The deal requires Bank of America to acknowledge making serious misrepresentations about the quality of its residential mortgage-backed securities issued by itself and by Countrywide Financial and Merrill Lynch. Those institutions were acquired by the bank when they were on the brink of failure in 2008, and they were responsible for the bulk of the questionable loans.
The deal requires Bank of America to acknowledge making serious misrepresentations about the quality of its residential mortgage-backed securities issued by itself and by Countrywide Financial and Merrill Lynch. Those institutions were acquired by the bank when they were on the brink of failure in 2008, and they were responsible for the bulk of the questionable loans. Matt Rourke The Associated Press
The deal requires Bank of America to acknowledge making serious misrepresentations about the quality of its residential mortgage-backed securities issued by itself and by Countrywide Financial and Merrill Lynch. Those institutions were acquired by the bank when they were on the brink of failure in 2008, and they were responsible for the bulk of the questionable loans. Matt Rourke The Associated Press

Bank of America agrees to pay $17 billion, the largest settlement yet in the mortgage securities collapse

August 20, 2014 3:20 PM

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