Friday, March 28, 2014

And again

 "Bank of America is paying $6.3 billion to settle a lawsuit arising out of troubled mortgage-backed securities it cobbled together and sold to Fannie Mae and Freddie Mac in the run-up to the financial crisis.
The bank agreed on Wednesday to pay that sum to settle a lawsuit filed on behalf of the two government-sponsored mortgage finance firms by their regulator, the Federal Housing Finance Agency. As part of the settlement, Bank of America will also repurchase mortgage securities from Fannie and Freddie that are valued at about $3.2 billion.
The agreement covers what are known as private-label mortgage-backed securities sold by Bank of America and its affiliated entities like Countrywide Financial and Merrill Lynch."
Once again pay a fine and walk away………….all these fines and settlements; still it's the average American who got foreclosed on that none of the money went to help.