{"id":5614,"date":"2014-04-24T00:00:00","date_gmt":"2014-04-24T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/04\/us_wants_bank_of_america_to_pa"},"modified":"2022-05-05T12:31:43","modified_gmt":"2022-05-05T17:31:43","slug":"us-wants-bank-of-america-to-pa","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/us-wants-bank-of-america-to-pa\/","title":{"rendered":"U.S. Wants Bank of America to Pay Over $13B Over Residential Mortgage-Backed Securities"},"content":{"rendered":"

Bloomberg <\/em>is reporting that U.S. prosecutors want Bank of America Corp. (BAC)<\/a> to settle state and federal investigations into the lender\u2019s sale of home loan-backed bonds leading up to the 2008 financial crisis by paying over $13 billion. The bank is one of at least eight financial institutions that the Department of Justice and state attorneys general are investigating for misleading investors about the quality of the loans that were backing mortgages just as housing prices fell.<\/p>\n

A lot of Bank of America\u2019s loans came from its purchase of Countrywide Financial Corp., a subprime lender, and Merrill Lynch & Co.<\/a>, which packaged a lot of the loans into bonds.<\/p>\n

If there ends up being no deal, the government could sue the bank.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Bloomberg is reporting that U.S. prosecutors want Bank of America Corp. (BAC) to settle state and federal investigations into the lender\u2019s sale of home loan-backed bonds leading up to the 2008 financial crisis by paying over $13 billion. The bank is one of at least eight financial institutions that the Department of Justice and state […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3751,3752,3757],"tags":[2641],"class_list":["post-5614","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-financial-firms","category-mortgagebacked-securities","tag-rmbs-fraud"],"yoast_head":"\nU.S. Wants Bank of America to Pay Over $13B Over Residential Mortgage-Backed Securities — Investor Lawyers Blog — April 24, 2014<\/title>\n<meta name=\"description\" content=\"Bloomberg is reporting that U.S. prosecutors want Bank of America Corp. 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