{"id":5626,"date":"2014-06-07T00:00:00","date_gmt":"2014-06-07T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/06\/bank_of_america_could_settle_m"},"modified":"2022-05-05T12:09:49","modified_gmt":"2022-05-05T17:09:49","slug":"bank-of-america-could-settle-m","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/bank-of-america-could-settle-m\/","title":{"rendered":"Bank of America Could Settle Mortgage Probes for $12B"},"content":{"rendered":"\n

According to The Wall Street Journal<\/em>, Bank of America Corp. (BAC) <\/a>is in negotiations to settle the mortgage probes by the U.S. Department of Justice and several states for at least $12 billion. The bank has been under investigation over the sale, underwriting and securitization of residential mortgage bonds from prior to the 2008 financial crisis.<\/p>\n

At least $5 billion would go to consumer relief as help for homeowners to lower their principals, as well as pay blight removal in certain neighborhoods. Already, BofA has agreed to pay $6 billion to settle with the Federal House Finance Agency related to residential mortgage backed securities<\/a> that were purchased by Freddie Mac (FMCC) and Fannie Mae (FNMA) between 2005 and 2007. That case also involved allegations made against the bank\u2019s Merrill Lynch and Countrywide Financial Group.<\/p>\n

However, government negotiators are pressing BofA to pay billions of dollars more than $12B in this case. If a deal isn\u2019t struck, the US Department of Justice may opt to file a civil lawsuit against the bank.<\/p>\n

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

According to The Wall Street Journal, Bank of America Corp. (BAC) is in negotiations to settle the mortgage probes by the U.S. Department of Justice and several states for at least $12 billion. The bank has been under investigation over the sale, underwriting and securitization of residential mortgage bonds from prior to the 2008 financial […]<\/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],"tags":[],"class_list":["post-5626","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-financial-firms"],"yoast_head":"\nBank of America Could Settle Mortgage Probes for $12B — Investor Lawyers Blog — June 7, 2014<\/title>\n<meta name=\"description\" content=\"According to The Wall Street Journal, Bank of America Corp. 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