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interestrateripoff

Bank Of America $8.5 Billion Deal Near In Suit On Bank Mortgage Debt

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http://www.nytimes.com/2011/06/29/business/29mortgage.html?_r=1&hp

Bank of America is completing an agreement to pay $8.5 billion to settle claims by investors that purchased mortgage securities that soured when the housing bubble burst, according to people briefed on the deal. It represents what is likely to be the single biggest settlement tied to the subprime mortgage boom and the subsequent financial crisis of 2008.

.....

In addition, the deal will require Bank of America to improve its payment collection process by hiring specialists to focus on high-risk loans, and do a better job of tracking whether the bank is adhering to its own internal loan-servicing standards.

Looks like the banks will be needing even more money from the Fed.

Still at least the US housing market has bottomed out and the BoA is now going to be better at pursing missed payments which is good news for those who bought this crap, it just appears once it was out of the door the BoA really didn't care any more...

Edited by interestrateripoff

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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