Wednesday, October 22nd13.6°C
23840
23129

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

23631


Recent Trending




Today's Market
S&P TSX14584.33+36.62
S&P CDNX825.072.79
DJIA16612.82-1.99
Nasdaq4420.189+0.71
S&P 5001942.20+0.92
CDN Dollar0.8873-0.0036
Gold1245.90-5.7999
Oil82.54+0.58
Lumber329.70+0.10
Natural Gas3.678-0.033

 
Okanagan Companies
Pacific Safety0.11+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.16-0.01
Cantex0.055-0.025
Anavex Life Sciences0.192+0.001
Metalex Ventures0.05+0.005
Russel Metals33.32+0.23
Copper Mountain Mining2.17+0.18
Colorado Resources0.150.00
ReliaBrand Inc0.012+0.0009
Sunrise Resources Ltd0.060.00
Mission Ready Services0.455-0.005

 



23028

FEATURED Property
20940481317 Nishi Court
6 bedrooms 4 baths
$639,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_








Member of BC Press Council


22632