▲ Up
 
10:21 04-03-2015
MAIN Russian
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanWorld
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
10:18 Government adopts new program of social protection of population for 2015-2017 years10:18 Tajikistan to deliver 1000 MW to Pakistan until 2017 - ambassador10:12 U.S. hands over computer equipment to Uzbekistan military school under Export Control and Related Border Security program10:10 New Member of Parliament Bolot Sulaimankulov takes oath10:04 Two Osh residents leave for Syria to take part in hostilities09:57 Justice Minister discusses promoting equitable access to justice in Kyrgyzstan with representative of Finland Foreign Ministry09:55 Brussels hosts meeting of Kazakh-EU Union Cooperation Council09:51 Vice PM Niyazaliyeva meets with 40 citizens making appointment via public reception09:43 State Customs Service reveals smuggling of fertilizers and flour09:41 Kazakhstan takes part in 23rd Symposium of International Organization of Supreme Audit Institutions09:38 Two companies entering into unreliable suppliers list prohibited from participating in state bid competitions09:33 Turkmenistan, Turkey sign new energy deals09:28 Naryn and Jalal-Abad regions hit by earthquakes17:56 Bishkek TPP demand in coal 1.2 million tons in 201517:47 Boko Haram beheadings video echoes ISIS techniques17:20 20-25% of alcohol production of Kyrgyzstan in shadow16:57 Kenes Rakishev becomes major Kazkom shareholder, sells his share in BTA to KKB16:49 Tajikistan, UNDP, Japan sign $4.2 mln deal for contruction of new Tajik-Afghan border checkpoint16:34 Tajikistan to play Maldives, Syria in football friendlies16:26 Police disrupts activity of Hizb ut-Tahrir female branch in Bishkek
Astana
-1° C
Ashgabat
+13° C
Bishkek
+9° C
Dushanbe
+12° C
Tashkent
+14° C
exchange rates
 
68.61
61.33
9.78
0.98
206.98
185.05
29.50
2.97
6.11
5.45
0.87
0.09
2774.81
2448.16
391.76
37.07
3.91
3.50
0.56
0.06

© 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