Bank of America in Settlement Talks With Justice Department Over Shoddy Mortgages

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Bank of America in Settlement Talks With Justice Department Over Shoddy Mortgages

Bank of America in Settlement Talks With Justice Department Over Shoddy Mortgages

Window dressing.

 

WSJ-

Bank of America Corp. is engaged in multibillion-dollar settlement talks with the Justice Department to end investigations into shoddy residential mortgage backed securities, according to people familiar with the matter.

The talks have been ongoing for months and it isn’t clear how much longer it could take for a deal to be completed, these people said. If a deal cannot be struck, the Justice Department would have to decide whether to file a lawsuit over the bank’s role in packaging poor-performing mortgages into securities that were sold to investors. The government has already sued the bank over one set of suspect mortgages, though a magistrate judge recently recommended the suit be dismissed, saying the government had overreached its legal authority.

[WALL STREET JOURNAL]

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One Response to “Bank of America in Settlement Talks With Justice Department Over Shoddy Mortgages”

  1. Charles Reed says:

    SEC needs to claw back the illegal funds paid to investors in these matters. Wells Fargo is next!

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