The US Department of Justice (DOJ) on Thursday announced a $16.65 billion settlement with Bank of America (BOA) to settle claims that it sold precarious mortgage-backed securities to investors. Of the $16.65 billion, $9.65 billion will be split among federal and state entities while the remaining ...[read more]
A federal judge on Wednesday imposed a $1.27 billion penalty on Bank of America after a jury found them liable for mortgage fraud. Judge Jed Rakoff for the US District Court for the Southern District of New York ruled after a jury found that Bank of America, the second largest bank in the US, had ...[read more]
The US Supreme Court heard oral arguments Monday in two cases. In Republic of Argentina v. NML Capital Ltd. the court heard arguments on whether a hedge fund could subpoena banks for information about Argentina's non-US assets following the country's default on $100 billion in sovereign debt in ...[read more]
The Consumer Financial Protection Bureau (CFPB) on Wednesday ordered Bank of America to pay $727 million for its illegal credit card practices. The CFPB asserts that Bank of America used deceptive marketing and unfair billing practices in violation of the Dodd-Frank Wall Street Reform and Consumer ...[read more]
The ongoing saga of major bank settlements with the Department of Justice, Fannie Mae and Freddie Mac is mostly the result of the economic crisis of 2007-2008. Prior to this time, Bank of America and JPMorgan Chase & Co. sold billions of dollars in mortgage loans and mortgage securities to ...[read more]
The 2008 financial crisis cost investors, consumers and businesses alike. Sub-prime lending practices devolved into a riskier regime from their time of inception to address disproportionate ratios in racial borrowing power in the 1980s to the housing bubble of the early 2000s. The bubble was ...[read more]
02/10/2014: Better Markets sued DOJ over JP Morgan settlement.
02/04/2014: JP Morgan Chase paid 614 million in mortgage lending settlement.
01/31/2014: New York judge approved Bank of America settlement over mortgage-backed securities.
10/25/2013: US government reached 51 billion settlement ...[read more]
A New York state judge on Friday approved an $8.5 billion settlement between Bank of America (BOA) and almost two dozen mortgage securities investors, holding that the 2011 agreement was reached in good faith. In a 54-page ruling, New York State Supreme Court Justice Barbara Kapnick found that BNY ...[read more]
A judge for the US Bankruptcy Court for the Eastern District of Michigan on Thursday rejected a proposed $165 million settlement agreement for the now-bankrupt city of Detroit to pay off UBS and Bank of America. Referring to the agreement as financially imprudent, Judge Steven Rhodes put a halt ...[read more]
The US Supreme Court agreed Friday to rule on seven cases. In Republic of Argentina v. NML Capital, the court will consider whether a hedge fund could subpoena banks for information about Argentina's non-U.S. assets following the country's default on $100 billion in sovereign debt in 2002. The ...[read more]