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BOA reaches $10 billion settlement with Fannie Mae over faulty lending practices
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..... [more]
Bank of America settles bond insurer lawsuit for $375 million
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.... [more]
Bank of America agreed to pay $8.5 billion to settle bad mortgage-backed securities claims [this day at law]
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.... [more]
Bank of America to pay $335 million to settle discriminatory lending claims
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.... [more]
Arizona AG sued Bank of America for mortgage fraud [this day at law]
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.... [more]
Bank of America to pay $8.5 billion to settle bad mortgage-backed securities claims
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.... [more]
Federal judge dismisses Bank of America from class action securities lawsuit
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.... [more]
Federal prosecutors end criminal investigation of Countrywide executive
February 21, 2011 by LaToya Sawyer
Federal prosecutors have dropped a criminal investigation against former Countrywide Financial Corporation executive Angelo Mozilo, concluding that he was not involved in any criminal conduct during his time as director over the company, according to Friday reports. Mozilo is most identified with.... [more]
California, Countrywide settle predatory lending charges for $6.5 million
February 3, 2011 by Sarah Posner
The Superior Court of California County of Los Angeles on Wednesday approved a $6.5 million settlement between the state of California and two former Countrywide Financial Corporation executives accused of predatory lending. The lawsuit alleged that Countrywide lured borrowers with low teaser.... [more]
Investors sue Bank of America subsidiary for fraud
January 26, 2011 by Daniel Makosky
Twelve plaintiffs on Monday combined to file a lawsuit in the New York State Supreme Court against Countrywide Financial Corporation alleging widespread fraud that resulted in substantial financial losses. The plaintiffs invested hundreds of millions of dollars with the Bank of America (BOA).... [more]
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