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Tag Archives: Bank of America

Banks Come Out Winners in RMBS Case

For the most part, when being investigated over their pre-crisis residential mortgage-backed securities practices, the nation’s largest banks have come out having to pay billions of dollars in settlements and penalties.

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Bank of America is Well Ahead of Pace to Fulfill Settlement Obligation

The majority of the amount credited in the second quarter ($1.7 billion) went to modification of 9,671 loans. Another $186 million of the amount credited in Q2 went to extend 16,231 new home loans to borrowers in HUD-designated hardest-hit areas, borrowers who lost their homes to short sales or foreclosures, and low- and moderate-income borrowers.

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Bank of America Agrees to $335 Million Settlement Involving RMBS

According to the bank’s quarterly filing with the Securities and Exchange Commission, the bank has agreed to pay $335 million to settle a federal lawsuit that claims the bank misled shareholders as to the quality of certain mortgage-backed securities sold to investors immediately following the crisis.

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