Bank of America close to beating DOJ $850M RMBS fraud suit

MetLife exits forward mortgage business As part of its exit from. The company is laying off thousands nationwide. “We’re closing the entire mortgage division, not just Long Island,” metlife spokesman david hammarstrom said. “We’re.

The US government yesterday filed two civil lawsuits against Bank of America that accuse the bank of investor fraud in its sale of $850m (640m) of residential mortgage-backed securities.

Of the record-breaking $16.65 billion resolution, almost $10 billion will be paid to settle federal and state civil claims by various entities related to RMBS, CDOs and other types of fraud. Bank of America will pay a $5 billion civil penalty to settle the Justice Department claims under FIRREA.

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Bank Of America Sold $850M In ‘Toxic Waste’ Mortgage Securities: DoJ The SEC and Department of Justice filed a civil suit today against BofA claiming the bank defrauded investors when it sold mortgage securities backed by more than $855 million in residential mortgages.

Wells Fargo ups commissions to spur loan production According to a report from Bloomberg, Wells Fargo has increased its loan officers’ top commission rate to 70 basis points, up from the previous commission rate of 63 basis points. The changes took effect on July 1. That means an employee who completes $1.6 million of loans in a month would earn a base commission of $11,200, up from $10,080.

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Bank of America close to beating DOJ $850M RMBS fraud suit he U.S. Department of Justice has not proven its charges that Bank of America ( BAC ) misled investors about the quality of loans bundled into $850 million in mortgage-backed securities.

Bank of America close to beating DOJ $850M RMBS fraud suit. he U.S. Department of Justice has not proven its charges that Bank of America. Here are the 3Q bank earnings to watch for this week $1.2 billion Fannie, Ginnie bulk MSR portfolio for sale Bulk MSR Portfolio With $4.7B Of UPB Up For Bids -.

Case-Shiller: Home prices continue to slow as housing stalls The S&P CoreLogic Case-Shiller U.S. National Home price index tracks the value of single-family housing within the United States. The index is a composite of single-family home price indices for.

This column discusses one of the more subtle issues raised by the Department of Justice. fraud action against Bank of America (B of A). The issue was so subtle that of the three articles about the.

DOJ slams BofA with $850M RMBS suit. The Department of Justice slapped Bank of America and numerous subsidiaries with an $850 million lawsuit Tuesday, alleging the firms lied to investors about the quality of mortgages backing residential mortgage-backed securities sold off to investors.

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