Certified Forensic Loan Auditors, LLC

 
  Upcoming Classes

Search CFLA's Article Archive:

Bank of America Corp Offers $13B To Settle Mortgage Probe

valuewalk.com | July 21, 2014

Citing people familiar with the development, The Wall Street Journal reports the bank met with U.S. Justice Department representatives on Tuesday, although apparently no progress was made towards a final deal.

Bank of America’s deal with DOJ

As reported by ValueWalk, last month, Bank of America Corp (NYSE:BAC) was said to be in advanced negotiations to pay no less than $12 billion for its handling and packaging of shoddy mortgages. Despite the bank pushing for a settlement in that neighborhood, there were calls by several groups for a payment considerably larger than the $12 billion the bank was offering.

Interestingly, the $12 billion fine would exceed the bank’s profit of $11.43 billion in 2013. However, many people believe that Bank of America Corp (NYSE:BAC)’s conduct was worse than JPMorgan Chase & Co. (NYSE:JPM)’s, and last year the latter bank paid a record $13 billion for its actions in the run-up to the financial crisis.

According to The Wall Street Journal report, the latest offering of a $13 billion settlement by Bank of America Corp (NYSE:BAC) would be in the form of cash and consumer benefits.

DOJ reportedly seeking $17 billion

Though Bank of America Corp (NYSE:BAC) originally wanted to pay only $12 billion, the Justice Dept has reportedly sought $17 billion from the bank. The investigation relates to the Charlotte-based bank and its predecessor Countrywide being suspected of selling mortgage securities backed by loans that were made improperly and known to be faulty.

While unveiling its second quarter results Monday, Citigroup Inc. (NYSE:C) announced that it will pay $7 billion to resolve the investigation of its mortgages. Officials accused the bank of selling bad mortgages preceding the financial crisis. Citigroup’s settlement included $4.5 billion in cash and $2.5 billion in consumer relief.

Bank of America Corp (NYSE:BAC) announced its second quarter results today, and indicated that its results include litigation expenses of $4.0 billion and the bank has reached settlement with AIG to resolve residential mortgage-backed securities claims for $650 million.

 

Back to July 2014 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

SEE BELOW- http://www.certifiedforensicloanauditors.com

Call us toll free at 888-758-2352

Bookmark and Share
spacer
Facebook Like us on Facebook
Twitter Follow us on Twitter
YouTube View our YouTube Videos
LinkedIn Connect to us on Linkedin
 
BBB Logo

 

spacer
Contact us or view our Sample Documents & Audits by completing the form below.

  • Reload
  • Should be Empty:


 

DVD Sets Only $99

 

FREE Mortgage Fraud Analysis

 

Order Cutting-Edge Services Now

 

Quiet Title Packages from Licensed Attorneys

 

Affiliate Services

 

CFLA Sponsored Attorney Links

 

Take-Home Education Package

 

ALB Law Firm

 

Advocate Legal

 

The True News Network

 

Sutton Law Firm, P.L.L.C.

 

Rubenstein Business Law

 

Atighechi Law Group

 

Scunziano & Associates

 

Get Certified to Perform Mortgage Securitization Audits

 

CFLA Training Academy

 

Expert Witness Services

 

Cutting Edge Expert Securitization Reports

 

CFLA Credit Cards

 

Breaking News

 

Letters to the Editor

 

CFLA Weekly Newsletters

 

Code of Ethics

 

Testimonials

 

Instructional Videos

 

Job Opportunities

 

License Opportunities

 

MARS Rule

 

Product Samples

 

Resource Links

 

Servicer Information

 

Foreclosure Laws

 

REST Report

 

Quiet Title Packages from Licensed Attorneys

 

Advertise on CFLA

 

Advertising Space: Mortgage Securitization, Quiet Title

 

Certified Forensic Loan Auditors, LLC
13101 West Washington Blvd.
Suite 444
Los Angeles, CA 90066

Phone: 832-932-3951
Toll Free: 888-758-CFLA (2352)
Mobile Users: CLICK TO CALL
info@certifiedforensicloanauditors.com

   
 
CFLA IS NOT A LAW FIRM AND DOES NOT PROVIDE ANY LEGAL ADVICE. CFLA DOES NOT OFFER FORECLOSURE CONSULTING OR FORECLOSURE RELIEF
SERVICES. CFLA DOES NOT OFFER OR ASSIST WITH ANY LOAN MODIFICATION SERVICE. CFLA ALWAYS RECOMMENDS THAT CLIENTS RETAIN COMPETENT COUNSEL IN THEIR RESPECTIVE JURISDICTION. CFLA HAS A FREE PROGRAM TO REFER CFLA CLIENTS TO LAW FIRMS IN NEARLY EVERY STATE AND CFLA
DOES NOT CHARGE OR OBTAIN REFERRALS FEES FOR THESE SERVICES. SERVICES NOT OFFERED TO RESIDENTS OF THE STATE OF NEVADA.

 
Home About Us Privacy Policy Terms of Service Disclaimer SERVICES Careers Contact Us
 
COPYRIGHT © 2007-2016 Certified Forensic Loan Auditors ™ All rights reserved