Cybersecurity
Moynihan says BofA’s Mortgage Headaches Are Behind It
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Bank of America Corp. Chief Executive Officer Brian T. Moynihan, who was named chairman this month, said legal costs stemming from defective mortgages are largely behind it.
The lender has spent more than $70 billion under Moynihan to settle disputes tied to the acquisitions of Countrywide Financial Corp. and Merrill Lynch & Co., including accords tied to soured residential mortgage-backed securities, or RMBS.