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Bank Of America’s CEO Wants a Meeting with Attorney General

fortune.com | June 22, 2014

Meeting with Eric Holder reportedly sought to settle charges that the bank sold faulty mortgage securities.

Bank of America can’t shake off the string of mortgage fraud litigation hounding the bank.

The second-largest American bank is seeking to set up a meeting between CEO Brian Moynihan and U.S. Attorney General Eric Holder in an effort to resolve a possible multibillion settlement over charges that the bank sold faulty mortgage securities, Reuters reports.

In a separate case, a North Carolina judged okayed a Justice Department lawsuit against the company. The suit charges Bank of America BAC -0.58% with civil fraud concerning the sale of the same bad home loans the attorney general is targeting.

Moynihan is following in the footsteps of JPMorgan Chase CEO Jamie Dimon, who met with Holder to close the deal on the mortgage settlement. JPMorgan JPM 0.44% ended up accepting a $13 billion agreement that ended the bank’s mortgage securities problems.

The Department of Justice has not responded to Bank of America’s request for a meeting and the silence may indicate that Holder is not yet ready to meet one-on-one with Moynihan, people told Reuters.

Such meetings are unusual for the Department of Justice. Settlements are usual brokered between a company’s lawyers and law enforcement officials.

Bank of America has proposed a $12 billion payment to settle the probes, including about $5 billion in payments to struggling homeowners. The Justice Department offered a $17 billion settlement in the previous round of discussions and felt the bank’s proposal was not serious, according to a person with knowledge of the matter.

The face-to-face meeting between Moynihan and Holder is being pushed as the bank faces the possibility of a lawsuit from the U.S. Attorney’s office in New Jersey against Merrill Lynch’s actions leading up to the mortgage crisis. Bank of America had agreed to buy the floundering bank in 2008 at the peak of the financial crisis.


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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).

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