{"id":5654,"date":"2014-08-21T14:03:54","date_gmt":"2014-08-21T21:03:54","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=5654"},"modified":"2014-08-21T14:03:54","modified_gmt":"2014-08-21T21:03:54","slug":"b-agrees-pay-16-6-billion-settled-financial-fraud-case-historic-settlement","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=5654","title":{"rendered":"Feds: Bank of America’s $16.6 Billion Financial Settlement is Historic"},"content":{"rendered":"

\"Gavel\"<\/a>WASHINGTON D.C.\u00a0<\/strong>\u00a0– In a historic settlement, Bank of America has agreed to pay $16.6 billion for financial fraud during the economic crisis, the U.S. Justice Department announced Thursday.<\/p>\n

Federal officials said this is the largest civil settlement\u00a0\u00a0with a single entity in American history<\/p>\n

The settlement<\/a> is to resolve federal and state claims against Bank of America and its former and current subsidiaries, including Countrywide Financial Corporation and Merrill Lynch. As part of this global resolution, the bank has agreed to pay a $5 billion penalty under the Financial Institutions Reform, Recovery\u00a0and Enforcement Act or \u00a0FIRREA, \u00a0officials said.<\/p>\n

The settlement will provide billions of dollars of relief to struggling homeowners, including funds that will help defray tax liability as a result of mortgage modification, forbearance or forgiveness.<\/p>\n

The settlement does not release individuals from civil charges, nor does it absolve Bank of America, its current or former subsidiaries and affiliates or any individuals from possible criminal prosecution.<\/p>\n

\u201cThis historic resolution – the largest such settlement on record – goes far beyond \u2018the cost of doing business,\u2019\u201d said Attorney General Holder. “Under the terms of this settlement, the bank has agreed to pay $7 billion in relief to struggling homeowners, borrowers and communities affected by the bank\u2019s conduct. This is appropriate given the size and scope of the wrongdoing at issue.\u201d<\/p><\/blockquote>\n

This settlement is part of the ongoing efforts of President Obama\u2019s \u00a0to recover money on behalf of consumers and investors.<\/p>\n

The Financial Fraud Enforcement Task Force and its Residential Mortgage-Backed Securities (RMBS) Working Group has recovered $36.65 billion so far.<\/p>\n

\u201cAt nearly $17 billion, today\u2019s resolution with Bank of America is the largest the department has ever reached with a single entity in American history,\u201d said Associate Attorney General Tony West.<\/p>\n

Adding, \u201cBut the significance of this settlement lies not just in its size; this agreement is notable because it achieves real accountability for the American people and helps to rectify the harm caused by Bank of America\u2019s conduct through a $7 billion consumer relief package that could benefit hundreds of thousands of Americans still struggling to pull themselves out from under the weight of the financial crisis.\u201d<\/p><\/blockquote>\n

Statement of Facts<\/a><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON D.C.\u00a0\u00a0– In a historic settlement, Bank of America has agreed to pay $16.6 billion for financial fraud during the economic crisis, the U.S. Justice Department announced Thursday. 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