August 21, 2014
by William Hibbitts
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]
August 19, 2014
by Kimberly Bennett
A judge for the US District Court for the District of Minnesota on Monday approved a settlement for $62.5 million between Wells Fargo & Co and large institutional clients who lost money in an investment program known as securities lending. US District Judge Donovan Frank also awarded attorneys ...[read more]
July 31, 2014
by Nicholas Tomsho
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]
July 15, 2014
by Taylor Gillan
Citigroup, Inc. on Monday agreed to pay $7 billion to settle a federal inquiry into mortgage-backed securities sold by the bank prior to the country's financial crisis. The deal, which involves one of the largest cash penalties ever paid to settle such allegations, includes a $4 billion civil ...[read more]
June 11, 2014
by Peter Snyder
The US Court of Appeals for the District of Columbia Circuit on Tuesday rejected Wells Fargo & Co's contention that the bank's participation, along with other national banks, in a $25 billion settlement with the US government over foreclosure abuses should bar claims bring in a separate civil ...[read more]
May 5, 2014
by Benjamin Minegar
The US Supreme Court ruled unanimously Monday in Robers v. United States that the Mandatory Victims Restitution Act (MVRA) requires restitution calculation based upon the property a lender loses, not upon the collateral the lender receives. In 2005, petitioner Benjamin Robers submitted fraudulent ...[read more]
April 28, 2014
by Peter Snyder
The US Supreme Court on Monday granted certiorari in Jesinoski v. Countrywide Home Loans, Inc. to determine the requirements of the Truth in Lending Act. The Jesinoskis refinanced their house with Countrywide Home Loans in 2007, but Countrywide failed to furnish the Jesinoskis with all the ...[read more]
February 26, 2014
by Elizabeth LaForgia
The US Supreme Court heard oral arguments on Tuesday in Robers v. United States. The case addresses the issue of whether a defendant who owes restitution for a fraudulently obtained loan returns a portion of the loan money by giving the lenders the collateral property that secures the money. ...[read more]
February 25, 2014
by Zachariah Rivenbark
JPMorgan Chase & Co. Settlements with the US Department of Justice The US Department of Justice announced on November 19, 2013 that JPMorgan Chase & Co. had agreed to a record-setting $13 billion settlement over its risky mortgage practices that played a role in the 2008 financial crisis. ...[read more]
February 25, 2014
by Kyle Webster
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]

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