Tags » Mortgage Crisis

How the financial crisis happened: The contribution of regulatory failure

Michael Lewis’ piece (via Truthout:

The reporter, Jake Bernstein, has obtained 46 hours of tape recordings, made secretly by a Federal Reserve employee, of conversations within the Fed, and between the Fed and Goldman Sachs.

233 more words
Mortgage Crisis

The Agenda: Wednesday August 27, 2014

Today’s Agenda

Bank of America pays $16.65 billion to settle 'toxic mortgage' claims

WASHINGTON (AP) — The government has reached a $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis, the Justice Department announced Thursday. 854 more words


The market thinks Bank of America's mortgage nightmare is almost over

Is the worst behind Bank of America? Its shareholders seem to think so. The bank’s stock is up nearly 2% today, after it announced a long-awaited settlement… 201 more words

Madigan: Illinois To Get $300M From Settlement With Bank Of America

CHICAGO (AP) – Illinois Attorney General Lisa Madigan says the state will receive $300 million in its share of a national settlement with Bank of America. 126 more words


No, the US government hasn't forgotten about Countrywide founder Angelo Mozilo

It turns out Angelo Mozilo is not yet in the clear with the US government, which reportedly is preparing a new lawsuit against the architect of the behemoth US mortgage firm Countrywide Financial for his role in the housing collapse, … 357 more words

8 Aug 2014 (AFR) - Bank of America to pay record $17b fine for mortgage sins

(8 August 2014, AFR, p29, Danielle Douglas)

‘Bank of America, the second-largest bank in the United States, is close to reaching an agreement with the US Department of Justice to pay a whopping $US16 billion ($17.2 billion) to resolve allegations that it knowingly sold faulty mortgage securities that contributed to the financial crisis.’ 10 more words

Financial Crisis