Bank of America reports a loss of $1.2 billion.
A New York state appellate court in Manhattan rules to approve in its entirety the 2011 settlement by Bank of America with 22 institutional investors including BlackRock Inc, MetLife Inc, and Allianz SE's Pacific Investment Management Co to resolve claims over $174 billion of mortgage securities issued by the former Countrywide Financial Corp. in a $8.5 billion settlement.
A watchdog group releases a report that details write-downs of $19 billion on more than 168,000 properties by five United States banks. Under terms of a federal and state settlement of foreclosure-processing violations reached one year ago in March, Bank of America lost the most and had $13.5 billion in homeowner debts written off. The other banks are Citigroup Inc, JPMorgan Chase & Co, Wells Fargo & Co, and Ally Financial Inc. [http:--www.foxbusiness.com-news-2013-02-21-us-banks-write-down-1-billion-under-settlement-?intcmp=obnetwork (FoxBusiness)]date=July 2019
For $8.5 billion, ten banks settle to stop mortgage foreclosure process audits. The United States government regulators had been engaged in a loan-by-loan review of home loan practices during the Great Recession. Bank of America, Citigroup Inc, JPMorgan Chase & Co, Wells Fargo & Co, MetLife Bank, Aurora Bank FSB, PNC Financial Services Group Inc, Sovereign Bank NA, SunTrust Banks Inc, and U.S. Bancorp settle with regulators to pay out cash up to $125,000 to homeowners whose homes were being foreclosed when the paperwork problems emerged. Further, Bank of America agrees to pay $11.6 billion to government mortgage finance company Fannie Mae.
The Mexican drug cartel known as Los Zetas laundered millions of dollars through accounts at Bank of America; that money was then used to finance a horse racing business in the United States, allegedly ran by José Treviño Morales.
A United States bankruptcy judge orders Bank of America to return $500 million it seized from the bank accounts of the defunct Lehman Brothers trading firm a few weeks before Lehman declared bankruptcy in 2008.