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Posted: Tue 3:40, 03 Sep 2013 Post subject: Bank of America settlement questioned |
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Bank of America settlement questioned
senator are calling for an investigation into Bank of America settlement with mortgage giant Fannie Mae in a dispute involving $1.4 trillion in loans.
The bank and Fannie Mae announced Monday that they had reached an accord that would have Bank of America pay $3,[link widoczny dla zalogowanych].6 billion in cash and buy back $6.75 billion in loans from the mortgage giant,[link widoczny dla zalogowanych]. The two had been battling over a large pool of loans sold to Fannie by Countrywide Financial Corp. between 2000 and 2008. Bank of America purchased the subprime lender in 2008,[link widoczny dla zalogowanych].
The agreement released Bank of America from future claims on the loan pool,[link widoczny dla zalogowanych], which carried an original principal amount of $1.4 trillion but had an unpaid balance of about $300 billion. The Federal Housing Finance Agency, which regulates Fannie Mae,[link widoczny dla zalogowanych], said the deal was in the best interest of taxpayers. The government took Fannie and Freddie Mac under conservatorship during the financial crisis and has used federal money to cover losses.
Public Citizen says the price Bank of America paid was too cheap for the volume of loans involved, according to a letter the organization sent to the Office of Inspector General in the Federal Housing Finance Agency.
of this deal demand careful scrutiny,[link widoczny dla zalogowanych], the letter says. It asks the office to look into how the Federal Housing Finance Agency determined the agreement was best for the public.
are in receipt and are reviewing it now, Federal Housing Finance Agency spokeswoman Kristine Belisle said. Sen. Robert Menendez, a Democrat from New Jersey, also weighed in Thursday with the same concerns. His office said he would encourage an investigation into whether the agency looked into the decision rigorously enough.
Bank of America declined to comment.
After stay-at-home mother Emily McCall had her second daughter,[link widoczny dla zalogowanych], escaping the house became more necessary. president
Duke Energy has named a new president for North Carolina,[link widoczny dla zalogowanych], replacing Brett Carter with senior vice president Paul Newton. The moves continue a recent shuffle of top executives at Duke,[link widoczny dla zalogowanych], which merged last year with Raleigh-based Progress Energy.
Daimler truck layoffs coming in NC, SC, Ore.
Daimler Trucks North America said Tuesday it was warning thousands of workers that potentially large layoffs could be coming at manufacturing plants in North Carolina,[link widoczny dla zalogowanych], South Carolina, Oregon and Mexico.
Ten sign up for Urban Ministries of Wake County year-round food drive program
Ten businesses and other organizations have pledged to sponsor weekly food drives under a new program by Urban Ministries of Wake County that aims to ensure donations during normally lean times,[link widoczny dla zalogowanych].
After artisanal cheese,[link widoczny dla zalogowanych], Vt. explores charcuterie
Nearly 30 years ago,[link widoczny dla zalogowanych], a handful of enterprising Vermonters realized they could do more with milk than just sell it. And with a little help from the state,[link widoczny dla zalogowanych], they became pioneers in what quickly blossomed into the now behemoth artisanal cheese movement.
When a business owner wants out, options require planning
Tom Valone,[link widoczny dla zalogowanych], owner of the Great Outdoor Provision Co., recently announced that four members of the store's management team would acquire the business that he co-founded in 1972. The decision came after Valone spent years exploring different exit strategies.
Supplying smaller retailers can result in a better payoff
After taxing negotiations with three different big-box retailers in a five month span, Fortis Design owner Rob Jordan was ready to return to a base of smaller customers.
Caterpillar's fourth quarter earnings surpass estimates
Caterpillar Inc., the world's largest maker of construction and mining equipment,[link widoczny dla zalogowanych], reported a fourth-quarter profit that topped analysts' estimates. Caterpillar employs several thousand workers in North Carolina at a half-dozen locations, including sites in Clayton,[link widoczny dla zalogowanych], Sanford and Winston-Salem.
Group claims Duke Energy's talks with state regulators were improper
Quintiles is reportedly still considering an IPO
Quintiles, the world's largest pharmaceutical services company,[link widoczny dla zalogowanych], is reportedly getting serious about an initial public offering of stock. Bloomberg News,[link widoczny dla zalogowanych], citing three people knowledgeable about the situation,[link widoczny dla zalogowanych], reports that two major investors in the privately held Durham company are interviewing investment banks about handling an IPO.
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