BofA close to beating DOJ $850M RMBS fraud suit

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Law360, Los Angeles (August 22, 2014, 9:50 PM ET) – Bank of America Corp. and subsidiary Merrill Lynch will settle a lawsuit brought by the U.S. Securities and Exchange Commission alleging the bank defrauded investors in the sale of $850 million in residential mortgage-backed securities, according to a motion for a stay filed in North Carolina federal court on Friday.

Justice Department Sues Bank of America for Mortgage Fraud (Update 1) The Department of Justice says the bank made false statements when peddling $850 million in securities to five financial institutions. Updated from 4:11 p.m. ET with comment from Bank of America Spokesman Lawrence Grayson.

In 2013 and 2014, the attorney general obtained broad-ranging settlements from three major banks (Bank of America, Citibank, and JPMorgan Chase) related to the packaging, marketing, sale, and issuance of residential mortgage backed securities (RMBS).

Bank of America close to beating DOJ $850M RMBS fraud suit he U.S. Department of Justice has not proven its charges that Bank of America ( BAC ) misled investors about the quality of loans bundled into $850 million in mortgage-backed securities.

If the lawsuit filed by DOJ is eventually dismissed, it might reduce the legal hassles for the company to some extent. However, BofA will be still left grappling under substantial legal burdens.

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Besides these settlements, which have been inked over a period of more than three years, the DoJ recently filed a lawsuit against Barclays (NYSE:BCS) for misleading investors in 36 RMBS deals worth.

Justice Department Sues Bank of America for Mortgage Fraud (Update 1) The Department of Justice says the bank made false statements when peddling $850 million in securities to five financial.

MBA: mortgage applications down 18.6% last week Shadow Inventory of Homes to Take Nearly 3 Years to Clear: S&P The "shadow inventory" of bank- repossessed properties, as well as distressed mortgages facing foreclosure, will take nearly three years to clear at the current sales rate, according to a report.The Market Composite Index, which measures mortgage loan application volume. The effective rate decreased from last week. And, on average, the contract interest rate for 5/1 ARMs is 3.95 percent,

Citigroup to Pay the Largest Penalty of Its Kind – $4 Billion. The RMBS Working Group is a federal and state law enforcement effort focused on investigating fraud and abuse in the RMBS market that helped lead to the 2008 financial crisis. The RMBS Working Group brings together more than 200 attorneys, investigators,