05-21-2018  9:40 pm      •     
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NEWS BRIEFS

Raina Croff to Speak at Architectural Heritage Center

'When the Landmarks are Gone: Older African Americans, Place, and Change in N/NE Portland’ describes SHARP Walking Program ...

Portland Playhouse Presents August Wilson’s ‘Fences’ Through June 10

May 20 performance will include discussion on mental health; June 10 performance will be followed by discussion of fatherhood ...

Peggy Houston-Shivers Presents Benefit Concert for Allen Temple CME

Concert to take place May 20 at Maranatha Church ...

Family Friendly Talent Show, May 18

Family Fun Night series continues at Matt Dishman Community Center ...

Settlement reached in LGBT school harassment

SALEM, Ore. (AP) — An openly gay couple was walking in their Oregon high school parking lot when the principal's son drove up, veered away at the last second and shouted an anti-gay slur at the two girls. In class, a teacher equated same-sex marriage with bestiality.The girls complained to...

The Latest: Settlement reached in LGBT school harassment

SALEM, Ore. (AP) — The Latest on the case of LGBTQ discrimination at an Oregon high school.6:30 p.m.:The principal of an Oregon high school will resign and its school district will commit to improving the climate for LGBTQ students as part of a settlement reached between the American Civil...

Paul Allen donates jumiM to Washington gun initiative

SEATTLE (AP) — Microsoft co-founder and Seattle Seahawks owner Paul Allen has donated jumi million to a campaign seeking to raise the age to purchase semi-automatic rifles from 18 to 21 in Washington state.Allen made the announcement on Twitter Monday.The Alliance for Gun Responsibility says...

Man accused of trying to kill woman with opioid spray

MUKILTEO, Wash. (AP) — An Everett man is accused of holding down his ex-girlfriend at a Mukilteo hotel, shoving Xanax down her throat and forcing a fentanyl spray up her nose in what police say was attempted murder.The Daily Herald reports the woman survived and was able to escape and alert...

OPINION

Golfing While Black Is Not a Crime

Grandview Golf Club asks five Black women to leave for golfing too slow ...

Discovering the Best of Black America in 2018

Dr. Benjamin F. Chavis discusses the DTU Journalism Fellowship & Scholarship Program ...

Will Israel’s Likud Party Ever Respect the Rights of Palestinians?

Bill Fletcher weighs in on the precarious future of the two-state solution between the Israeli government and the Palestinian people ...

The Future of Medicinal Marijuana in Pets

Dr. Jasmine Streeter says CBD-derived products show beneficial therapeutic benefits for pets ...

AFRICAN AMERICANS IN THE NEWS

China sentences Tibetan activist to 5 years for separatism

BEIJING (AP) — China has sentenced a Tibetan language activist to five years in prison for inciting separatism after he appeared in a documentary video produced by The New York Times.Tashi Wangchuk's lawyer Liang Xiaojun told The Associated Press that a judge in Qinghai province passed down...

Settlement reached in LGBT school harassment

SALEM, Ore. (AP) — An openly gay couple was walking in their Oregon high school parking lot when the principal's son drove up, veered away at the last second and shouted an anti-gay slur at the two girls. In class, a teacher equated same-sex marriage with bestiality.The girls complained to...

Correction: 2018 Midterms-Endorsements story

ATLANTA (AP) — In a story May 20 about potential Democratic presidential candidates and their campaign activity in 2018, The Associated Press reported erroneously that former Vice President Joe Biden was planning to campaign in North Carolina on behalf of a congressional candidate Dan...

ENTERTAINMENT

Actress who accused Weinstein needs money to finish film

NEW YORK (AP) — Actress Paz de la Huerta has started a crowdfunding campaign to finish a movie she began making years before she publicly accused Harvey Weinstein of rape.The movie "Valley of Tears" is her take on the Hans Christian Andersen story "The Red Shoes," about a little girl with a...

Sony invests in image sensors, acquires more of EMI Music

TOKYO (AP) — Electronics and entertainment company Sony Corp. said Tuesday it plans to invest 1 trillion yen ( billion) mostly in image sensors over the next three years, under a revamped strategy to strengthen both hardware and creative content.Sony also plans to buy for [scripts/homepage/home.php].3 billion a 60...

At Cannes, a #MeToo upheaval up and down the Croisette

CANNES, France (AP) — Fifty years after filmmakers shut down the Cannes Film Festival, the prestigious Cote d'Azur extravaganza was again shook by upheaval.From the start to the finish, the 71st Cannes was dominated by protest and petition for gender equality, culminating in the...

U.S. & WORLD NEWS

Artist Robert Indiana, known for 'LOVE' series, dies at 89

PORTLAND, Maine (AP) — Pop artist Robert Indiana, best known for his 1960s "LOVE" series, has died at his...

All tied up: LeBron's 44 helps Cavs even series with Celtics

CLEVELAND (AP) — LeBron James knows the path to the NBA Finals better than anyone in today's game.And...

Miss Nebraska wins Miss USA competition

SHREVEPORT, La. (AP) — Sarah Rose Summers from Nebraska beat out 50 other women Monday to win this year's...

Congo Ebola vaccination campaign begins with health workers

KINSHASA, Congo (AP) — Congo began an Ebola vaccination campaign Monday in a northwest provincial capital...

Social media under microscope in emotive Irish abortion vote

DUBLIN (AP) — In homes and pubs, on leaflets and lampposts, debate is raging in Ireland over whether to...

Aide: Palestinian leader making swift recovery in hospital

JERUSALEM (AP) — Palestinian President Mahmoud Abbas is alert and making a swift recovery after being...

By James O\'Toole


Bank of America is back in the government's crosshairs.

The Department of Justice announced a civil lawsuit on Tuesday alleging that Bank of America defrauded buyers of mortgage-backed securities by lying about the quality of the home loans involved. The Securities and Exchange Commission also announced a parallel case.

Mortgage-backed securities are bonds created by packaging together and selling groups of residential mortgage loans. These securities played a key role in the 2008 financial crisis, failing in huge numbers as the housing market collapsed.

"Bank of America's reckless and fraudulent origination and securitization practices in the lead-up to the financial crisis caused significant losses to investors," Anne Tompkins, the U.S. Attorney in the Western District of North Carolina, said in a statement. "Now, Bank of America will have to face the consequences of its actions"

The allegations center on a specific offering from 2008 in which investors including Wachovia Bank and the Federal Home Loan Bank of San Francisco purchased over $850 million worth of supposedly high-quality mortgage-backed securities from Bank of America.

The DOJ estimates that investors will ultimately lose more than $100 million on the offering. As of June, the Justice Department said, 23 percent of the mortgages involved had failed or were delinquent.

Bank spokesman Lawrence Grayson said Tuesday that the mortgages in question were "sold to sophisticated investors who had ample access to the underlying data," and that Bank of America would fight the charges.

"The loans in this pool performed better than loans with similar characteristics originated and securitized at the same time by other financial institutions," Grayson said.

"We are not responsible for the housing market collapse that caused mortgage loans to default at unprecedented rates, and these securities to lose value as a result."

Bank of America revealed the possibility of charges in its quarterly report last week. The firm has been forced to pay billions of dollars in legal costs related to the housing bust and the financial crisis over the past few years.

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