California Real Estate Fraud Report

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Bank of America Settles Mortgage Fraud Claims for $16.65 Billion

Bank of America has agreed to pay $16.65 billion in a settlement with the U.S. Justice Department over its role in the sale of mortgage-backed securities in the run-up to the financial crisis.

The settlement, which includes BofA subsidiaries Countrywide Financial Corp. and Merrill Lynch, is the largest to-date having to do with the real estate market meltdown that cost many Americans their homes and jobs.

Important to the settlement is the admission by Bank of America that it and its subsidiaries made “serious misrepresentations” to the public about mortgages and mortgage-backed securities, according to York Attorney General Eric Schneiderman. New York will get $800 million, of which $300 million will be cash and $500 million in mortgage modifications, new loans, donations to communities, financing for affordable rental housing and funds to groups that provide legal, housing and community development programs.

According to the State of California Department of Justice website, California will get $300 million in damages, which will replenish the state’s pension funds, CalPERS and CalSTRS, for losses on investments in mortgage-backed securities of Bank of America and its affiliates. California is also guaranteed at least $500 million in consumer relief credits.

Read the original article in the Post-Standard.

© Copyright 2007-2018 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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