BofA close to beating DOJ $850M RMBS fraud suit

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Last week, Magistrate Judge David S. Cayer of the U.S. District Court for the Western District of North Carolina denied Bank of America’s motion to dismiss the Security and Exchange.

Bank Of America Sold $850M In ‘Toxic Waste’ Mortgage Securities: DoJ The SEC and Department of Justice filed a civil suit today against BofA claiming the bank defrauded investors when it sold mortgage securities backed by more than $855 million in residential mortgages.

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We also have news of a HUD suit with Allied Mortgage, although as best one can tell none of the Allied executives who were involved in the massive mortgage fraud and cover-ups have been criminally.

Recently, the DOJ and the sec filed 2 separate civil lawsuits against the company related to the sale of RMBS in Jan 2008. BofA Sued by DOJ & SEC Over RMBS – August 7, 2013 – Zacks.com BofA.

Reuters: DOJ collects $24.7 billion in settlements in 2014 Too many regulators in the kitchen How many agencies does it take to regulate a financial system? In United States, about half a dozen at least. And this fragmented system made dealing with the 2008 financial crisis more difficult.JP Morgan Chase reach agreement with Justice Department on. – The Justice Department and JPMorgan Chase & Co. have reached agreement on all issues in a $13 billion settlement of a civil inquiry into the company’s sales of low-quality mortgage-backed.

DOJ Files Lawsuit Against Bank Of America Over $850M Mortgage Bond Sale August 7, 2013 at 9:09 am Filed Under: Bank of America , civil fraud , Justice Department , Securities and Exchange Commission

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The US government yesterday filed two civil lawsuits against Bank of America that accuse the bank of investor fraud in its sale of $850m (640m) of residential mortgage-backed securities.

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Law360, Los Angeles (August 22, 2014, 9:50 PM ET) – Bank of America Corp. and subsidiary Merrill Lynch will settle a lawsuit brought by the U.S. Securities and Exchange Commission alleging the bank defrauded investors in the sale of $850 million in residential mortgage-backed securities, according to a motion for a stay filed in North Carolina federal court on Friday.

Think back on JPMorgan and WAMU, the BofA. Department of Justice. (As I write this, I don’t know if there is an actual settlement to shake hands over, or that they’re only very close.) $17 billion.