JAG officer alleges SCRA mortgage loan violations in laws | Military Times

An Army attorney has filed a federal lawsuit against a mortgage servicing company alleging its officials violated the Servicemembers Civil Relief Act by overcharging her in interest and fees on her mortgage loan. Army Capt. Melissa A. Dunkley, stationed at Joint Base Lewis-McChord, Washington, is suing Nationstar Mortgage LLC of Lewisville, Texas.

Bank of America to Pay $415 Million to Settle SEC Probe

Bank of America Corp. will pay $415 million to resolve accusations from the Securities and Exchange Commission that it misused customer cash and securities to generate profits, the agency said Thursday. The bank’s Merrill Lynch brokerage unit put at risk customer assets worth as much as $5 billion to $58 billion at a time, depending on the week, over a period spanning 2009 to 2015, the SEC said.

Court says Bank of America must disclose communications

ALBANY, N.Y. (AP) – New York’s highest court ruled Thursday that Bank of America must disclose to an insurer communications it had with Countrywide Financial six months before the bank bought the mortgage lending company in 2008. The insurer, Ambac Assurance Corp., claims in a lawsuit that Countrywide illegally misrepresented its mortgage-backed securities.

A weird fraud case: Lender was accused of making good mortgages look bad

In countless cases against banks and other lenders over the last few years, investors and federal regulators have made basically the same argument: that lenders committed fraud by hiding the flaws of risky mortgage loans and passing them off to investors and the government as safe, solid ones.

Big bank plans $420 million lawsuit over soured Countrywide loans

Big bank plans $420 million lawsuit over soured Countrywide loansHSBC plans to file a $420 million lawsuit against Bank of America and Merrill Lynch over soured Countrywide mortgage loans. HSBC notified the state of New York of its intention to file the lawsuit this week, claiming that Merrill Lynch and Bank of America allowed Countrywide loans to be securitized despite knowing they were toxic, according to a HousingWire report.

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RBC, 15 other global banks face revived lawsuits over LIBOR-rigging allegations

Lawsuits revived against Royal Bank of Canada and 15 other banks in LIBOR-rigging caseA federal Appeals Court in New York City has reinstated lawsuits against 16 of the world’s largest banks, including the Royal Bank of Canada, alleging they colluded to manipulate a benchmark interest rate. The 2nd U.S. Circuit Court of Appeals in Manhattan on Monday restored the lawsuits, which had previously been dismissed by a lower-court judge.

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5 major banks rigged $9trn bond market

5 major banks rigged $9trn bond market – lawsuitTraders at major financial institutions including Bank of America and Deutsche Bank AG colluded to rig the prices of bonds from government-linked organizations that were bought and sold on a $9 trillion market, a new lawsuit claims. Five big banks – Bank of America, Credit Agricole SA, Credit Suisse Group AG, Deutsche Bank AG, and Nomura Holdings – were named as defendants in the proposed class-action lawsuit, filed Wednesday by the Boston Retirement System pension fund for city workers.

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Seven Major Banks Pay Chump Change to Settle Lawsuit Over Lucrative Scheme

Seven Major Banks Pay Chump Change to Settle Lawsuit Over Lucrative Scheme | VICE NewsSeven of the world’s biggest banks have agreed to pay $324 million to settle a private US lawsuit accusing them of rigging an interest rate benchmark used in the $553 trillion derivatives market. The settlement made public on Tuesday, which requires court approval, resolves antitrust claims against Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, JPMorgan Chase, and Royal Bank of Scotland.

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