Bank of America is reportedly close to a $450m settlement with the Securities and Exchange Commission (SEC), following allegations that the bank failed to safeguard client accounts. A Bank of America spokesman declined to comment. The SEC has been investigating whether the bank's mortgage servicing division was negligent in its oversight of loans it sold to Fannie Mae (FNM) and Freddie Mac (FRE), which were then used as collateral
Bank of America is reportedly close to a $450m settlement with the Securities and Exchange Commission (SEC), following allegations that the bank failed to safeguard client accounts. The SEC has been investigating whether the bank's mortgage servicing division was negligent in its oversight of loans it sold to Fannie Mae (FNM) and Freddie Mac (FRE), which were then used as collateral