DOJ demands more in BofA, Countrywide deal

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That extra share will be worth it to JPMorgan if Gibbs & Bruns used its bruising experience with Countrywide MBS objectors to improve the new deal. Let’s look first at tweaks to the settlement.

When Bank of America bought Countrywide Financial for $2.5 billion in stock in 2008, it must have seemed like a good deal. The troubles with Countrywide, then the nation’s biggest mortgage lender, were known at that point — defaults and foreclosures were piling up, and there were rumors that bankruptcy could be around the corner.

Bank of America is feeling the pressure from investors that demanding Bank of America to buy back bad mortgages. You can’t blame Bank of America for trying to starve of the investors’ demands. After all, Bank of America services 14 million home mortgages and 10 million of which came from Countrywide.

DOJ demands more in BofA, Countrywide deal. Posted on July 29, 2014 | Leave a comment. Despite already offering $13 billion to end the government’s mortgage securities probe, the Department of Justice is demanding billions of more from Bank of America. Related Links.

 · Despite already offering $13 billion to end the government’s mortgage securities probe, the Department of Justice is demanding billions of more from Bank of America for the dealings of Countrywide.

About $7 billion in the settlement will go to consumers "harmed by the financial crisis precipitated by the unlawful conduct of Bank of America, Merrill Lynch and Countrywide," according to the Department of Justice. The relief will be delivered as principal reductions and loan modifications for homeowners who are underwater on their mortgages.

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 demands more in BofA, Countrywide deal Posted on July 29, 2014 | Leave a comment Despite already offering $13 billion to end the government’s mortgage securities probe, the Department of Justice is demanding billions of more from Bank of America ( BAC ) for the dealings of Countrywide Financial Corp. and Merrill Lynch & Co. Per The Wall Street Journal :

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