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U.S. sues Bank of America for $1 billion over bad mortgages
WASHINGTON — The United States sued Bank of America Wednesday for more than $1 billion for allegedly having sold dodgy mortgages to state-controlled mortgage financers Fannie Mae and Freddie Mac. The government charged that Countrywide — the mortgage giant now owned by Bank of America — labeled defective mortgages as…
Countrywide whistleblower reveals rampant mortgage fraud part of ‘everyday business’
Countrywide Financial was one of the subprime lenders at the heart of the financial crisis; its predatory lending practices resulted in disgustingly large payouts for executives while sticking low-income borrowers with explosive mortgages they hadn’t a hope of paying back. The New York Times‘ Gretchen Morgenson called Countrywide, “Exhibit A…
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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