Tags: BofA | billions | fines | mortgages

BofA Facing $12B in Fines Over Shoddy Mortgages

Image: BofA Facing $12B in Fines Over Shoddy Mortgages

Bank of America Corp could pay more than $12 billion to settle probes by the U.S. Justice Department and a number of states into the bank's alleged handling of shoddy mortgages, the Wall Street Journal said on Thursday, citing people familiar with the negotiations.

At least $5 billion of that amount is expected to go toward consumer relief consisting of help for homeowners in reducing principal amounts and monthly payments, and paying for blight removal in struggling neighborhoods, the paper said, citing people with knowledge about the issue.

A BofA spokesman declined to comment on the issue. The Department of Justice also declined to comment on the matter. (http://link.reuters.com/rap89v)

The second-largest U.S. bank faces multiple government probes over the underwriting, sale and securitization of residential mortgage bonds before the financial crisis.

© 2015 Thomson/Reuters. All rights reserved.

1Like our page
2Share
Newsfront
Bank of America Corp could pay more than $12 billion to settle probes by the U.S. Justice Department and a number of states into the bank's alleged handling of shoddy mortgages, the Wall Street Journal said on Thursday, citing people familiar with the negotiations. At least...
BofA, billions, fines, mortgages
Preview
Preview
131
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved