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Bank Of America To Settle With U.S. For $17 Billion
WASHINGTON (AP) — How much will Bank of America’s expected $17 billion mortgage settlement cost the company? The answer is, almost certainly not that much.
In mega-settlements negotiated with the government, a dollar is rarely worth an actual dollar.
Inflated figures make sensational headlines for the Justice Department, and $17 billion would be the largest settlement by far arising from the economic meltdown in which millions of people in the United States lost their homes to foreclosure. But the true cost to companies is often obscured by potential tax deductions and opaque accounting techniques.
The expected Bank of America settlement will resolve allegations that the bank and companies it later bought misrepresented the quality of loans they sold to investors. Most of the problem loans were sold by Merill Lynch and Countrywide Financial before Bank of America bought them during the 2008 financial crisis. To settle the government’s claims against the three companies, Bank of America will pay $9.65 billion in cash and provide consumer relief valued at $7 billion, according to officials who spoke on condition of anonymity because the deal isn’t scheduled to be announced until Thursday at the earliest.
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New R&B Hall of Fame Inductees: Michael Jackson and Whitney Houston
Some things just can’t be ignored! This year as Michael Jackson and Whitney Houston are being inducted into the momentous Rhythm & Blues Hall of Fame and Museum (R&BHOF), the number five seems to keep coming up.
You see, their awards will be presented to their respective parents Joseph (Joe) Jackson, and Cissy Houston. Here’s where it gets interesting: Reportedly Joe was born in 1928, and Cissy was born five years later in 1933. They both were in their 30th year when their superstar offspring were born – Michael in 1958, and Whitney five years later (there’s that five again) in 1963. It’s been five years since Michael passed away.
In an article titled ‘Number 5 Numerology – A Dynamic Force’ author Hans Decoz wrote: ‘The number 5 is the most dynamic and energetic of all the single-digit numbers. It is unpredictable, always in motion and constantly in need of change. Although it is molded from an almost equal mix of masculine and feminine qualities, in general the 5 is slightly more feminine — albeit a daring, tomboyish kind of feminine, with nothing demure or submissive about her [‘her’ being the number].’ That seems to sum up the hallmark of both talents at the highlights of their careers.
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