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White House announces investigation of subprime mortgage fraud

U.S. Attorney General Eric Holder (AFP)

WASHINGTON — The Obama administration announced Friday a new inquiry to investigate fraud in the mortgage-backed securities market, whose billion-dollar implosion helped trigger the global financial crisis. Attorney General Eric Holder will head the working group of 55 lawyers, investigators and analysts from the Justice Department and other federal and…

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

Bank of america. Image via AFP.

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…

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