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BofA’s Countrywide to pay $335 million over bias case

WASHINGTON (Reuters) – Bank of America Corp’s Countrywide Financial unit agreed on Wednesday to pay a record $335 million to settle civil charges that it discriminated against minority homebuyers, a historic settlement for the Obama administration in the wake of the subprime mortgage morass. As the financial crisis was building in 2008, Bank of America bought…

Perry’s gamble on mortgage giants cost Texas tens of millions

Just when Gov. Rick Perry had to deal with one negative story, another one comes right his way. According to the Associated Press, in 2004 the Texas executive invited several big mortgage companies into his state to help increase jobs, but they all went out of business in four short…

BofA sets aside $14 bn for U.S. mortgage claims

Bank of America said Wednesday it would set aside a massive $14 billion to settle claims from angry investors for losses on dodgy mortgage-backed securities in the country’s housing collapse. Hoping to put its disastrous 2007 purchase of mortgage lender Countrywide Financial behind it, Bank of America said it would…

If proven, Countrywide’s mortgage fraud could threaten Bank of America

Problems with mortgage documents Bank of American acquired when it purchased the mortgage provider Countrywide Financial in 2008 could cost the bank billions, if a testimony in a New Jersey foreclosure case proves accurate. During the foreclosure trial, an operational team leader for Bank of America, Linda DiMartini, said it…

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