Bank of America has been ordered to pay a $1.27 billion penalty for fraud resulting from a jury’s ruling in a U.S. District Court that the bank was liable for the sale of defective loans to... Read more
The Federal Housing Finance Authority (FHFA) is asking for more than $6 billion in penalty fees from Bank of America for the bank’s role in misleading mortgage agencies such as Fannie Mae an... Read more
In another significant development involving JPMorgan Chase, the bank has agreed to pay $5.1 billion to resolve claims that it misled Fannie Mae and Freddie Mac about risky home loans and mo... Read more
UBS AG, Switzerland’s largest bank, has agreed to pay $885 million to Fannie Mae and Freddie Mac to settle claims that it improperly sold them mortgage-backed securities during the housing b... Read more
While the $25 billion settlement over foreclosure abuses referred to above is getting all of the media attention, even if the settlement receives court approval, the big banks’ legal problem... Read more
Two former CEOs at mortgage giants Fannie Mae and Freddie Mac are the highest-profile individuals to have been charged in connection with the 2008 financial crisis. In a lawsuit filed in New... Read more
An embattled foreclosure law firm — criticized for a Halloween party which mocked the homeless, and which was recently shunned by Fannie Mae and Freddie Mac — will close. Accordi... Read more
In what I believe is a step in the right direction, the U.S. government has filed suit against 17 financial firms, including the largest U.S. banks, for selling Fannie Mae and Freddie Mac bi... Read more
Liberty Mutual Insurance Co. and several of its subsidiaries have filed suit against investment banker Goldman, Sachs & Co. for “making materially misleading statements and omissions” i... Read more
The subprime mortgage collapse has already triggered a wave of class actions by shareholders who allege that Fannie Mae, Freddie Mac and underwriters hid the true financial health of the two... Read more
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