BofA reaches $335 million settlement over mortgages, MERS

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BofA reaches $335 million settlement over mortgages, MERS

BofA reaches $335 million settlement over mortgages, MERS

Reuters-

Bank of America Corp has reached a $335 million settlement of a federal lawsuit accusing it of misleading shareholders about its exposure to risky mortgage securities and its dependence on an electronic mortgage registry known as MERS.

The second-largest U.S. bank disclosed the accord in its quarterly report filed on Friday with the U.S. Securities and Exchange Commission. It said it set aside enough reserves for the settlement as of June 30, and that final documentation and court approval are still needed.

Shareholders led by the Pennsylvania Public School Employees’ Retirement System claimed they had been misled into buying Bank of America stock in 2009 and 2010, including stock sold to repay $45 billion of federal bailout money.

[REUTERS]

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2 Responses to “BofA reaches $335 million settlement over mortgages, MERS”

  1. crittermom says:

    *yawn*
    Forgive me. While it’s good news that one of the TBTJ banks got hit once again & hopefully the true investors will recoup come losses, it’s still business as usual, isn’t it? They already had money set aside to pay fines, as do all the big banks. It’s just the cost of doing business, right? Grrrrrr!

    Let us not forget that those homes taken, which are what’s at the root of it all, represent more than just a piece of paper (or in all the MERS cases, just some B.S. on a computer screen with no real signatures to back it up).

    They represent the lives of millions of us.

    For years now I’ve read of these “huge” fines, but they don’t help me, a victim, in the least. I’m a 64 yr old divorced female who lost my humble home of 20 years. Everything.

    The $3,000 I received from the “Independent Foreclosure Review” (a complete misnomer!), doesn’t begin to compensate for them taking my home–my life–while I was current on my modified pymts.(yeah, “dual tracking”)

    Since then many new committees have been formed, & more laws written to supposedly help homeowners.
    Hello? Still not working! Do your research.

    The SIGTARP report released to Congress the end of April this year tells the true story, & once again the fault still lies with the banks.
    Under HAMP (“Hellbent At Making Profits”?) & HARP (“Hellbent At Retaining Profits”?), up to 84% of us were denied modifications from 2009 to this year.

    Now many of these mortgages have been turned over to private hedge funds & equity firms under a new program DASP (“Determined At Securing Profits”?).
    The results?
    83% are being turned down for modifications. Millions are still losing their homes. Sound all too familiar?

    Once again the banks are supposed to approve a modification within 90 days, yet once again they claim they can’t comply because they have more applications coming in than they can process. At last report, it’s still taking Chase Bank 8 mths to complete a request for a modification, & most are being denied.

    Why don’t the banks just hire more employees to process them? It’s not like they can’t afford to!
    Their PONZI scheme wouldn’t reap the profits it now does then.
    Why?
    Because modified pymts are about half your regular pymts, which means that all the while you’re making those, you’re actually falling further behind on your mortgage. Then the bank can say you no longer qualify & they take your home. It happened to, & continues to happen to, millions & millions
    of us.
    Yet the govt sits back & scratches their heads saying, “Duh? Why isn’t the program working?”

    I’m completely disgusted with the way the govt has handled, & continued to handle what has happened.

    Yes, good news is nice, such as this lawsuit, but it’s not the answer.
    It’s treating the symptoms instead of offering a cure.

  2. claire says:

    SMALL CHANGE TO PAY FOR THE PAIN THIS BANK OF AMERICA CROOKS INFLECTED ON HOMEOWNERS ALL OVER AMERICA
    BY ILLEGALY STEALING THEIR HOMES

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