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]
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]
October 24, 2013
by Stephen Adelgren
A jury in the US District Court for the Southern District of New York on Wednesday found Bank of America (BOA) liable for fraudulently making bad loans and for removing quality checks for those loans. Also implicated in the verdict are Countrywide (a subdivision of Bank of America) and senior ...[read more]
January 7, 2013
by Dan Taglioli
Bank of America (BOA) on Monday reached a $10.3 billion settlement with Fannie Mae to settle claims that Countrywide Financial Corporation, now a BOA subsidiary, employed faulty lending practices on $1.4 trillion in mortgages that were sold to Fannie Mae as investment products from 2000 to 2008. ...[read more]
July 19, 2012
by Dan Taglioli
Bank of America (BOA) agreed Tuesday to pay $375 million in a settlement with bond insurer Syncora Guarantee over claims that Syncora was misled into insuring toxic mortgage-backed securities of BOA-owned Countrywide Financial Corporation. Syncora filed a lawsuit against BOA and Countrywide in ...[read more]
June 29, 2012
by Cody Harding
On June 29, 2011, Bank of America (BOA) announced an $8.5 billion settlement agreement arising from claims that it had sold bad securities that contributed to the housing market collapse. The securities, called first-lien residential mortgage-backed securitization, were issued by its Countrywide ...[read more]
December 22, 2011
by Jaclyn Belczyk
The US Department of Justice (DOJ) announced Wednesday that Bank of America (BOA) has agreed to pay a record $335 million to settle claims that its subsidiary, Countrywide Financial, discriminated against Hispanic and African-American home buyers. According to the DOJ complaint, Countrywide ...[read more]
December 17, 2011
by Cody Harding
On December 17, 2010, Arizona Attorney General Terry Goddard filed a lawsuit against Bank of America (BOA) for fraudulent foreclosure practices and misleading customers in mortgage modifications. The complaint alleged that BOA engaged in consumer fraud by misrepresenting to customers whether they ...[read more]
June 29, 2011
by Zach Zagger
Bank of America (BOA) announced Wednesday that it has agreed to pay $8.5 billion to settle claims that it sold bad securities contributing to the housing market collapse. The securities, called first-lien residential mortgage-backed securitization, were issued by the BOA unit Countrywide Financial ...[read more]
April 24, 2011
by Carrie Schimizzi
A judge for the US District Court for the Central District of California on Friday dismissed Bank of America (BOA) from a $17 billion lawsuit involving securities based on mortgages issued by Countrywide Financial Corporation, a former subsidiary of the bank. The class action suit was filed by a ...[read more]

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