Bank of America reaches settlement with federal government
The New York Times reports that the Bank of America agreed to a $16 billion settlement with the government to settle investigations into its sale of toxic mortgage securities – the largest single federal settlement in the history of corporate America.
Attorneys general from more than 40 states have signed a proposed settlement agreement with five of the nation’s largest mortgage servicers over robo-signing foreclosure processing abuses.
During his State of the Union address last week, President Obama announced the creation of a new unit that will investigate financial institutions suspected of improperly bundling home loans into securities for investors, according to a New York Times st
Bank of America announced it will be offering mortgage principal reduction to 200,000 underwater homeowners with loans owned or serviced by B of A this summer, according to CNBC.