#BANK OF AMERICA FAKE BANK STATEMENT MAC#

Bank of America will pay a $5 billion civil penalty to settle the Justice Department claims under FIRREA. Of the record-breaking $16.65 billion resolution, almost $10 billion will be paid to settle federal and state civil claims by various entities related to RMBS, CDOs and other types of fraud.

#BANK OF AMERICA FAKE BANK STATEMENT MAC#

The bank has also conceded that it originated risky mortgage loans and made misrepresentations about the quality of those loans to Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA). When the RMBS collapsed, investors, including federally insured financial institutions, suffered billions of dollars in losses. The settlement includes a statement of facts, in which the bank has acknowledged that it sold billions of dollars of RMBS without disclosing to investors key facts about the quality of the securitized loans. The Justice Department and the bank settled several of the departmentвЂ™s ongoing civil investigations related to the packaging, marketing, sale, arrangement, structuring and issuance of RMBS, collateralized debt obligations (CDOs), and the bankвЂ™s practices concerning the underwriting and origination of mortgage loans. вЂњBut the significance of this settlement lies not just in its size this agreement is notable because it achieves real accountability for the American people and helps to rectify the harm caused by Bank of AmericaвЂ™s conduct through a $7 billion consumer relief package that could benefit hundreds of thousands of Americans still struggling to pull themselves out from under the weight of the financial crisis.вЂќ вЂњAt nearly $17 billion, todayвЂ™s resolution with Bank of America is the largest the department has ever reached with a single entity in American history,вЂќ said Associate Attorney General West. This settlement is part of the ongoing efforts of President ObamaвЂ™s Financial Fraud Enforcement Task Force and its Residential Mortgage-Backed Securities (RMBS) Working Group, which has recovered $36.65 billion to date for American consumers and investors. This is appropriate given the size and scope of the wrongdoing at issue.вЂќ 'Under the terms of this settlement, the bank has agreed to pay $7 billion in relief to struggling homeowners, borrowers and communities affected by the bankвЂ™s conduct. вЂњThis historic resolution - the largest such settlement on record - goes far beyond вЂthe cost of doing business,вЂ™вЂќ said Attorney General Holder. The settlement does not release individuals from civil charges, nor does it absolve Bank of America, its current or former subsidiaries and affiliates or any individuals from potential criminal prosecution. As part of this global resolution, the bank has agreed to pay a $5 billion penalty under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) вЂ“ the largest FIRREA penalty ever вЂ“ and provide billions of dollars of relief to struggling homeowners, including funds that will help defray tax liability as a result of mortgage modification, forbearance or forgiveness. Attorney General Eric Holder and Associate Attorney General Tony West announced today that the Department of Justice has reached a $16.65 billion settlement with Bank of America Corporation вЂ“ the largest civil settlement with a single entity in American history В- to resolve federal and state claims against Bank of America and its former and current subsidiaries, including Countrywide Financial Corporation and Merrill Lynch.

Bank of america fake bank statement