The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

Bank of America pre-emptively avoided a legal battle of massive proportions yesterday when they agreed to pay $8.5 billion to investors who had claimed that there were “material discrepancies from underwriting guidelines” (read: lies about quality) in mortgage bonds they purchased from Countrywide, the mortgage lender that Bank of America bought right before the market totally collapsed in 2008. This was good news: Analysts and investors had expected that Bank of America would have to pay up to $50 billion to make the angry investors go away, so $14 billion—a number that also includes the $5.5 billion that the bank is using to buy back defective mortgages—was a relative pittance.

With all that money out of the way to settle accusations of fraud, Bank of America still must contend with lawsuits and investigations related to its mortgage practices. The feds are currently investigating Bank of America’s foreclosure practices, which allegedly include signing foreclosures without reading them. And in at least once instance, Bank of America tried to foreclose on a house that didn’t have a mortgage. [Wall Street Journal]

 

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Gov. Andrew Cuomo

By Jonathan Allen

NEW YORK (Reuters) -New York Governor Andrew Cuomo on Tuesday denied the findings of a five-month investigation by the state's attorney general that found he sexually harassed multiple women in violation of U.S. and state law and created a "climate of fear" in his office.

Keep reading... Show less

Pro-Trump GETTR Becoming 'Safe Haven' For Terrorist Propaganda

Photo by Thomas Hawk is licensed under CC BY-NC 2.0

Just weeks after former President Trump's team quietly launched the alternative to "social media monopolies," GETTR is being used to promote terrorist propaganda from supporters of the Islamic State, a Politico analysis found.

The publication reports that the jihadi-related material circulating on the social platform includes "graphic videos of beheadings, viral memes that promote violence against the West and even memes of a militant executing Trump in an orange jumpsuit similar to those used in Guantanamo Bay."

Keep reading... Show less
x

Close