WMFD TV

Search Archive WMFD.com News

www.wmfd.com - A U.S. law enforcement official says Bank of America is negotiating a deal with the Justice Department and a number of states. }}" />

   
 
 
Bank Of America In Talks On Mortgage Settlement

Story By: Larry Stine

Enter To Win Snow Trails Tubing Passes

 

 

 
 
 
  Email Story to Friend
   
  Original Published: 6/9/2014

A U.S. law enforcement official says Bank of America is negotiating a deal with the Justice Department and a number of states. The negotiations coudl lead to a roughly $12-billion settlement related to the bank's mortgage banking practices. At issue are allegations Bank of America defrauded buyers of mortgage-backed securities by misleading them about the quality of the loans involved. The securities in question consisted of home loans financial institutions bundled according to their risk. The products played a key role in the 2008 financial crisis. Loans that were rated as safe began to fail in huge numbers as the housing market collapsed. Bank of America declined to comment on the potential settlement. The U.S. official said a deal is still weeks away.

   
  MORE RECENT NEWS
 
Image1 Ohio's efforts to preserve and perhaps expand its military jobs base includes a discussion in Mansfield. Full Story
Image1 The annual Point in Time Homeless Count is being conducted by the Richland County Coalition on Housing and Homelessness. Full Story
 
Image1 The Richland County Grand Jury has indicted a second person in connection with the overdose of a Mansfield man. Full Story
Image1 A house fire on Geary Road in Ontario severely damaged a garage and vehicle. Full Story
  MORE NEWS
 

Car, Garage, Burn Up In Ontario Fire

Richland Co. Probate Court Judge Sworn In For Third Term

Mansfield woman faces jail time for animal cruelty

Galion Officials Call For Electric Bill Refunds

Snow causes road emergencies and school closings

More News