U.S. housing regulators seek over $6 billion from BofA: FT

[Eugene]

Source: Reuters

U.S. housing regulators seek over $6 billion from BofA: FT

Sun Oct 20, 2013 4:46pm EDT

(Reuters) - U.S. housing regulators are looking to fine Bank of America more than $6 billion for its role in misleading mortgage agencies during the housing boom, compared with the $4 billion to be paid by JPMorgan Chase & Co, the Financial Times reported on its website, citing people familiar with the matter.

The FT said the Federal Housing Finance Agency (FHFA), pursuing claims on behalf of finance agencies Fannie Mae and Freddie Mac that back about half the existing U.S. home loans, are seeking the penalty.

FHFA and Bank of America (BofA) could not be reached for comment outside of regular business hours.

Countrywide Financial Corp, the mortgage lender acquired by BofA in July 2008, has cost the bank more than $40 billion in litigation expenses and other charges linked to its bad subprime mortgages. The bank set aside an additional $300 million for mortgage litigation in the latest quarter.

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Read more: http://www.reuters.com/article/2013/10/20/us-bofa-settlement-idUSBRE99J0AW20131020

[itsrobert]

1. Just 1/4th of the cost of the Republican Shutdown

pennies for BofA and republicans.

[BlueToTheBone]

2. A few billion here and a few billion there

adds up to trillions after awhile. We might recoup our money from the bail out. Of course 24 billion down the toilet for the shutdown just dug the hole deeper.