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Tag Archives: Bank of America

Opposition Filed to BofA’s Appeal to Dismiss $1.27 Billion Mortgage Fraud Verdict

The U.S. government has filed an opposition to Bank of America's appeal to dismiss a $1.27 billion penalty in a mortgage fraud case, according to media reports. Bank of America was ordered to pay a $1.27 billion civil penalty by Judge Jed Rakoff of the U.S. District Court of the Southern District of New York in July 2014 as a result of the bank's alleged role in selling toxic mortgage-backed securities to Fannie Mae andFreddie Mac before the crisis.

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Bank of America More Than Doubles its Q2 Net Income; U.S. Bank & PNC Profitable

Bank of America reported a net income of $5.3 billion for Q2, more than twice the bank's net income from the same quarter in 2014, according to the bank's Q2 2015 earning statement released Tuesday. U.S. Bancorp and PNC also posted solid growth in Q2 with net incomes of $1.48 billion and $1.0 billion, respectively, Tuesday in their earnings statements.

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Lawsuits Against U.S. Bancorp and Bank of America Dismissed

A federal judge dismissed claims in lawsuits against U.S. Bancorp and Bank of America accusing the two banks of failing in their duties as trustees for residential mortgage-backed securities that were allegedly found to have defects after they were sold, causing billions of dollars in losses to investors.

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