LexisNexis® Legal Newsroom
A Tale of Two Bank Experiences in Today's New York Times

How do I know when the weekend has truly arrived? For years, the weekend arrived at the moment that I sat down to a leisurely breakfast while reading Joe Nocera's column (and I guess, after today [Note: this article was originally posted Mar. 26, 2011], I'll just have to enjoy reading his...

Mortgage Litigation: New California Case (Boschman v. Home Loan Center) Holds That Plaintiffs Sufficiently Alleged a Claim

In Boschman v. Home Loan Center, Inc. (California Court of Appeals, Fourth District) on a demurrer by the Defendant the court reversed the holding at the trial court level and has held that the borrowers who took option adjustable rate mortgage loans adequately alleged in their Complaint that the...

Telling the Whole Story: The Predatory Lending, Securities Fraud and Forgery Prove Each Other

As a general rule, securities fraud plaintiffs benefit from telling the whole story while defendants benefit from dividing and conquering claims: "Well, that allegation's no big deal; there's not much evidence for that one; I don't see the scienter in that one." The defendants...

Federal Jury Finds Bank of America Guilty of Mortgage Fraud

NEW YORK — (Mealey’s) A federal jury on Oct. 23 found Bank of America Corp., as successor to Countrywide Financial Corp., and a former Countrywide employee guilty of engaging in a scheme to defraud Fannie Mae and Freddie Mac in connection with Countrywide’s residential mortgage lending...

Bank of America to Pay Freddie Mac $404M Over Sale of Subprime Mortgage Loans

CHARLOTTE, N.C. — (Mealey’s) Bank of America Corp. announced on Dec. 2 that it has reached an agreement with Freddie Mac to pay $404 million “to resolve all remaining representations and warranties claims for residential mortgage loans sold to Freddie Mac through the end of 2009.”...

Judge Orders Banks, Officer to Pay $1.3 Billion For Mortgage Fraud

NEW YORK — (Mealey’s) A New York federal judge yesterday ordered Bank of America Corp., as successor to Countrywide Financial Corp. and Countrywide Home Loans, and a former Countrywide officer to pay $1.3 billion in damages in connection with Countrywide’s residential mortgage lending...

Bank of America to Pay Nearly $17B Over Handling of Subprime Mortgages

WASHINGTON, D.C. — (Mealey’s) Bank of America Corp. will pay nearly $17 billion to settle claims that it and its current and former subsidiaries, Countrywide Financial Corp. and Merrill Lynch, engaged in fraudulent activity with regard to their origination, underwriting and sale of subprime...