Bank of America swung to a loss as the company booked $6bn of costs tied to mortgage disputes.
Credit Suisse agreed to pay $885m to settle lawsuits by the U.S. Federal Housing Finance Agency over mortgages sold to Fannie Mae and Freddie Mac.
Bank of America's Countrywide unit should pay the maximum penalty of $2.1bn for defective mortgage loans it sold to Fannie Mae and Freddie Mac in the run-up to the 2008 financial crisis, federal prosecutors told a judge in a court filing.
Citigroup paid $250m to taxpayer-owned Fannie Mae and Freddie Mac to settle a lawsuit over soured mortgage securities, the regulator of the two housing finance firms said on Thursday.
Wells Fargo has agreed to pay Fannie Mae $591m to resolve repurchase demands on loans originated before 2009 and sold to the government-backed firm.
Bank of America should pay the maximum penalty of $863m for selling defective loans to Fannie Mae and Freddie Mac, given the egregiousness of the fraud, U.S. prosecutors told a federal judge.
A U.S. housing regulator is seeking at least $6bn from Bank of America to settle civil claims the firm sold faulty mortgage bonds to government-backed finance companies Fannie Mae and Freddie Mac, according to a person with direct knowledge of the discussions
A former executive of Bank of America's Countrywide unit told a federal jury on Tuesday that she did not knowingly sell toxic mortgages to Fannie Mae and Freddie Mac in the run-up to the financial crisis.
Wells Fargo agreed to an $869m settlement with Freddie Mac to resolve repurchase claims on faulty loans sold to the government-backed firm before 1st January 2009.
And it's the last thing this firm needs right now.