Page 186 - Bank Case Studies

The result was that as part of the legal settlement BofA was

required to spend $335 million to compensate victims of

Countrywide’s discriminatory lending practices.

Between 1, 2008, when the deal officially closed, and August

2014 BofA’s mortgage business lost $52.7 billion. “This

number included settlements, payments to investors for
soured loans, accounting writedowns, and operating losses

and profits. The rest of the bank made about $75 billion

over the same period.” (26)