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]
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]
November 5, 2013
by Amy Mathieu
The US Court of Appeals for the Second Circuit on Tuesday upheld the dismissal of shareholders' lawsuit against Freddie Mac alleging the company misled investors by understating its sub-prime mortgage exposure and overstating its capital strength. The US District Court for the Southern District ...[read more]
October 26, 2013
by Julie Deisher-Edwards
The Federal Housing Finance Agency (FHFA), acting in its capacity as conservator for Freddie Mac and Fannie Mae, on Friday announced a $5.1 billion settlement with JPMorgan Chase & Co.. The FHFA alleged that JPMorgan misrepresented the quality of the sub-prime mortgages and mortgage securitie... ...[read more]
March 19, 2011
by Dwyer Arce
On March 19, 2009, the US House of Representatives voted 328-93 to pass a bill that would have taxed bonuses given to employees of companies that received money from government stimulus programs at 90 percent. The bill was drafted and voted on in reaction to large bonus payments made in the ...[read more]
September 24, 2008
by Caitlin Price
The Federal Bureau of Investigation is currently investigating Fannie Mae, Freddie Mac, Lehman Brothers, and AIG along with 22 other financial institutions for possible mortgage fraud, US media outlets reported Tuesday. The investigations follow a market collapse that led to a Bush administration ...[read more]
July 27, 2008
by Steve Czajkowski
The US Senate in a special Saturday session passed by 72-13 the Foreclosure Prevention Act of 2008 , designed to address problems from the country's so-called sub-prime mortgage collapse. The Act provides for government grants allowing municipalities to buy and redevelop foreclosed... ...[read more]
July 23, 2008
by Devin Montgomery
The US House of Representatives on Wednesday passed the Foreclosure Prevention Act of 2008 , a bill designed to address problems from the country's so-called sub-prime mortgage collapse. The Act provides for government grants allowing municipalities to buy and redevelop foreclosed p... ...[read more]
November 7, 2007
by James M Yoch Jr
Former chairman and CEO of mortgage finance company Freddie Mac Leland Brendsel agreed to a consent decree Tuesday to settle administrative charges filed by the Office of Federal Housing Enterprise Oversight (OFHEO), which maintains government oversight of Freddie Mac and Fannie Mae, in December ...[read more]
April 19, 2006
by Zach Sparer
In the Matter of Federal Home Loan Mortgage Corp., Federal Election Commission, April 18, 2006. Read the full text of the agreement. Reported in JURIST's Paper Chase here... ...[read more]

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