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Raleigh Home Loans – today Bank of American announced another settlement with the Justice Department, this time for 16.6 billion.
The bank has been accused of misleading the buyers of a mortgage backed securities (bonds) about the performance and quality of the instruments.
Mortgage companies in Raleigh used BOA as one of their wholesale lenders until couple of years ago when BOA left the wholesale channel and decided to focus their mortgage efforts on the retail.

The settlement today adds to a total of 72 billions BOA paid in penalties. Raleigh Home Loans are in no way affected by this development today. Mortgage rates in Raleigh are also stable as the development did not have much impact on the financial markets.

•In 2010, it paid $2.8 billion to Fannie Mae and Freddie Mac over mortgages.
•In 2011, it paid trustee Bank of New York $8.6 billion and bond insurer Assured Guaranty $1.6 billion after they filed lawsuits over bond deals that went sour.
•In 2012, it paid nearly $12 billion to help settle lawsuits over wrongful foreclosures and more than $2 billion in a class-action suit it inherited from Merrill Lynch.
•Last year, it paid Fannie Mae almost $12 billion more.
•Earlier this year, it paid the Federal Housing Finance Authority more than $9 billion. And those are just the big ones.

if you are looking for a Raleigh home loans we are here to assist.

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Edyta Rhodes has written 25 articles on Service 1st Mortgage

I am an experienced mortgage broker, Raleigh-based with access to top national lenders. I have over 10 years experience, so I know how to design your mortage loan to fit your overall financial picture. I guarantee to find the best mortgage rate for you. You can find out more about me on Google+ Or you can email me at

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