DOJ demands more in BofA, Countrywide deal

Las Vegas lawyer disbarred for mortgage fraud law firm files suit for BofA homeowners seeking modifications Bank of America employees regularly lied to homeowners seeking loan modifications, denied their applications for made-up reasons, and were rewarded for sending homeowners to foreclosure, according.Solutionstar names Ryan Lilly VP of business development Not surprisingly, average annual spending on Britain’s nine million dogs has risen from £1,252 to £1,342 in two years, says American Express, which commissioned the research ahead of Small Business.We represent clients throughout Nevada, including las vegas, Henderson, Washoe County, Reno, Carson City, Laughlin, Mesquite, Bunkerville, Moapa, Elko, Pahrump, Searchlight and Tonopah. For information on california mortgage fraud law, go to our page on California mortgage fraud law.

DOJ Settles With BofA For $335 Million Over Countrywide Pushing Minorities Into Subprime Loans. Nearly four years ago, we first reported on allegations that Countrywide Financial, the failed lender that was bought by Bank of America after it collapsed, had their system set up so that non-white loan applicants were steered toward subprime loans,

Bank of America’s 2008 purchase of Countrywide is looking increasingly like one of the worst deals ever struck in corporate America.

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BofA Settles Countrywide Charges. In one of the largest settlements by any financial institutions in the history, Bank of America Corporation (NYSE: BAC – News) has agreed to pay nearly $335 million to settle civil charges against its Countrywide Financial unit. The Department of Justice (DoJ) made this announcement on Wednesday.

The bank’s acquisition of mortgage lender Countrywide in 2008 has cost BofA more than $40 billion, the Wall Street Journal reports. The merger turned bofa into a big player in the mortgage market right before the housing bubble burst and since the bank has suffered massive real estate losses and paid out huge sums in legal fees and settlements with state and federal agencies.

The claims relate primarily to conduct that occurred at Countrywide and Merrill Lynch prior to Bank of America’s acquisition of those entities. Bank of America will pay a total of $9.65 billion in cash and provide approximately $7.0 billion worth of consumer relief.

GSE reform captures political attention Forcing the Hand of Housing Reform. Bonnie M. Wongtrakool Portfolio Manager.. Although housing reform has faded from the political spotlight as the housing market has stabilized, the topic has once again begun to attract attention as GSE conservatorship approaches its eighth anniversary.

DOJ demands more in BofA, Countrywide deal. Posted on July 29, 2014 | Leave a comment. Despite already offering billion to end the government’s mortgage securities probe, the Department of Justice is demanding billions of more from Bank of America.

When Bank of America bought Countrywide Financial for $2.5 billion in stock in 2008, it must have seemed like a good deal. The troubles with Countrywide, then the nation’s biggest mortgage lender, were known at that point — defaults and foreclosures were piling up, and there were rumors that bankruptcy could be around the corner.

The development on Monday was a step forward for Bank of America as it tries to clear up liability for toxic securities issued by Countrywide. become a template for deals with other banks that face.