Arab Today, arab today bank of america to pay 95bn to settle mortgage allegation
Last Updated : GMT 06:10:40
Arab Today, arab today
Arab Today, arab today

Bank of America to pay $9.5bn to settle mortgage allegation

Arab Today, arab today

Arab Today, arab today Bank of America to pay $9.5bn to settle mortgage allegation

Washington - XINHUA

Bank of America, the second-largest U.S. bank by assets, agreed Wednesday to pay about 9.5 billion U.S. dollars to settle all litigation by the Federal Housing Finance Agency (FHFA) over mortgage-backed securities sold to mortgage giants Fannie Mae and Freddie Mac. The settlement resolves four lawsuits the FHFA filed against Bank of America and its affiliates Countrywide and Merrill Lynch, alleging they falsely represented that the underlying mortgage loans complied with certain standards, the bank said in a statement. The deal covers 57.5 billion dollars of private-label residential mortgage-backed securities bought by Fannie Mae and Freddie Mac between 2005 and 2007, said the bank. Under the terms of the settlement, Bank of America will make about 6.3 billion dollars in cash payments to Fannie Mae and Freddie Mac. In addition, the bank will purchase certain residential mortgage-backed securities at fair market value, worth about 3.2 billion dollars, from the mortgage giants. Bank of America said that the settlement would reduce the bank's pre-tax earnings in the first quarter by about 3.7 billion dollars. In return, the FHFA's pending lawsuits against Bank of America and its affiliates will be dismissed. "The FHFA has acted under its statutory mandate to recover losses incurred by the companies and American taxpayers and has concluded that this resolution represents a reasonable and prudent settlement of these cases," said Melvin Watt, director of the FHFA, which oversees Fannie Mae and Freddie Mac. "This settlement also represents an important step in helping restore stability to our broader mortgage market and moving to bring back the role of private firms in providing mortgage credit," he added.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of america to pay 95bn to settle mortgage allegation Arab Today, arab today bank of america to pay 95bn to settle mortgage allegation

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 01:04 2017 Tuesday ,28 February

Nokia 3310 is back — and so is 'Snake'

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday