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Tag Archives: Settlement

Bank of America Settles Two Financial Crisis Lawsuits

Deutsche Bank‘s and BNP Paribas‘s mortgage units were investors in notes issued by Taylor Bean’s Ocala Funding unit, a mortgage conduit. The two banks sued Bank of America, which acted as middleman between the investors and Ocala, for $1.75 billion in 2009 over their losses on the notes.

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JP Morgan Chase Paid More than Half of $4 Million Settlement

Independent monitor Joseph A.Smith verified Chase's claim made in December that the bank had provided $2.24 billion in consumer relief credit to 111,924 borrowers as of the end of the third quarter (September 30, 2014). Chase has until December 31, 2017 – nearly three full years – to pay the approximate remaining amount of nearly $1.8 billion of its obligation toward consumer relief under the settlement.

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MetLife Agrees to $123.5 Million Settlement

MetLife admitted that from September 2008 through March 2012, it repeatedly certified for FHA insurance mortgage loans that did not meet HUD underwriting requirements. The bank admitted it was aware that a substantial percentage of these loans were not eligible for FHA mortgage insurance due to its own internal quality control findings.

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Report: BofA Mortgage Settlement at an Impasse

Ongoing settlement negotiations between Bank of America and the Justice Department reportedly reached a stalemate Monday. Citing "people briefed on the matter," the New York Times reported late Tuesday that the offer fell far short of the record $17 billion that prosecutors are seeking to resolve the state and federal investigations. BofA is seeking to continue negotiations while the government finishes readying its petition to file in federal court.

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Report: BofA, Feds Negotiating $12B Settlement

Citing reports from "people familiar with the negotiations," the Wall Street Journal reported late Thursday that Bank of America has been working fervently over the week to come to an agreement with the Justice Department and put an end to speculation on the potential size of the settlement. Though the final numbers remain unconfirmed, if true, the settlement would rival last year's historic $13 billion paid by JPMorgan Chase to resolve similar allegations.

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FHFA Reaches 13th Bank Settlement

The Federal Housing Finance Agency (FHFA) announced last week the latest in a string of settlements with major banks over residential mortgage-backed securities sold to Fannie and Freddie before the economic meltdown. The most recent agreement, struck with Barclays Bank, calls for $280 million in payments to the GSEs.

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