Bank of America has agreed to pay the U.S. government $16.65 billion to end a mortgage probe over subprime mortgages sold before the financial crisis. This is a record penalty paid by a U.S. bank. Citigroup was ordered to pay $7 billion over mortgage-backed securities and JPMorgan paid a $13 billion settlement related to mortgages.
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Julia La Roche, Business Insider
Thu, 08/21/2014 - 6:08am
Topics: jpmorgan u.s department justice doj government sponsored enterprises gses pls rmbs federal housing authority fha chief executive officer brian moynihan exchange commission sec state attorneys general california delaware illinois kentucky maryland new york state ags residential mortgage backed securities working group financial fraud enforcement task government national mortgage association ginnie mae federal deposit insurance corporation fdic borrower also august eps rmbs financial institutions reform recovery enforcement act firrea the fha fha the o donnell high speed swim lane july united states court appeals circuit forward-looking statements certain private securities litigation reform act could forward-looking item 1a risk factors america's annual report form 10-k america u.s bank cdos gses pls fha countrywide merrill lynch securities exchange commission state ags force fha january december the forward-looking america's pay billion billion settlement claims release loans sold origination relief potential prior conduct entities resolves including covers civil future current paid mortgages related penalty relating includes releases property impact uncertainties mortgage-backed results risks respect trusts tax investigations pending remediation originated relate plans date predict approximately consumer actual case cash
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