1. Bank of America Settles on Mortgage Securities
... lender whose practices have come to symbolize the excesses of the housing boom. Bank of America acquired Countrywide in 2008 (Schwartz). The settlement also covers almost all of $424 billion in mortgages that were issued by Countrywide, which were packaged into mortgage bonds at the time. Therefore, a broader group of investors will share in the proceeds, according to the people who were briefed on the proposed settlement. Additionally, Bank of America ... is expected to take a $5 billion after-tax charge in the second quarter to cover the payout. As soon as the settlement is complete, ...
- Word Count: 793
- Approx Pages: 3
- Has Bibliography
- Grade Level: Undergraduate