BofA Facing $12B in Fines Over Shoddy Mortgages

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

Friday, 06 Jun 2014 08:05 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
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.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

NYT: Accounts Vary Widely on Key Elements of Ferguson Shooting

Tuesday, 19 Aug 2014 23:27 PM

A St. Louis County grand jury in Missouri will hear evidence on Wednesday in the shooting death of Michael Brown by a wh . . .

Lt. Gen. Honore to Ferguson: Put Down Guns, Let People Speak

Tuesday, 19 Aug 2014 22:39 PM

The police response to protests in Ferguson, Missouri, is just making things worse, and officers should put down their g . . .

Mother Mourns US Journalist Purportedly Beheaded by ISIS

Tuesday, 19 Aug 2014 22:28 PM

The mother of American journalist James Foley, who was purportedly beheaded by Islamic militants, said on Tuesday her so . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

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