Marc Mukasey, a lawyer for Mairone, called his client a "woman of integrity, ethics and honesty," adding they would fight on. Wednesday's verdict was a major victory for the Justice Department, which has been criticized for failing to hold banks and executives accountable for their roles in the events leading up to the financial crisis.
The government continues to investigate banks for conduct related to the financial crisis. The Justice Department contended that fraud and other defects were rampant in HSSL loans because Countrywide eliminated loan-quality checkpoints and paid employees based on loan volume and speed.
The Justice Department said the process was overseen by Mairone, a former chief operating officer of Countrywide's Full Spectrum Lending division. Mairone is now a managing director at JPMorgan. About 43 percent of the loans sold to the mortgage giants were materially defective, the government said. Bank of America bought Countrywide in July Two months later, the government took over Fannie and Freddie.
Bank of America and Mairone denied wrongdoing. Lawyers for the bank sought to show the jury that Countrywide had tried to ensure it was issuing quality loans and that no fraud occurred. The law, passed in the wake of the savings-and-loan scandals of the s, covers fraud affecting federally insured financial institutions. The Justice Department, and particularly lawyers in the office of U. The loan estimate will tell you what we expect to offer you if you decide to move forward, but does not represent a loan approval.
You can also use our Closing Cost Calculator to estimate your total closing expenses for purchasing a home. If you're an existing customer please sign in to Online Banking, if not please sign in as a guest.
You agree we may use an auto-dialer to reach you. Rate layer. APR layer. Points layer. Monthly payment layer. Rate 3. APR 3. Points 0. Rate 2. APR 2. About ARM rates. The annual cost of a loan to a borrower. Like an interest rate, an APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees such as mortgage insurance, most closing costs, points and loan origination fees to reflect the total cost of the loan.
An amount paid to the lender, typically at closing, in order to lower the interest rate. Also known as mortgage points or discount points.
The payment displayed does not include amounts for hazard insurance or property taxes which will result in a higher actual monthly payment. If you have an adjustable-rate loan, your monthly payment may change once every six months after the initial period based on any increase or decrease in the Secured Overnight Financing Rate SOFR index.
Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U. Your monthly payment may fluctuate as the result of any interest rate changes, and a lender may charge a lower interest rate for an initial portion of the loan term.
Most ARMs have a rate cap that limits the amount of interest rate change allowed during both the adjustment period the time between interest rate recalculations and the life of the loan. In order to provide you with the best possible rate estimate, we need some additional information.
Please contact us in order to discuss the specifics of your mortgage needs with one of our home loan specialists. We offer a wide range of loan options beyond the scope of this calculator, which is designed to provide results for the most popular loan scenarios.
If you have flexible options, try lowering your purchase price, changing your down payment amount or entering a different ZIP code.
Closing costs calculator. Information for first-time homebuyers. Preferred Rewards members may qualify for an origination fee or interest rate reduction based on your eligible tier at the time of application. Depending on your tier, you may be required to enroll in PayPlan from an eligible Bank of America deposit account at least 10 days prior to loan closing in order to receive the full program benefit Footnote 1.
Learn more about Preferred Rewards. Fixed-rate mortgages. Your monthly payments of principal and interest remain the same for the life of the loan. Learn more about fixed-rate mortgages. Adjustable-rate mortgages ARMs. Interest rate may change periodically during the loan term. Your monthly payment may increase or decrease based on interest rate changes.
Learn more about adjustable-rate mortgages. Jumbo Loans. Learn more about jumbo loans. Department of Veterans Affairs Footnote 4. Low down payment options with flexible credit and income guidelines.
Doctor Loans. Specifically designed for licensed and practicing doctors and dentists, medical residents and fellow and other eligible medical professionals. Flexible options. Student loan debt may be excluded from the total debt calculation Footnote 5. Learn more about Doctor Loans. Thinking about buying a home? Prequalify now to estimate what you can borrow. Visit our Real Estate Center to find your next home and search for home values.
Apply for financing and get the mortgage that meets your needs. I already prequalified for a home loan with Bank of America - what now? View your prequalification letter layer , or contact your lending officer about taking the next steps towards home financing.
We offer affordable housing assistance programs that help make homeownership a reality. Visit our Down Payment Center to find programs in your state for modest-income and first-time homebuyers.
Overview Learn about programs that may help you avoid foreclosure and stay in your home. Learn more. End of Forbearance Options If you need longer-term help or if your forbearance period has ended, it may be possible to change the terms of your loan if you still need help. Overview A loan modification changes the terms of your loan in order to try to achieve more affordable payments. Home Equity Assistance If you're struggling with your Bank of America home equity loan or line of credit payments, there may be options to change the terms to achieve more affordable payments.
Overview Learn about home loan assistance solutions for settling home loan debt. Cooperative Short Sale If you owe more on your mortgage than the current value of your house, a Cooperative Short Sale may help you avoid foreclosure. Traditional Short Sale If you don't have prior approval to pursue a short sale but already have a potential buyer, we can help you take the next steps.
Deed in Lieu If you can't sell your house, you may be able to settle your loan by signing the house over to your lender. Overview Discover more resources that may be available as you go through the home loan assistance process Learn more. Safety Learn how to recognize and avoid common mortgage relief scams. Counseling Find local resources through HUD's homeowner counseling services and understand your foreclosure prevention options. FAQs Straight forward answers to frequently asked questions.
More Products We have even more solutions, from assistance with credit cards to help with auto loans. Glossary Easy-to-understand explanations of terms. Coronavirus End of Forbearance Options. Call us Monday-Friday 8 a. Eastern Help is available in English, Spanish and many other languages. What are the options once my coronavirus forbearance is complete? Programs available once your coronavirus forbearance is complete may include: Repaying the missed payments at the end of the forbearance Setting up a repayment plan that allows you to make up the missed payments over a period of time while paying your regular monthly payment 1 Moving your missed payments into a deferred balance fully due upon the maturity date of the loan or earlier upon the sale or transfer of the property, refinance of the loan, or payoff of the interest-bearing unpaid principal balance 2.
Modification Eligibility You may be eligible 3 if: Your loan received coronavirus payment assistance in the form of a forbearance 4 You're having trouble paying your mortgage due to a financial hardship. Contact Us When you call us to discuss post-forbearance payment assistance options, please be ready with your loan number, the monthly pre-tax income for each borrower, monthly household expenses, and information about your current financial hardship.
What if I'm not eligible or get declined? Advertising Practices We strive to provide you with information about products and services you might find interesting and useful. Qualifying direct deposit A qualifying direct deposit is a recurring direct deposit of a paycheck, pension, Social Security or other eligible regular monthly income, electronically deposited by an employer or an outside agency into your new checking account.
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