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Bank of America Home Loans is the mortgage unit of Bank of America. It previously existed as an independent company called Countrywide Financial from 1969 to 2008. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3. ...
The 2010 United States foreclosure crisis, sometimes referred to as Foreclosure-gate or Foreclosuregate, [ 1 ][ 2 ] refers to a widespread epidemic of improper foreclosures initiated by large banks and other lenders. The foreclosure crisis was extensively covered by news outlets beginning in October 2010, and several large banks—including ...
"The FBI defines mortgage fraud as 'the intentional misstatement, misrepresentation, or omission by an applicant or other interest parties, relied on by a lender or underwriter to provide funding for, to purchase, or to insure a mortgage loan.'" [128] In 2004, the Federal Bureau of Investigation warned of an "epidemic" in mortgage fraud, an ...
The issue of whether mortgage originators committed systematic fraud during the crisis has been settled once and for all. Earlier today, a jury concluded that Countrywide Financial, now a unit of ...
Bank of America (NYS: BAC) is the target of a $1 billion lawsuit filed today in Manhattan on behalf of the U.S. Justice Department, alleging fraudulent loan practices. The lawsuit seeks to recover ...
Bank of America says it will spend more than $10 billion to settle mortgage claims resulting from the housing meltdown. Under the deal announced Monday, the bank will pay $3.6 billion to Fannie ...
In litigation unrelated to the Taylor, Bean & Whitaker Plan Trust, Deutsche Bank and BNP Paribas sued Bank of America over the $1.75 billion in losses stemming from the fraud, saying their agreements required that Ocala hold $1.6 billion in cash or mortgage loans as collateral to be deposited with Bank of America, and that Bank of America ...
Steven Senne/AP By Supriya Kurane Bank of America and the U.S. Department of Justice have reached an impasse in negotiating a multibillion-dollar settlement deal related to the bank's mortgage ...