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Giantone · 08-26-2014, 05:16 PM

Like I said it's not what I want ,people should go to jail!

BBC News - Bank of America in record $16.7bn mortgage settlement

The loans were sold by Countrywide Financial and Merrill Lynch before Bank of America bought them in 2008, at the height of the financial crisis.

The associate attorney general said "no institution is either too big or too powerful to escape" punishment.

The settlement will cut the bank's third-quarter profits by $5.3bn.

Bank of America will pay a total of $9.65bn in cash and provide consumer relief worth about $7bn, much of which will go towards homeowners struggling with their mortgages.

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US Attorney General Eric Holder says the deal is "a historic step forward"
The cash component consists of a $5bn civil penalty and $4.63 billion in compensation payments.

The case centred on Countrywide Financial, the biggest lender at the time of the crisis, and Merrill Lynch selling mortgage loans to investors but not explaining the full extent of the risk involved.

08-26-2014, 05:16 PM	#1
Giantone Gamebreaker Join Date: Apr 2006 Posts: 14,434	Re: Wall Street Crime . Like I said it's not what I want ,people should go to jail! BBC News - Bank of America in record $16.7bn mortgage settlement The loans were sold by Countrywide Financial and Merrill Lynch before Bank of America bought them in 2008, at the height of the financial crisis. The associate attorney general said "no institution is either too big or too powerful to escape" punishment. The settlement will cut the bank's third-quarter profits by $5.3bn. Bank of America will pay a total of $9.65bn in cash and provide consumer relief worth about $7bn, much of which will go towards homeowners struggling with their mortgages. Jump media playerMedia player helpOut of media player. Press enter to return or tab to continue. US Attorney General Eric Holder says the deal is "a historic step forward" The cash component consists of a $5bn civil penalty and $4.63 billion in compensation payments. The case centred on Countrywide Financial, the biggest lender at the time of the crisis, and Merrill Lynch selling mortgage loans to investors but not explaining the full extent of the risk involved. __________________ ....DISCLAIMER: All of my posts/threads are my expressed typed opinion and the reader is not to assume these comments are absolute fact, law, or truth unless otherwise stated in said post/thread.