Bank of America’s 10
Biggest Legal Blunders
10. $1.28 billion
Jan. 2011 – B of A settles claims with Freddie Mac over faulty Countrywide-issued
mortgages that were ba...
9. $1.52 billion
Jan. 2011 – B of A settles claims with Fannie Mae over faulty Countrywide-issued
mortgages that were then...
8. $1.6 billion
May 2011 – B of A settles with mortgage-bond insurer Assured Guaranty over
toxic Countrywide-issued mortga...
7. $1.7 billion
May 2013 – B of A settles with mortgage-bond insurer MBIA over the latter’s
losses from faulty mortgages o...
6. $2.4 billion
Sept. 2012 – Bank of America settles class action lawsuit alleging that the bank provided
“false and misle...
5. $4.5 billion
June 2009 – Bank of America settles SEC charges that it “misled investors regarding the
liquidity risks as...
4. $8.4 billion
Oct. 2008 – Countrywide Financial agrees to $8.4 billion program to modify home
loans.

Countrywide’s form...
3. $8.5 billion
June 2011 – B of A settles with Bank of New York Mellon and 22 institutional investors
(including Goldman ...
2. $11.2 billion
Jan. 2013 – B of A settles with Fannie Mae over faulty mortgages sold to the
government-sponsored entity ...
1. $11.8 billion
Feb. 2012 – B of A joins four other mortgage servicers to settle charges related to
faulty home foreclosu...
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Bank of America’s 10 Biggest Legal Blunders

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Bank of America has had plenty of legal trouble since the financial crisis. Here's are the bank's ten biggest blunders.

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Bank of America’s 10 Biggest Legal Blunders

  1. 1. Bank of America’s 10 Biggest Legal Blunders
  2. 2. 10. $1.28 billion Jan. 2011 – B of A settles claims with Freddie Mac over faulty Countrywide-issued mortgages that were backed by the government sponsored entity. Source: Freddie Mac
  3. 3. 9. $1.52 billion Jan. 2011 – B of A settles claims with Fannie Mae over faulty Countrywide-issued mortgages that were then backed by the government-sponsored entity. Source: Wikimedia Commons
  4. 4. 8. $1.6 billion May 2011 – B of A settles with mortgage-bond insurer Assured Guaranty over toxic Countrywide-issued mortgage-backed securities. Source: Assured Guaranty
  5. 5. 7. $1.7 billion May 2013 – B of A settles with mortgage-bond insurer MBIA over the latter’s losses from faulty mortgages originated by Countrywide Financial. MBIA Headquarters in Armonk, New York. Source: Wikimedia Commons
  6. 6. 6. $2.4 billion Sept. 2012 – Bank of America settles class action lawsuit alleging that the bank provided “false and misleading statements about the health of” Merrill Lynch in the lead up to the acquisition. The settlement was approved by a judge last year. Source: Hidehiro Kagawa
  7. 7. 5. $4.5 billion June 2009 – Bank of America settles SEC charges that it “misled investors regarding the liquidity risks associated with auction rate securities.” The $4.5 billion figure constitutes ARS repurchases. Source: Wikimedia Commons
  8. 8. 4. $8.4 billion Oct. 2008 – Countrywide Financial agrees to $8.4 billion program to modify home loans. Countrywide’s former CEO and COO. Source: Countrywide Financial
  9. 9. 3. $8.5 billion June 2011 – B of A settles with Bank of New York Mellon and 22 institutional investors (including Goldman Sachs, Blackrock, and others) over Countrywide Financial-issued mortgage-backed securities. Final approval of the settlement is still pending. The Goldman Sachs building in Jersey City. Source: Wikimedia Commons
  10. 10. 2. $11.2 billion Jan. 2013 – B of A settles with Fannie Mae over faulty mortgages sold to the government-sponsored entity between 2000 and 2008. Source: Wikimedia Commons
  11. 11. 1. $11.8 billion Feb. 2012 – B of A joins four other mortgage servicers to settle charges related to faulty home foreclosure processes. B of A’s share is estimated at $11.8 billion.
  12. 12. The Motley Fool’s top stock pick for 2014
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