Bank of America to pay $9.3 billion to settle mortgage bond claims
Source: Reuters
Bank of America agreed to pay $9.3 billion to settle claims that it sold Fannie Mae and Freddie Mac faulty mortgage bonds, helping the bank to end one of the largest legal headaches it still faced from the financial crisis.
The settlement, announced on Wednesday, includes $6.3 billion in cash and the rest in securities that Bank of America will purchase from the two housing finance entities.
... Also on Wednesday, Bank of America and its former chief executive, Kenneth Lewis, settled a lawsuit by New York's attorney general that alleged it misled investors about mounting losses at Merrill Lynch & Co, which the bank agreed to acquire at the height of the financial crisis.
Lewis, who resigned in 2009, agreed to pay $10 million and be barred for three years from serving as an officer or director of a public company. Bank of America agreed to pay $15 million and adopt corporate reforms. Both payments will cover the costs of New York's investigation, and neither Lewis nor Bank of America is admitting wrongdoing or paying damages.
Read more: http://www.reuters.com/article/2014/03/27/us-bankofamerica-settlement-fhfa-idUSBREA2P23720140327
Burf-_-
(205 posts)and GOD has plenty of cash. These fucks are going to be the first ones to try and buy their lives when the inevitable breakdown of society, that they are the driving force behind, soon happens. Money will not be the price someday, it will be your ass.
PoliticAverse
(26,366 posts)GReedDiamond
(5,299 posts)...if 'merica jailed alla the "job creators."
Kali
(54,991 posts)selling off to pay fines?
aquart
(69,014 posts)Now make them turn out the right one.
tofuandbeer
(1,314 posts)Yet, fraud is committed in billions of dollars, and nobody pays the price.
What a fuqing joke.
http://www.threestrikes.org/sfchronicle_0.html
SamKnause
(13,046 posts)Where are all the millions and billions being paid in fines going to ?
Are they going to the families who had their homes stolen out from under them ? NO
Are any of these criminals going to jail ? NO
Are they having their property and money confiscated ? NO
A known criminal pays a 10 million dollar fine and is barred for 3 years. What a fucking cruel joke !!!!
It is too bad they didn't have an ounce or two of marijuana on them.
The U.S. would have locked them up for that dastardly crime.
Oh wait, I forgot.
They have already paid fines for laundering drug money.
They are above the law, they do not have to follow the rule of law, they are in control.
hatrack
(59,451 posts)Fuck these people.
PoliticAverse
(26,366 posts)I wonder which has killed more people.
One_Life_To_Give
(6,036 posts)NBachers
(17,008 posts)mackerel
(4,412 posts)you'll see suddenly service charges go up a dollar and things like that