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BOA Settlements: $70 Billion and Counting

Livinglies's Weblog

From http://www.housingwire.com

Reuters published an article on the situation late Friday, BofA settles claims of “misleading shareholders about its exposure to risky mortgage securities and its dependence on an electronic mortgage registry known as MERS.”

So, yes, it’s just another settlement for BofA, which is probably really used to this kind of development.

“The bank has spent more than $70 billion since the financial crisis to resolve legal and regulatory matters, including those tied to its purchases of Countrywide in July 2008 and Merrill Lynch & Co six months later,” the article states.

So here are my questions:

  1. Where is BOA getting the money to pay for these settlements, fines and damages?
  2. We have many billions of dollars of reported settlements with “investors.” (and probably a lot more unreported “off-balance sheet” settlements). How are the proceeds of these settlements allocated if the investors are the end parties in interest…

View original post 331 more words

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