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Company: Bank of America
Current Parent Company:
Bank of America
Parent at the Time of the Penalty Announcement:
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Penalty: $1,520,000,000
Year: 2011
Date: January 3, 2011
Offense Group: financial offenses
Primary Offense: toxic securities abuses
Secondary Offense: investor protection violation
Mega-Scandal:
Toxic Securities
Violation Description: Bank of America announced agreements with the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) to resolve repurchase claims involving certain residential mortgage loans sold to them by entities related to Countrywide Financial Corporation.
Level of Government: federal
Action Type: agency action
Agency: Fannie Mae
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data:
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the
Update Log.