Banking on the extensive experience of a newly appointed Chief Risk Officer, here's how a mortgage company aims to focus on all areas of enterprise risk management, compliance, and quantitative analytics.
Read More »Prudential Settles Lawsuits with Bank of America over Mortgage-Backed Securities
New Jersey federal court documents filed earlier this week revealed that Prudential Insurance Co. has moved to settle its ongoing lawsuits with Bank of America NA, Merrill Lynch & Co. Inc., First Franklin Financial Group, and a number of lenders in the mortgage industry. The suits, which were first filed in March 2013, alleged Bank of America and others knowingly sold Prudential $2.1 billion in low-quality mortgage-backed securities—and made false statements about them.
Read More »Transcripts Show Ben Bernake was ‘Uncomfortable’ With Bank of America Bailout
In January 2009, Bank of America received its second bailout of $20 million from the Fed to help stabilize the company after its purchase of Merrill Lynch. At the time, Merrill Lynch had lost more than $15 billion in the previous quarter and Bank of America had lost $2.4 billion.
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