▲ Up
 
19:57 30-08-2015
MAIN АКИpress CA-News
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanMongoliaWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
Bank of America expected to pay a record $16.65 billion fine

Bishkek (AKIpress) - bank-of-america U.S. Federal authorities are on the verge of imposing a $16.65 billion fine on Bank of America to settle allegations that it knowingly sold toxic mortgages to investors, the New York Times reports.

The sum would be the largest settlement between the government and a private corporation in the United States’ history, coming at the end of a long controversy surrounding the bank’s role in the recent financial crisis. In issuing bad subprime loans, many say, the bank helped fuel a housing bubble that would ultimately burst in late 2007, devastating the national and global economy, the Time said Thursday.

Since the end of the financial crisis, the bank has been instructed to pay more than $60 billion in fines and other claims.

Of the latest settlement, $7 billion will go to consumers faced with financial hardship. In turn, the bank largely exonerates itself from further federal scrutiny.

However, not all is forgotten. The Times also reports that federal prosecutors are preparing a new case against Angelo Mozilo, the former chairman and chief executive officer of Countrywide Financial, which Bank of America acquired in mid-2008.

As the country’s largest lender of mortgages, Countrywide Financial purportedly played a large role in distributing the bad loans. Mozilo has already paid the Securities and Exchange Commission a record $67.5 million settlement.


Twitterfacebookprint
16:25 21.08.2014
LATEST NEWS
18:08 Scientists discover bigger version of Great Barrier Reef17:48 CIS commission on peaceful use of atomic energy to meet in November 201517:35 Greece names new prime minister17:23 Kyrgyzstan reduces trade with Uzbekistan almost two times17:15 Khan Bank of Mongolia signs cooperation agreement with Hungarian National Trading House17:09 Washington welcomes agreement to establish uranium bank in Kazakhstan16:49 U.S. Assistant Secretary of State for International Security and Nonproliferation still in Kazakhstan16:46 Kyrgyzstan to launch Kambar-Ata-2 HPP at full capacity with operationalization of Datka-Kemin power transmission line16:35 Mongolia delivers humanitarian aid to Myanmar16:32 Student dies falling from 19th floor of Twin Towers in Dushanbe16:01 Facebook hits 1 billion users in a single day15:58 Presidents of Turkmenistan and Afghanistan sign number of agreements on cooperation15:53 Biometric voter identification guarantees transparent and open elections – OSCE Secretary General15:38 Constitutional principle in Kazakhstan to be gradually supplemented by social support measures – Nazarbayev15:26 Asian shares extend global rally after upbeat U.S. economic data calm sentiment15:24 Gazprom Management Committee Chairman to visit Bishkek15:23 Foreign Minister: Kazakhstan encourages civilian nuclear energy with security in mind15:18 Lenin Peak being cleaned from trash remaining since collapse of Soviet Union15:18 Experts from Uzbekistan and Kyrgyzstan discuss border issues14:59 Overhead power transmission line from Batken to Tajikistan to be built under CASA-1000 Project
Astana
+24° C
Ashgabat
+31° C
Bishkek
+26° C
Dushanbe
+26° C
Tashkent
+29° C
exchange rates
 
73.50
65.10
10.19
0.98
268.37
237.66
37.21
3.56
6.85
6.26
1.01
0.12
2710.18
2512.73
405.44
50.01
3.91
3.50
0.55
0.05

© AKIpress News Agency - 2001-2015. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to www.akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75