US banks pay out fresh billions for mortgage abuse
- Published: 7 Jan 2013 at 20.45
- Online news: World
Top US banks agreed Monday to pay out $20 billion in fines and compensation as regulators, borrowers and investors extract more payback over the housing and financial crisis.
Top US banks agreed Monday to pay out $20 billion in fines and compensation as regulators, borrowers and investors extract more payback over the housing and financial crisis. Bank of America endured the most punishment.
Bank of America endured the most punishment, mainly due to its 2008 takeover of home lender Countrywide Financial, when it agreed to pay mortgage finance giant Fannie Mae $11.6 billion to settle claims that it sold Fannie hundreds of billions of dollars' worth of dud home loans.
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