Posts Tagged ‘mortgage crisis’

Aug
2014
1

A Billion Here, a Billion There: Bank of America Will Challenge Latest Mortgage Crisis Settlement

A Billion Here, a Billion There: Bank of America Will Challenge Latest Mortgage Crisis Settlement
  The Justice Department has ordered Bank of America to pay $1.27 billion for fraud that occurred at Countrywide Financial Corp., which sold bad loans to Freddie and Fannie Mac as part of a program it had named “Hustle.”  The program was designed to move mortgage products quickly with little regard for quality. It played [&hellip...
Sep
2013
30

BoA Mortgage Crisis Trial Prosecutors: “The Promise of Quality Was Largely a Joke”

BoA Mortgage Crisis Trial Prosecutors:
  In New York, the first trial against a major bank over the mortgage practices that led up to the 2008 mortgage crisis has been brought against Bank of America. Lawyers claim BoA committed “massive fraud” when it sold loans it promised to be of investment quality to Fannie Mae and Freddie Mac.  At the [&hellip...
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Sep
2013
16

Advisory Firm in Tow, Richmond Becomes First CA City to Stand Up to Big Bank Foreclosures

  For the past few years, representatives of Mortgage Resolution Partners (MRP) have been traveling through California proposing a plan to help cities that are still dealing with the effects of the foreclosure crisis to use eminent domain to get rid of underwater mortgages.  Along the way, many towns, though interested, have succumbed to the...