Bank of America has agreed to pay $16.65 billion in various settlements to effectively end federal and state probes into their mortgage bond sales. This marks the largest bond fund settlement to date sparked by claims related to the 2008 financial crisis.
Bank of America will pay $9.65 billion in cash and $7 billion in consumer relief including:
- $5.02 billion in penalties
- $1.8 billion to settle fraud claims
- $900 million to a group of select states
- $245 million to the Securities Exchange Commission
Predatory loans fueled the 2008 financial crisis and the subsequent foreclosure of hundreds of thousands of homes. Companies like Bank of America and Countrywide, which Bank of America acquired following its collapse, were at the heart of this storm, ruining lives with reckless abandon.
The mortgage fraud attorneys at Colling Gilbert Wright & Carter have over eight decades of combined experience holding companies like Bank of America accountable for their predatory and neglect actions. If you have suffered loss due to predatory lending, or any other type of mortgage fraud, we are here to take your case and fight for your rights until you have received the justice you deserve.
To schedule your free consultation with one of our experienced mortgage fraud attorneys, please contact Colling Gilbert Wright & Carter today. Based in Orlando, we handle cases throughout the country.