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Bank of America Settles Claims for Record $16 Billion

first_img Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Bank of America Settles Claims for Record $16 Billion About Author: Tory Barringer Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Bank of America Mortgage-Backed Securities Settlement U.S. Department of Justice Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Bank of America announced Thursday morning it has agreed to pay a record $16.65 billion to resolve claims related to the sale of toxic mortgage-backed securities during the years leading up the financial crisis.The settlement, which comes after months of reportedly heated negotiations, is the largest civil settlement with a single entity in the history of the United States, eclipsing last year’s record-setting $13 billion agreement between the U.S. Department of Justice and JPMorgan Chase. That settlement was over similar matters.According to the announcement, Bank of America has agreed to pay a total of $9.65 billion in cash to the Justice Department, various federal regulators, and the states of California, Delaware, Illinois, Kentucky, Maryland, and New York.The remaining $7.0 billion will come in the form of consumer relief, including mortgage modifications, community stabilization efforts, and enhanced efforts to lend to low- and moderate-income communities.The agreement releases the megabank from a number of current and potential claims over its securitization of bad mortgages, including allegations that it was aware the loan underlying the securities were bad and that it knowingly misrepresented those mortgages when they were sold.It also releases the bank from certain claims related to violations of underwriting guidelines in its production of loans insured by the Federal Housing Administration (FHA).In a statement, Bank of America noted the claims against the bank primarily focused on conduct that occurred at Countrywide and Merrill Lynch before its acquisition of the two companies. The statement adds that the settlement is expected to cut BofA’s third-quarter pretax earnings by $5.3 billion.”We believe this settlement, which resolves significant remaining mortgage-related exposures, is in the best interests of our shareholders, and allows us to continue to focus on the future,” said CEO Brian Moynihan.The agreement marks one of the last major legal hurdles Bank of America has had to clear this year. In July, the firm announced a year-over-year decline in second-quarter profits, largely due to litigation expenses related to legacy mortgage problems. That was followed up weeks later by a ruling that the bank must pay $1.3 billion in a case related to problem loans originated by Countrywide.In its announcement on Thursday, Bank of America said it has reviewed the court ruling in the case and intends to file an appeal. Subscribe Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago in Featured, Government, Headlines, News  Print This Post August 21, 2014 2,347 Views The Best Markets For Residential Property Investors 2 days ago Previous: DS News Webcast: Thursday 8/21/2014 Next: Non-Foreclosure Solutions Outpace Foreclosures 4 to 1 Bank of America Mortgage-Backed Securities Settlement U.S. Department of Justice 2014-08-21 Tory Barringer The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Featured / Bank of America Settles Claims for Record $16 Billion Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Foreign investors selling their stakes in Canada’s oil industry

first_imgForeign investors selling their stakes in Canada’s oil industry FacebookTwitterLinkedInEmailPrint分享Bloomberg:Capital keeps marching out of Canada’s oil industry, with Kinder Morgan Inc.’s sale of its remaining holdings in the country on Wednesday adding to more than $30 billion of foreign-company divestitures in the past three years.Pembina Pipeline Corp., based in Calgary, is snapping up Kinder’s Canadian assets and a cross-border pipeline in a $3.3 billion deal. For Houston-based Kinder, the deal completes an exit from a country that has frustrated more than a few companies – from ConocoPhillips and Royal Dutch Shell Plc to Marathon Oil Corp.The drumbeat of exits, rare for such a stable oil-producing country, adds an extra layer of gloom for an industry that accounts for about a fifth of Canada’s exports. The energy sector — centered around Alberta’s oil sands — has struggled to rebound since the 2014 crash in global oil prices, with capital spending declining for five straight years and job cuts pushing the province’s unemployment rate above 6%. Alberta is forecast to post the slowest growth of any region in Canada this year.The situation isn’t likely to improve any time soon, with key pipelines like TC Energy Corp.’s Keystone XL and Enbridge Inc.’s expansion of its Line 3 conduit bogged down by legal challenges. The lack of pipelines has weighed on Canadian heavy crude prices for years, sending them to a record low late in 2018.“If they thought things were getting better in Canada, they might hold on, but they don’t see things getting better,” Laura Lau, who helps manage more than C$2 billion ($1.5 billion) at Brompton Corp. in Toronto, said in an interview. “The pipeline situation is getting worse; everything is getting worse.”Other recent major exits include ConocoPhillips’ $13.2 billion sale of its oil-sands and natural gas assets to Cenovus Energy Inc. in 2017, and Shell’s and Marathon’s sales of their stakes in an oil-sands project to Canadian Natural Resources Ltd. for about $10.7 billion that same year. Canadian Natural also bought Oklahoma City-based Devon Energy Corp.’s Canadian heavy oil assets this year for $2.79 billion. Norway’s Equinor ASA pulled out in 2016 after facing pressure at home to invest in lower-emission projects.More: The $30 billion exodus: Foreign oil firms are bailing on Canadalast_img read more

La Liga: Omeruo nets first Leganes goal in comeback win against Sociedad

first_img Promoted ContentCan Playing Too Many Video Games Hurt Your Body?6 Ridiculous Health Myths That Are Actually True7 Ways To Understand Your Girlfriend BetterWhat Happens To Your Brain When You Play Too Much Video Games?Couples Who Celebrated Their Union In A Unique, Unforgettable WayThis Guy Photoshopped Himself Into Celeb Pics And It’s Hysterical8 Things That Will Happen If An Asteroid Hits Earth10 Risky Jobs Some Women DoBest & Worst Celebrity Endorsed Games Ever Made6 Reasons Sharks Are Afraid Of Dolphins14 Hilarious Comics Made By Women You Need To Follow Right NowA Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This Day The Super Eagles centre-back was handed his 15th league appearance this campaign, pairing his compatriot Chidozie Awaziem at the heart of Leganes’ defence. Loading… Read Also: Fernandes, Ighalo not among the highest paid Man Utd playersOscar then grabbed the match-winning goal at the death to help Javier Aguirre’s men clinch their fourth win of the season in front of their own fans.Despite the victory, Leganes remain in the bottom three of the league table with 18 points from 22 games.They will hope to brighten their chances of avoiding relegation at the end of the season with a victory against Levante on February 8.FacebookTwitterWhatsAppEmail分享 center_img Kenneth Omeruo netted his first goal for Leganes in their 2-1 victory against Real Sociedad in Sunday’s La Liga game at Estadio Municipal de Butarque.Advertisement The 26-year-old made the most of the opportunity, helping his side to return to winning ways after suffering a heavy 5-0 defeat to Barcelona last time out.Alexander Isak broke the deadlock for Real Sociedad in the 20th minute before the Cucumber Growers levelled through Omeruo.The defender, who has been with Leganes since the summer of 2018, surged forward in the 49th minute to inspire the comeback victory with his first goal for the club.last_img read more

United ease past Hull

first_img Louis van Gaal’s men dominated from start to finish and the result was never in doubt after Chris Smalling scrambled in the opening goal after 16 minutes. Captain Wayne Rooney added a second before the break and Robin van Persie made a welcome return to the scoresheet as United secured a third successive Barclays Premier League win. Smalling handed United a deserved opener, although it owed much to poor Hull defending and might not have been given before the introduction of goalline technology. Hull failed to deal with a Rooney corner and Van Persie nipped in to head at goal. It was a weak effort but Allan McGregor flapped unconvincingly and Smalling diverted it back towards goal. McGregor got in the way for a second time but could not prevent it crossing the line, a fact confirmed as referee Anthony Taylor checked his watch. Hull had a rare chance midway through the first half as Robbie Brady floated a free-kick into the box but Michael Dawson scuffed a shot into the ground. The game began to resemble a training exercise for United at times, such was the ease with which they controlled possession. Herrera had a shot deflected wide and Smalling almost found the target again from six yards before Van Persie shot at McGregor. Hull were in a sorry state and Hatem Ben Arfa suffered the indignity of being hauled off 10 minutes before the interval as Steve Bruce attempted to change the direction of the game. It proved to no avail as Herrera – although there was a suspicion of offside – headed down a Mata cross. Curtis Davies had chance to clear but hesitated and paid the price as Van Persie laid off to Rooney and the England captain hit a crisp low strike past McGregor from 20 yards. Hull belatedly showed some urgency early in the second half as Andrew Robertson broke forward but shot tamely at David de Gea. Nikica Jelavic also had half a chance but headed over. United continued to boss the game and Van Persie evoked memories of last summer’s World Cup as he met a Michael Carrick cross with a fine header, although this time the offside flag was raised and McGregor saved. But the Dutchman got the goal he needed 23 minutes from time as, moments after being cynically hauled down by Dawson, he turned James Chester on the edge of the box and rifled a left-footed shot into the roof of the net. He made way for fit-again Falcao moments later but had made a point after a week of heavy criticism. Jelavic got a header on target to give De Gea something to do but United pressed again with Mata firing over. Smalling got forward again to meet a Mata corner but Robertson had time to clear off the line. If anything the scoreline flattered Hull, although they almost conceded a fourth in the dying moments when Dawson blocked on the line at point-blank range from Falcao. Press Association The only downside for United, in a season that has already been blighted by injuries, was the loss of record signing Angel di Maria early on with a hamstring problem while Rooney limped off after taking a blow in stoppage time. But on this occasion the Argentinian’s departure made little difference as United strolled through the game, while Hull struggled to gain a meaningful touch in the first half. Van Gaal fielded a flat back four with Smalling and Marcos Rojo, the only specialist defenders in the side, filling the centre-back spots. Smalling looked like a player transformed from the man sent off in the loss at Manchester City four weeks ago, attacking with vigour and looking composed in all areas of the field. United were intent on attack with Juan Mata and Di Maria deployed in support of Rooney and Van Persie, who was retained despite recent poor form and the availability of Radamel Falcao after injury. United had a half-hearted penalty appeal for handball in the second minute but it was Rooney who set the tone when he cut inside and flashed a shot wide after five minutes. The loss of Di Maria, who had already made a couple of dangerous breaks, after 14 minutes with a hamstring injury had the potential to disrupt their rhythm. But if anything their shape looked better after Ander Herrera came off the bench to replace him. Manchester United looked more like their old selves as they cruised to a convincing 3-0 win over lacklustre Hull at Old Trafford.last_img read more

Eight children killed as school van falls into gorge in Uttarakhand

first_imgEight children were killed and 10 injured on Tuesday when their school van fell into a deep gorge in the district, officials said.The incident occurred on the Pratap Nagar-Kangsali-Madan Negi motor road when the van was on its way to Madannegi, Tehri District Magistrate V Shanmugam said. Two children escaped with minor injuries and the injured have been brought to the District Hospital Bauradi, he said. Rescue operations are underway, the DM said.last_img

Wrestler Sushil Kumar storms into finals at the London Olympics, assures India of at least a silver medal

first_imgSushil Kumar assured India of a sixth medal at the London Olympics and his second successive at the Games by powering into the men’s 66kg freestyle wrestling final at the ExCel Arena in London on Sunday.Sushil, bronze medallist in Beijing four years ago, edged out Kazakhstan’s Akzhurek Tanatarov 3-1 in a thrilling semi-final, his third fight of the day. He faces Japanese Tatsuhiro Yonemitsu in the gold medal play-off later on Sunday.With the win, he bettered his Beijing performance and ensured India its second medal from wrestling in London after Yogeshwar Dutt won the bronze in the 60kg freestyle event Saturday.India’s other medallists at the London Games are shooters Vijay Kumar (silver) and Gagan Narang (bronze), boxer M.C. Mary Kom (bronze) and badminton star Saina Nehwal (bronze), contributing in the country’s best medal haul at the Olympics.Tanatarov seemed the likely winner during the third and final period before Sushil fought back through grit and experience.With the Kazakh leading 3-0, Sushil came up with brilliant moves to leave Tanatarov reeling on the mat. The contest ended with the Indian winning the period 6-3 and his opponent bleeding from the right ear.Sushil had won the first period 3-0 and Kazakh levelled the fight in the second with the same scoreline.Earlier, the 2010 World Champion muscled his way into the last four beating Ikhtiyor Navruzov of Uzbekistan 3-1.The Indian could have wrapped up the fight in period 2 but Navruzov turned the tables on him with six seconds remaining.advertisementSushil got the measure of his opponent in period 3, winning it 2-0 to seal the contest.The 29-year-old started the day in a scintillating fashion, dismissing the Beijing gold medallist, Ramazan Sahin, in the opening round.last_img read more

a month agoLiverpool chief Moore: The effing abuse I copped almost blowing Van Dijk deal

first_imgTagsTransfersAbout the authorCarlos VolcanoShare the loveHave your say Liverpool chief Moore: The effing abuse I copped almost blowing Van Dijk dealby Carlos Volcanoa month agoSend to a friendShare the loveLiverpool chief exec Peter Moore has revealed how he copped pelters from local fans after almost messing up the Virgil van Dijk deal.Moore made the revelation at the World Football Summit.He said, “I had been at work for a few days, I had been away for 40 years. And we were trying to sign Virgil Van Dijk for the first time and we got into a little mess with Southampton.”We made an apology because we were supposedly wrong about things. Well, I went out for coffee, I found a Starbucks and I was walking back with a coffee in each hand and suddenly a scouser coming along the road yells at me: ‘Instead of buying a Starbucks, you should have bought f***ing Van Dijk, damn jerk’. “So there I was with a coffee in each hand and I was back with Liverpool’s acid humor again!” last_img read more

College Spun’s Staff Picks For Week 14 Of The 2015 Season

first_imgCollege Spun's staff picks for week 14 of the 2015 college football season.college spun staff picks week 14With the exception of the annual Army vs. Navy contest, which will be played next Saturday, college football’s regular season will wrap up this weekend. This Saturday, we’ve got a few interesting Big 12 matchups, and, of course, conference championship games. Clemson, Alabama, Iowa and Michigan State can all lock up College Football Playoff berths with victories. Stanford and UNC, meanwhile, need to both win and get help to find themselves in the field. Ohio State doesn’t play, but the Buckeyes will be glued to their televisions, hoping for chaos.In our competition, it’s come down to the wire. Matt Hladik and Dustin Tackett are tied heading into the final set of games. This week, they’ve both chosen the same teams. As such, we’ll have a total-score-based tiebreaker for the Army vs. Navy game next week.college spun staff picks week 1444Who do you have?last_img read more


first_img Facebook Advertisement NWA versus Ice Cube. Biggie versus Tupac. Nas versus Jay Z. Nicki Minaj versus ​Remy Ma.Rivalries and beefs are a longstanding tradition in hip hop, from b-boys and b-girls battling it out in dance to rappers trading lyrical barbs, live or via diss tracks. But fans taking an artistic battle from a performance space into the real world is rare and surprising, according to hip-hop writer A. Harmony.“Battle rap is a fixture in hip hop. It’s considered a sport. It’s considered a form of entertainment and a chance for MCs to really showcase their skills. It’s a part of the music industry. It’s a part of the music culture,” explained Harmony, hip hop contributor to Exclaim Magazine. Advertisement But a full-on brawl ensued at a Pusha T concert in Toronto on Tuesday, after some audience members apparently tossed drinks onstage at the American rapper — who has been embroiled in an on-again, off-again beef with hometown favourite Drake — mid-performance. Briefly retaking the stage, the Virginia rapper seemed to accuse Drake of being behind the slight. The concert was closed down shortly after. Later, a concertgoer turned up at a nearby hospital with stab wounds, according to police.Note: strong language and violence in following videoThe drinks being tossed might have been something “between concertgoers that got out of hand,” said Harmony. It might also have been the result of fans “who decided to take this form of entertainment and turn it into something it wasn’t.”In recent years, there has been a noticeable rise in young music fans lashing out at rivals for perceived slights to their idols, whether its Beliebers rallying behind Justin Bieber or the BeyHive lashing out in support of Beyoncé.“We have seen instances of super fans kind of crossing the line,” Harmony noted, citing an instance this July when Nicki Minaj fans waged a brutal campaign against a Canadian freelance writer who offered a negative critique of the rapper’s music.Different kind of connectionToday’s fans aren’t like those of previous generations. They feel a different, closer connection to their idols thanks to social media — and that goes for rap aficionados as well, according to Emmanuel Tabi, a hip-hop fan and University of Toronto PhD candidate examining cultural production and its intersection with education and activism. LEAVE A REPLY Cancel replyLog in to leave a comment center_img Advertisement Rap beefs are a longstanding hip hop tradition. But have some fans taken the feud between Pusha T and Drake too far? (Getty Images) Login/Register With: Twitterlast_img read more