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Tag Archives: Justice Department

Barclays Settles RMBS Suit

The British bank Barclays has reached a settlement with U.S. authorities over financial crisis-era transactions involving toxic residential mortgage-backed securities (RMBS) sold between 2005 and 2007. Under the terms of the settlement, Barclay’s agreed to pay $2 billion in civil ...

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House Committee Issues Subpoenas to DOJ, Treasury, New York Fed

The Committee is accusing the U.S. Department of Justice, the Treasury Department, and the Federal Reserve Bank of New York of obstructing active investigations by withholding crucial information. According to the Committee's announcement, the three agencies were warned that their failure to comply with the Committee's request to turn over the information would result in the issuance of subpoenas.

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Legal Costs Hurt Bank of America’s Q3 Earnings

Bank of America's Q3 earnings took a hit from a record $16.65 billion settlement with the Justice Department and other federal and state agencies in August to settle charges against the bank related to the sale of toxic mortgage-backed securities. That settlement cost the bank $5.3 billion (pretax), or $0.43 per share after tax.

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Major Servicers Fail Seven Settlement Compliance Tests

The former banking regulator overseeing the National Mortgage Settlement has released a summary of the latest reports he filed with a federal court in Washington, D.C. The reports detail the performance of five major servicers in meeting the terms of the agreement reached with 49 state attorneys general and federal officials. Joseph Smith says he's confirmed six fails in the first quarter of 2013 and one in the second quarter.

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