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Tag Archives: Justice Department

Barclays Settles RMBS Suit

The British bank Barclays has reached a settlement with U.S. authorities over financial crisis-era transactions involving toxic residential mortgage-backed securities (RMBS) sold between 2005 and 2007. Under the terms of the settlement, Barclay’s agreed to pay $2 billion in civil ...

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DOJ Will Seek to Prosecute Individuals for Their Role in the Crisis

Many have wondered why the DOJ has not previously made the prosecution of these individuals a priority while the Department has entered into multi-billion dollar settlements with the nation's largest banks in the last two years.

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House Committee Issues Subpoenas to DOJ, Treasury, New York Fed

The Committee is accusing the U.S. Department of Justice, the Treasury Department, and the Federal Reserve Bank of New York of obstructing active investigations by withholding crucial information. According to the Committee's announcement, the three agencies were warned that their failure to comply with the Committee's request to turn over the information would result in the issuance of subpoenas.

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Legal Costs Hurt Bank of America’s Q3 Earnings

Bank of America's Q3 earnings took a hit from a record $16.65 billion settlement with the Justice Department and other federal and state agencies in August to settle charges against the bank related to the sale of toxic mortgage-backed securities. That settlement cost the bank $5.3 billion (pretax), or $0.43 per share after tax.

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Report: Justice Department Nears Settlement With Bank of America

Bank of America and the Justice Department are close to completing a long-rumored and record-setting deal to resolve allegations of misconduct in the sales of mortgage-backed securities that went bad.

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Major Servicers Fail Seven Settlement Compliance Tests

The former banking regulator overseeing the National Mortgage Settlement has released a summary of the latest reports he filed with a federal court in Washington, D.C. The reports detail the performance of five major servicers in meeting the terms of the agreement reached with 49 state attorneys general and federal officials. Joseph Smith says he's confirmed six fails in the first quarter of 2013 and one in the second quarter.

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Jury Returns Decision of Liability in BofA-Countrywide-Mairone Case

A 10-person panel of jurors is holding Bank of America and a mid-level manager liable for high-risk mortgages originated by Countrywide through a program known as Hustle and then sold off to Fannie Mae and Freddie Mac. After hearing arguments for four weeks in a Manhattan federal court, the jury returned a decision finding BofA liable on one charge of fraud in the civil case and finding Rebecca Mairone, former COO of one of Countrywide's lending divisions, liable on the one civil fraud charge she faced.

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