1. Bank of America Settles on Mortgage Securities
... York. They hold a combined $100 billion in home loans from mortgage-backed securities from Bank of America, the nation's biggest bank by assets. The securities affected by the deal come from Countrywide Financial, the subprime mortgage 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 ... with false information and did not conform to normal standards (Schwartz). Sheila C. Bair, the chairwoman of t...
- Word Count: 793
- Approx Pages: 3
- Has Bibliography
- Grade Level: Undergraduate