US agency challenges Bank of America settlement

AFP
August 30, 2011

NEW YORK (AFP) – A US government agency has objected to Bank of America’s $8.5 billion settlement for losses on mortgage-backed securities, imperiling the bank’s efforts to move beyond the subprime mess.

The Federal Deposit Insurance Corporation, which insures bank deposits and plays a major role in regulating the US banking sector, filed its objection late Monday in a New York court, according to a court filing.

“The reason for the FDIC’s objection is that it does not have enough information to evaluate the settlement,” it said in the filing.

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3 Responses to “US agency challenges Bank of America settlement”

  1. More looting. Anything BA is involved in is dirty…

  2. K so what dirty trick are they pulling here?

    decode pls

  3. JP Morgan is going to run out of umbrellas soon.

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