Financial Stars Behind Bars?
Hardly a day goes by without a financial settlement between a bank and a US government agency, which invariably brings an end to the investigation. But recent academic research points to widespread, purposeful misrepresentation by banks, highlighting the need to address the industry's culture of deception by prosecuting wrongdoers.
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CHICAGO – Hardly a day goes by without a settlement between a bank and a US government agency or regulator. The latest one is between Bank of America and the government-backed mortgage underwriter Fannie Mae: $3.55 billion in cash; $6.75 billion in repurchases of bad mortgages that Countrywide, later acquired by BoA, sold to Fannie; and an additional $1.3 billion in cash to resolve Fannie’s servicing issues with BoA.