0

Topics

JPMorgan Chase & Co.
BofA to pay $16.65 billion over soured home loans in mortgage meltdown
BofA to pay $16.65 billion over soured home loans in mortgage meltdown

Bank of America Corp. will pay a record $16.65 billion to resolve government claims over soured home loans in what is probably the last major settlement stemming from the mortgage meltdown. The deal also largely closes the chapter on the bank's fateful decision in 2008 to snatch up two troubled firms — giant Calabasas mortgage lender Countrywide Financial Corp. and Wall Street investment bank Merrill Lynch & Co. The acquisitions brought an avalanche of legal problems. The Countrywide purchase, described as the worst deal in banking history, has led to more than $60 billion in losses and legal settlements. Meanwhile, federal prosecutors in Los Angeles are preparing a civil...

Loading