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Angelo Mozilo

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SEC has examined Bank of America mortgage repurchases

Securities regulators have made inquiries into the mortgage repurchase practices at Bank of America Corp's Countrywide unit, according to a transcript filed in a lawsuit against the bank by insurer MBIA Inc.The details of the inquiries, which had not been previously disclosed, were included in documents filed this week.It is unclear if the SEC continues to investigate the matter, but the documents reveal the agency's interest dating back to at least 2010 in an issue that has already saddled the second-largest U.S. bank with billions of dollars of losses in the wake of the financial crisis.According to the documents, the U.S. Securities and Exchange Commission requested a meeting with the bank to discuss its representations and warranties process, according to the documents.When selling the mortgages, banks made promises or "representations and warranties" about the loans. Investors can ask banks to buy back soured mortgages if these promises were evidently broken, for reasons such as p...

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  1. FBI Chief Defends Mortgage Fraud Efforts

    FBI Director Robert Mueller defended on Wednesday the Obama administration's efforts to prosecute Wall Street executives responsible for the U.S. mortgage meltdown a...

  2. FBI chief defends mortgage fraud efforts

    By Jeremy PelofskyWASHINGTON (Reuters) - FBI Director Robert Mueller defended Wednesday the Obama administration's efforts to prosecute Wall Street executives respon...

  3. Moody’s: Obama’s Budget Not Likely to Pass in Current Form

    FBN’s Robert Gray on Moody’s saying Obama’s budget will not be adopted as it is right now and S&P giving Bahrain a negative rating due to unrest.

  4. Issa's First Subpoena: Bank of America/Countrywide

    Countrywide's VIP program is the first subpoena target for House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.), said a committee aide. T...

  5. Matt Taibbi Takes on Big Bankers

    Matt Taibbi of Rolling Stone magazine breaks down his latest article and the lack of persecution of Wall Street crooks.

  6. BofA's Countrywide Sued, Accused of Massive Fraud

    Bank of America Corp's (NYSE:BAC) Countrywide mortgage unit has been sued by investors claiming they were victimized in a "massive fraud" when they bought mortgage-b...

  7. Dow Notches New Two-Year High; Nasdaq Inches Lower

    FOX Business: The Power to ProsperOvercoming a pair of dreary economic reports, the Dow drifted slightly higher on Tuesday to land at a new 28-month high, but failed...

  8. Allstate Sues Bank of America

    Allstate (NYSE:ALL) is suing Bank of America (NYSE:BAC) and former Countrywide CEO Angelo Mozilo for more than $700 million for what it believes were misrepresented ...

  9. SEC's Mortgage Probe Heats Up

    Regulators have opened a new line of inquiry in their mortgage foreclosure probe and are asking big Wall Street banks about the beginning stages of mortgage securiti...

  10. Expert: Congress Needs to Wind Down Fannie and Freddie

    Former Fannie Mae Chief Credit Officer Ed Pinto discusses what the government must do to the embattled mortgage lenders.

  11. Playing the Blame Game with Foreclosure Mess

    Freelance journalist Alex Ulam argues many foreclosures were caused by fraud in the banks’ processing procedures.

  12. Taxpayer Money Continues to be Spent on Bailouts

    FBN's David Asman on the never-ending government spending of taxpayer money to bail out companies.

  1. Lobbyists Feeling the Pinch

    Former Lobbyist Jack Abramoff argues funds are dwindling for political influence and the industry is having less impact in D.C.

  2. Abramoff: No Way Solyndra Isn’t Political

    Author Jack Abramoff on the role of political influence in the DOE loans given to bankrupt solar-panel company was given.

  3. MF Global Evidence of Misguided Regulation

    One of the great ironies of Jon Corzine's disastrous, hugely leveraged bet on European debt is that when he was a senator and a governor, he was lecturing financial ...

  4. Corzine’s Investing Irony

    FBN’s David Asman sounds off on the career of former New Jersey Governor Jon Corzine.

  5. Al Lewis: Feds Find Bank of America Worse Than Countrywide

    Bank of America Corp.'s (NYSE:BAC) story has long been that Countrywide did it. But a lawsuit filed last week by the Federal Housing Finance Agency tells a different...

  6. Are We Doomed to Repeat 2008 Financial Crisis?

    Marketwatch Columnist Brett Arends on why he's concerned over another financial crisis.

  7. Do Fannie and Freddie Hold the Blame for Housing Mess?

    “Reckless Endangerment” author Joshua Rosner on who holds responsibility for the housing market mess.

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