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Violation Tracker Individual Record

Company: Bank of America
Current Parent Company: Bank of America
Penalty: $10,350,000,000
Year: 2013
Date: January 7, 2013
Offense Group: financial offenses
Primary Offense: toxic securities abuses
Mega-Scandal: Mortgage Abuses
Violation Description: Bank of America announced a settlement with the Federal National Mortgage Association (Fannie Mae) to resolve outstanding and potential repurchase and certain other claims relating to the origination, sale and delivery of substantially all residential mortgage loans originated and sold directly to Fannie Mae from January 1, 2000 through December 31, 2008 by entities related to Countrywide Financial Corporation and Bank of America. As part of the agreement Bank of America agreed to make a cash payment to Fannie Mae of $3.6 billion and also repurchase for $6.75 billion certain residential mortgage loans sold to Fannie Mae.
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: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.