{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='New York state will get $800 million as its share of a national $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis. (Aug. 21)' data-url='/boclips/videos/5c54be5ed8eafeecae13b151' data-video-url='/boclips/videos/5c54be5ed8eafeecae13b151' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nNew York state will get $800 million as its share of a national $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis. (Aug. 21)\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eNew York state will get $800 million as its share of a national $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis, New York Attorney General Eric...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eNew York state will get $800 million as its share of a national $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis, New York Attorney General Eric Schneiderman said Thursday (Aug. 21).\u003cbr/\u003eThe nation's second largest bank has agreed to pay the state $300 million in cash and $500 million in the form of direct relief to consumers, including mortgage modifications, new loans, donations to communities and financing for affordable rental housing.\u003cbr/\u003e\"This agreement sends a powerful message that we're going to hold financial institutions accountable for fraudulent behavior that they engaged in,\" said Schneiderman, a Democrat and the co-chairman of the state and federal working group that negotiated the settlement. \"We're going to hold them accountable for their role in the devastating crash of 2008.\"\u003cbr/\u003eThe deal is the largest reached so far over the mortgage meltdown, and the biggest the U.S. Justice Department has ever reached with a single entity.\u003cbr/\u003eThe settlement also covers Bank of America subsidiaries Countrywide Financial Corp. and Merrill Lynch.\u003cbr/\u003eAs part of the agreement, Bank of America acknowledges that it and its subsidiaries made \"serious misrepresentations\" to the public about mortgages and mortgage-backed securities, Schneiderman said. He said the bank also mischaracterized the quality of its loans to the federal government.\u003cbr/\u003eThe securities \"were full of underlying mortgage loans they knew, or should have known, would never be paid off. They had a series of processes that were shams,\" Schneiderman said.\u003cbr/\u003eAmong the significant points of the settlement is $20 million going to local governments and land banks to cover distressed mortgages on as many as 300 abandoned properties, with $20,000 per property to help local governments either rehab them or tear them down.\u003cbr/\u003eNew Yorkers also will receive loans so they can stay in their homes or get back into the housing market.\u003cbr/\u003eAnother $125 million will go toward affordable rental housing, and $35 million will go to groups that provide legal, housing and community development programs.\u003cbr/\u003eNew York City Mayor Bill de Blasio said in a statement the settlement will \"make a real difference for families struggling across the city and state.\"\u003cbr/\u003eNew York - August 21, 2014\u003cbr/\u003e1. SOUNDBITE: (English): Eric Schneiderman, New York Attorney General: \u003cbr/\u003e\"The record breaking 16.65 billion dollar deal with Bank of America is the latest action by the national  working group that President Obama asked me to co-chair in 2012. This agreement sends a powerful message that we're going to hold financial institutions accountable for fraudulent behavior that they engaged in. We're going to hold them accountable for their role in the devastating economic crash of 2008. And for families right here in New York, it means more than 800 million dollars in relief, 300 million dollars in cash, and a minimum of 500 million dollars in direct assistance to families and communities  who are still struggling to recover from the 2008 economic collapse.\"\u003cbr/\u003e2. SOUNDBITE: (English): Eric Schneiderman, New York Attorney General:\u003cbr/\u003e\"Bank of America itself, and Merrill Lynch and Countrywide, which are companies that it acquired, sold residential mortgage backed securities that were full of underlying mortgage loans they knew, or should have known, would never be paid off. They had a series of processes that were shams.\"\u003cbr/\u003e3. SOUNDBITE: (English): Eric Schneiderman, New York Attorney General: \u003cbr/\u003e\"This settlement, which by the way is the largest settlement in the history of the United States with a single institution, it eclipses the 13-million dollar settlement with JP Morgan Chase, also the product of our working group that was announced last fall. And what this means for working families in New York is that  there's going to be more money that's going to the state, we're going to work to see that that's spent to help the communities that were hurt, and the people that were hurt, but also a menu of consumer relief totaling a minimum of 500-million dollars for New York, and that includes, for the first time, principal reductions for borrowers who's mortgages were insured by the Federal Housing Administration. Research by our office estimates that 23% of all the distressed home loans in New York State are FHA insured. These represent the largest portion of Bank of America's portfolio of distressed loans in New York. And for the first time these homeowners are also going to eligible for relief.\"\u003cbr/\u003e4. SOUNDBITE: (English): Eric Schneiderman, New York Attorney General: \u003cbr/\u003e\"So the agreement with Bank of America is a major step in the fight to hold accountable the banks that caused the mortgage crisis and brought the U.S. economy to its knees. It will bring some measure of justice to some families who are still on the brink of losing their homes because of the reckless misconduct of these banks. 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