, such as individual retirement accounts. The company?s loan portfolio comprises commercial and agricultural loans, commercial real estate loans, residential real estate loans, real estate construction loans, consumer loans, leases, and credit card and other loans. First Citizens also provides trust services, item-processing services for financial institutions, and third party insurance services. It operates in Erie, Crawford, Champaign, Franklin, Logan, Summit, Huron, Ottawa, Union, and Richland Counties, Ohio. The company was founded in 1884 and is based in Sandusky, Ohio.
Top 10 Financial Companies To Invest In 2014: LNB Bancorp Inc.(LNBB)
LNB Bancorp, Inc. operates as the holding company for The Lorain National Bank that provides commercial and retail banking, investment management, and trust services to individual, municipal, and corporate customers in Ohio. It offers various transaction and time deposit accounts, including demand deposits, interest-bearing checking accounts, savings accounts, money market accounts, consumer time deposits, public time deposits, and brokered time deposits, as well as cash management services. The company also provides commercial and industrial loans, commercial real estate loans, construction and equipment loans, letters of credit, revolving lines of credit, small business administration loans, and government guaranteed loans; and residential mortgages, direct and indirect automobile loans, personal loans, second mortgages, and home equity lines of credit. In addition, it offers safe deposit boxes, night depository, U.S. savings bonds, travelers? checks, money orders, cash iers checks, automated teller machines (ATMs), debit cards, wire transfers, electronic funds transfers, and foreign drafts, as well as foreign currency, phone and Internet banking, and lockbox services. Further, the company provides bank-owned life insurance, as well as title insurance. It operates through 20 retail-banking locations and 30 ATMs in Lorain, Erie, Cuyahoga, and Summit counties in the Ohio communities of Lorain, Elyria, Amherst, Avon, Avon Lake, LaGrange, North Ridgeville, Oberlin, Olmsted Township, Vermilion, Westlake, and Hudson, as well as a business development office in Cuyahoga County. The company was founded in 1905 and is headquartered in Lorain, Ohio.
Advisors' Opinion:- [By Rich Duprey]
Commercial banking concern�LNB Bancorp� (NASDAQ: LNBB ) �announced yesterday�its second-quarter dividend of a penny per share, the same rate it's paid since 2009, when it cut the payout from $0.09.
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