Bank of America may be facing civil charges over mortgage backed securities and other mortgage-related matters. The bank said in a regulatory filing Thursday that the Department of Justice told the company that it intends to file civil charges related to one or two jumbo-prime securitizations.
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The civil complaint claims Bank of America (BofA) defrauded investors who purchased more than $850 million in residential mortgage-backed securities (RMBS) contained in a particular bond (BOAMS 2008-A). The fraud occurred when BofA failed to tell investors that more than 70% of the mortgages backing the bond were bad, and that they came from mortgage brokers that weren’t affiliated with the bank.
It said it had "been advised by the staff of the DoJ that it intends to file civil charges against Bank of America entities arising from one or two jumbo prime securitisations".
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Bank of America Said the justice department intends to File Civil Charges Against the Bank over ‘One or Two jumbo prime securitizations‘. Bank of America’s decisions to buy mortgage lender countrywide financial corp. and Merrill Lynch & Co at the height of the crisis have forced the firm, run since 2010 by Chief Executive Brian Moynihan, to set aside more than $42 billion in litigation expenses, payouts and reserves, according to company figures.
The Department of Justice intends to file civil charges against Bank of America, reports CNBC’s Kayla Tausche; and "Fast Money" traders debate how to play Michael Kors. Also, JC Penney took a hit.
State AGs ask Supreme Court to keep disparate impact alive New home sales plunge 13% in July Home sales reached an annualized rate of 399,080 units in February, an 11.3% increase compared to January – but down 5.6% from a year ago, according to the California Association of Realtors. The annual decline in home sales was the slowest since July 2018, when the once red-hot market started to cool.In a blow to the housing and mortgage finance industry but a victory for fair housing advocates, the Supreme Court ruled in a contentious and qualified opinion that the legal doctrine of “disparate.Bullard: Fed will raise rates in 1Q2015 Bullard was the first Fed official to call for the central bank to roll back some of the four rate increases adopted last year, something Trump has been demanding almost daily in a constant stream.Experts: Government shutdown increasing lenders’ risk exposure Roughly 800,000 federal workers missed two paychecks during the last, record-setting partial government shutdown – and many had to turn to banks and credit unions for loans to help making ends.
SEC and DOJ Civil Investigations, Lawsuits and Settlements of Financial Crisis Cases August 2017. CFPB: [TOP TEN]"Republicans want to sideline this regulator, but it may be too popular" (NYT, 8/31/17) "Republicans for Richard Cordray" (WSJ, 8/11/17) July 2017. CFPB: "Trump appointee wants to delay rule that lets consumers bring class-action suits against banks" (LAT, 7/18/17)
Bank of America’s settlement. West said the Justice Department reserves the right to file further charges against individuals or criminal charges. “We have many tools in our tool box,” said West..
The U.S. government on Tuesday filed two civil lawsuits against Bank of America that accuse the bank of investor fraud in its sale of $850 million of residential mortgage-backed securities.