Wednesday, February 18, 2015

U.S. identifying people to target for role in mortgage crisis

U.S. identifying people to target for role in mortgage crisis


The Justice Department, in conjunction with other authorities, extracted record penalties from major banks in 2013 and 2014 for inappropriately marketing risky mortgage securities in the run-up to the financial crisis.
JPMorgan Chase & Co (JPM.N) agreed to a $13 billion deal in November 2013; Citigroup Inc (C.N) signed a $7 billion settlement in July 2014; and Bank of America Corp (BAC.N) reached a $16.65 billion agreement in August.
Still, the government has been criticized for not bringing cases against top executives for their roles in the misconduct.

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