Trending: Bank of America Settles Last Major Mortgage- Crisis Suit
October 07 2022 - 3:21PM
Dow Jones News
1443 EDT -- Bank of America Corp. is one of the most
talked-about companies in the U.S. across all news items in the
last 12 hours, according to Factiva data. The bank is settling its
last major mortgage-crisis suit, agreeing to pay $1.84 billion to
resolve claims by bond insurer Ambac Financial Group Inc. about
mortgage-backed securities. Ambac had alleged that Countrywide
Financial, the lender Bank of America bought in 2008, made false
representations about mortgage loan quality. Bank of America, which
previously accrued for certain amounts of the settlement, expects a
third-quarter charge of about $354 million. Dow Jones & Co.
owns Factiva. (josh.beckerman@wsj.com)
(END) Dow Jones Newswires
October 07, 2022 15:06 ET (19:06 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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