NJ Investigators Play Major Part In Bank Of America Settlement
NEWARK, N.J. (CBS) – The feds announced a record settlement of financial fraud charges against Bank of America, stemming from the sale of mortgage backed securities that led to the national economic collapse several years ago.
Assistants in the U.S. Attorney’s office in Newark were looking into mortgage notes issued through Merrill Lynch, a Bank of America subsidiary, that predated the 2008 market collapse.
“We were poised to file a lawsuit a few weeks ago when we finally were able to close the deal with Bank of America on the amount that the bank would pay,” says U.S. Attorney Paul Fishman.
It was over $16.5-billion — the largest of three settlements with major national financial firms. $5-billion goes to the government. Some more goes to several states. A total of more than $9.5-billion will go to homeowner relief.
- Atlantic City Man Sentenced In Heroin Distribution Plot
- Christie Takes First Step Toward Possible Run For President
- Massive Slip And Slide Headed To Atlantic City This August
- Nutter: No Regrets Closing Government Offices Despite ‘Big Forecast Miss’
- Quiet Scene At Philadelphia International Airport After Storm Grounds Most Flights
- Camden County Police Investigating Attempted Luring
- Professor Found Dead In Campus Office Of College In Pennsylvania
- Woman To Stand Trial On Charges She Stole Police Car And Drove More Than 80 MPH — While Handcuffed
- Community Cancellations: Tuesday, January 27th
- So Where’s All The Snow? South Jersey Residents Sound Off