With Citigroup Inc. agreeing to pay $7 billion for issuing toxic mortgage securities, the Justice Department now turns to settling its case against what analysts call the biggest mortgage miscreant of all: Bank of America Corp.
A former Bank of America mortgage employee was sentenced to 30 months in prison for pocketing $1.2 million in payoffs to approve sales of distressed properties for far less than their actual value.
Bank of America Corp.'s second-quarter earnings plunged 43% as the nation's second-largest bank recorded 4 billion additional reasons to regret its 2008 purchase of high-risk home lender Countrywide Financial Corp. in Calabasas.
With wounds from the Great Recession still fresh, chastened Americans are hoarding more cash in their checking accounts than at any time in the last 25 years.
The cost of getting a mortgage has leveled off, with Freddie Mac saying lenders were offering 30-year fixed-rate home loans this week at an average interest rate of 4.12%. That rate is little changed from the average of 4.15% over the last 10 weeks.
Customized TV Listings are available here: www.latimes.com/tvtimes Click here to download TV listings for the week of July 20 - 26, 2014 in PDF format This week's TV Movies -------------------- SUNDAY Warren Beatty, Joe Montana and others who've made the Golden State that much more golden are feted at "The 7th Annual California Hall of Fame Presentation." 7 p.m. KLCS A teenage girl is caught in a tangled web of dubious sexual-assault allegations and further skulduggery in the TV movie "Guilty at 17." 7 p.m. Lifetime It's the special NASA doesn't want you to see, "Aliens on the Moon: The Truth Exposed."...