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DOJ demands more in BofA, Countrywide deal

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Related Links. Bank of America’s $14 billion offer, however, failed to placate prosecutors, who have largely rejected the bank’s claim that it should not be penalized for the sins of Countrywide and Merrill. Prosecutors continued to demand more than $10 billion in cash as part of an overall $17 billion deal.

DOJ Settles With BofA For $335 Million Over Countrywide Pushing Minorities Into Subprime Loans. Nearly four years ago, we first reported on allegations that Countrywide Financial, the failed lender that was bought by Bank of America after it collapsed, had their system set up so that non-white loan applicants were steered toward subprime loans,

Moynihan called the deal, which stems from Countrywide loans with an original principal balance of $424 billion, “a major milestone in a March 27 interview on PBS television’s “Charlie Rose” program..

The argument is that there is enough wording in the document to allow Bank of America to walk away from the deal if dramatic adverse developments take place in Countrywide before closing of the deal.

S&P/Case-Shiller shows new low for home prices in 1Q Foreclosure programs aid 1.6 million homeowners: Obama Scorecard Mortgage refinances may drop 77% by 2012 The Zinths are wading back into a U.S. housing market where prices may fall further under the weight of foreclosures and not rebound until 2013, even as the economy builds momentum and mortgage..Home Posts tagged "HAMP program". Megan Hopkins | Housing Wire | “The Obama Administration’s foreclosure mitigation programs continue to assist million of homeowners throughout the country as housing continues to bounce back from a crisis that left too many homeowners underwater.. the government is staying cautious about issues in.case shiller: national Home Prices Hit New Low in 2011 Q1 – S&P/Case-Shiller released the monthly Home Price Indices for March (actually a 3 month average of January, February and March). This includes prices for 20 individual cities and and two composite indices (for 10 cities and 20 cities), plus the Q1 2011 quarterly national house price index.

The DOJ’s. least puts more pressure on BofA to cough up some. Bank of America Corp., the second-biggest U.S. lender, said the Department of Justice may file another. credit crisis and purchases of Countrywide Financial Corp. and Merrill Lynch & Co. The bank. Monday Morning Cup of Coffee: Fannie, Freddie bonds in high demand?

Bank of America reached a $17 billion agreement with federal regulators over faulty mortgages. What’s in it for you?. Merrill Lynch and Countrywide," according to the Department of Justice..

The settlement resolves accusations that Countrywide Financial engaged in discriminatory mortgage-lending practices that predate BofA’s 2008 purchase of the firm. The Department of Justice was.

Bank Of America And Countrywide: "It Was The Worst Deal In the History Of American Finance, Hands Down!" WSJ Video – Behind the Numbers on BofA and Countrywide At one time Bank of America’s megalomaniacal CEO Ken Lewis thought he was picking up Countrywide Financial for the bargain price of $2.5 billion.

Related Links. The bank, insisting it should not have to pay a huge sum for the sins of Countrywide and Merrill, was stuck on a $3 billion cash offer for weeks. The justice department countered with more than $10 billion, a yawning gap that led federal prosecutors in New Jersey to begin drafting a lawsuit.

Ocwen will fight CFPB plan for homeowner relief fund Established in 2011 in the wake of the financial crisis, the Consumer Financial Protection Bureau (CFPB or the Bureau) is charged with enforcing a number of federal consumer financial protection laws,

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