Justice Department - Articles

U.S. Judge Weighs Penalties After BofA Fraud Verdict

Paul Sakuma/AP By Nate Raymond NEW YORK -- A U.S. judge is considering an alternative that could result in Bank of America paying much less than the $863.6 million the government is seeking as a penalty for the sale of defective mortgages before the financial crisis. At a hearing Thursday, U.S. District Judge Jed Rakoff... Continue Reading »

JPMorgan's $13 Billion Deal Hits Stumbling Blocks

Pete Marovich/Bloomberg via Getty ImagesJPMorgan CEO Jamie Dimon By Aruna Viswanatha and David Henry JPMorgan Chase and the U.S. Justice Department have hit snags in working out the final details of their $13 billion settlement over the bank's mortgage bonds, two people familiar with the talks said. The bank and the... Continue Reading »

Wells Fargo to Pay $175 Million to Settle Case of Race Discrimination in Mortgage Lending

WASHINGTON -- Wells Fargo & Co has agreed to pay $125 million to resolve allegations it discriminated against certain borrowers on the basis of race and national origin in its mortgage lending, the U.S. government said on Thursday. Wells Fargo also agreed to contribute $50 million to help those buyers making down... Continue Reading »

Foreclosure Fraud May Cost Big Banks $20 Billion

The nation's largest mortgage companies are operating on the assumption that they will have to pay as much as $20 billion to resolve claims of widespread foreclosure abuse, an amount four times what they originally had proposed, the top federal official overseeing the discussions told state officials Monday, according to... Continue Reading »

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