Bank of America Corp. failed to win dismissal of a U.S. Justice Department lawsuit in which it’s accused of misleading investors about the quality of loans tied to $850 million in residential mortgage-backed securities.
Wells Fargo & Co. failed to convince a federal appeals court that a multibank mortgage settlement in 2012 barred the government from suing over home lending practices it claims led to hundreds of millions of dollars in federal insurance payouts.
Bank of America Corp.’s lawsuit against the Federal Deposit Insurance Corp. against the Federal Deposit Insurance Corp. for $1.7 billion in client losses was revived after the agency said that a bank at the center of the Taylor Bean scandal may have have enough assets to pay the claims.
The U.S. Justice Department has asked Citigroup Inc. for more than $10 billion to settle a probe into the lender’s sale of mortgage-backed bonds before the 2008 financial crisis, a person familiar with the negotiations said.
Bank of America Corp. asked a judge to dismiss a U.S. Justice Department lawsuit in which it is accused of misleading investors about the quality of loans tied to $850 million in mortgage-backed securities.
Two years after Lynn Szymoniak helped the U.S. recover $95 million from Bank of America Corp. and other lenders for mortgage-fraud tied to the housing bubble, the whistle-blower said the government is ignoring a chance to collect more money for identical claims against other banks.