Sunday, March 29th6.4°C
25657

Bank of America faces new regulatory probes into housing and foreign exchange practices

NEW YORK, N.Y. - Bank of America is facing new probes into its mortgage practices as well as its foreign exchange business.

The bank, which has already paid out billions of dollars to settle legal claims resulting from the housing and financial crisis, said in a regulatory filing late Tuesday that it was co-operating with government authorities in North America, Europe and Asia. The authorities are investigating a "significant" number of participants in the foreign exchange markets for their conduct over a number of years.

Bank of America also said that the U.S. Attorney's office for the Eastern District of New York is conducting an investigation concerning its compliance with the requirements of the Federal Housing Administration's Direct Endorsement Program and the quality of mortgages it passed along to the government-backed mortgage agencies Fannie Mae and Freddie Mac.

The bank also increased its estimate of possible losses from legal actions against it by $1 billion to $6.1 billion from $5.1 billion for the end of the third quarter.

The Canadian Press


Read more Business News

24910


Recent Trending




Today's Market
S&P TSX14812.42-57.38
S&P CDNX681.43+1.87
DJIA17712.66+34.43
Nasdaq4891.22+27.86
S&P 5002061.02+4.87
CDN Dollar0.7928-0.0082
Gold1196.30-8.80
Oil48.43-3.00
Lumber282.40-3.60
Natural Gas2.62-0.05

 
Okanagan Companies
Pacific Safety0.125-0.005
Knighthawk0.010.00
QHR Technologies Inc1.50+0.00
Cantex0.03-0.01
Anavex Life Sciences0.219+0.009
Metalex Ventures0.04-0.01
Russel Metals24.50-0.18
Copper Mountain Mining1.13+0.00
Colorado Resources0.125+0.010
ReliaBrand Inc0.006-0.001
Sunrise Resources Ltd0.045+0.000
Mission Ready Services0.255+0.020
Decisive Dividend Corporation1.80+0.02

 





FEATURED Property
22372634296 Hullcar Road
$599,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


CRA Notice of Assessment

Many Canadians rush to file their taxes on time each year and don’t think about it until the next year. One of the most overlooked notices received from the CRA annually is the annual Notice of ...


Medical confidential?

If ICBC asks your doctor for your information you may wonder: Can ICBC ask my doctor for my medical information? Can ICBC request a medical report from my doctor without my consent? What is ICBC entit...


Stay out of sales limbo!

Have you ever had a series of good meetings with a prospect … gathered all kinds of information … and given what you thought was a great presentation … only to receive a response ...

_





25482


Member of BC Press Council