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Stories Stories Business Bank of America to pay record fine of up to $17 billion over mortgage mis-selling

Bank of America to pay record fine of up to $17 billion over mortgage mis-selling

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Written by Maricel Rubia     August 07, 2014    
 
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Bank of America, the second largest US lender is close to ending a landmark deal with US authorities to pay up to $17 billion – a record fine - to the Justice Department over its role in the 2007 financial crisis.

If completed, it will be largest single compensation settlement, surpassing the $13 billion JPMorgan Chase agreed to pay in 2013.

Prosecutors kept upping the ante

The compensation will come in two parts: $9 billion in cash and $7 billion in consumer relief, such as modified home loans and refinanced mortgages, the Financial Times cites people familiar with the matter.

The size of the fines facing Bank of America has been constantly rising. In June the bank assumed it would be at least $12 billion, in the middle of July lawyers offered the Justice Department $13 billion in the form of a fine and mortgage relief. 

In March Bank of America agreed to pay $9.5 billion to settle a similar investigation by the Federal Housing Finance Agency (FHFA). In total, since the financial crisis the bank has paid out around $60 billion in fines, to settle claims, and buyout mortgage bonds.

Since the financial crisis US banks have had to pay more than $100 billion in penalties.

Bank of America, along with one of the largest issuers of bad mortgage loans Countrywide Financial, and Merrill Lynch, sold $965 billion in bad mortgage bonds between 2004 and 2008. Almost three quarters of them were issued by Countrywide Financial.

Read full article: Bank of America to pay record fine of up to $17 billion over mortgage mis-selling

Location

Epicentre
Bank of America
100 North Tryon Street
Charlotte, NC
United States of America

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Contributor's Comment
It is a free ride for the Zionist crooks to continue manipulating the Financial Markets and their private IMF and Central Bank. US government has granted to the Zionists the right to print the US $ and lend it back to the puppet US government with interest which collects from the Taxpayers. It is a close loop which benefits the Zionist doctrine and their psychopathic aim to control the world with their New World Order agenda. Putin and BRICS are their nightmare.
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