1. Bank of America Settles on Mortgage Securities
... beginning of the next fiscal year, Bank of America is finalizing an agreement to pay $8.5 billion to settle claims by investors that purchased mortgage securities that went awry when the housing market took a turn for the worst. This deal could potentially be the single biggest settlement after the economic crisis that began in 2008 (Schwartz). "I think this is huge," said Michael Mayo, a ... investors, including asset managers Pimco, Metropolitan Life and BlackRock, as well as the Federal Reserve Bank of New York. They hold a combined $100 billion in home loans from mortgage-backed se...
- Word Count: 793
- Approx Pages: 3
- Has Bibliography
- Grade Level: Undergraduate