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Items Tagged with 'Department of Justice'

ARTICLES

U.S. Attorney General Eric Holder to step down

Departs after nearly six years
Brena Swanson
U.S. Attorney General Eric Holder will announce on Thursday he is stepping down after a term marked by advances in civil rights and frequent battles with Republicans in Congress.
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FHA-backed mortgages drop 19%

Lenders put limit on federal insurance
Brena Swanson
Major lenders and regulators are working hard to find common ground when it comes to home loans to lower-income Americans. As talks continue, the percent of federal Housing Administration loans given to borrowers with weaker credit scores is dropping.
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Tony West leaving DOJ after negotiating massive RMBS settlements

Led DOJ’s toxic mortgage task force
Ben Lane
In his role, he headed the DOJ’s residential mortgage-backed security task force that in the past several months has secured massive settlements with Citigroup, JPMorgan Chase, Bank of America and others over the banks’ toxic mortgage lending practices that led to the collapse of the housing economy.
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Huge tax bill for homeowners who receive BofA settlement?

The relief could be too good to be true
Ben Lane
There could be a huge tax bill coming for borrowers that accept relief as part of the $16.65 billion settlement between Bank of America and the U.S. Department of Justice.
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WATCH: Former Wells Fargo CEO calls BofA fine “extortion”

Kovacevich says fine is political and has “nothing to do with justice”
Ben Lane
"Why are we charging the stock holders instead of going after the people who did wrong?” former Wells Fargo CEO Dick Kovacevich said. “Corporations don't engage in criminal behavior. They don't take advantage of innocent people. People do.”
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Bank of America reportedly reaches $17 billion RMBS settlement

Settlement would be largest yet
Ben Lane
If true, the $17 billion settlement would exceed the previous high of $13 billion paid by JPMorgan Chase in November to settle similar claims. As of press time, Bank of America did not have a comment on the rumors.
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Fifth Third Mortgage pays $1.5M to settle discrimination claims

Accused of violating Fair Housing Act, Equal Credit Opportunity Act
Brena Swanson
The Department of Justice reached a settlement with Fifth Third Mortgage Company to resolve allegations that it engaged in a pattern or practice of discrimination on the basis of disability and receipt of public assistance in violation of the Fair Housing Act and the Equal Credit Opportunity Act.
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BofA, DOJ settlement negotiations remain tangled

Two sides remain far apart on crucial issues
Brena Swanson
Bank of America continues to work through its negation talks with the Department of Justice. However, the two still stand very far apart on crucial issues.
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DOJ demands more in BofA, Countrywide deal

Deal hung up over penalties
Brena Swanson
The Department of Justice is not satisfied with its negotiations over Bank of America's cash penalty amount for the dealings of Countrywide and Merrill Lynch. The $13 billion is not enough.
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Fed releases SunTrust order over $160M mortgage penalty

Settlements continue to dent lender's profits
Brena Swanson
SunTrust's earnings continue to be dragged down by various mortgage settlements, resolving past foreclosure and mortgage issues. Most recently, the Federal Reserve finalized the $160 million penalty related to faulty mortgages announced back in October.
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