Mortgage firm in line for $8.5M whistleblower payout in Bank of America settlement

A New Jersey-based mortgage company will receive an $8.5 million whistleblower payout as part of an investigation into Bank of America’s practices by the U.S. attorney’s office in Charlotte, a lawyer in the case told the Observer Friday.

Mortgage Now filed one of four whistleblower lawsuits that were rolled into the $16.65 billion settlement that the Charlotte bank reached with the U.S. Justice Department in August over the bank’s packaging of mortgage loans into securities, according to court and settlement documents.

Mortgage Now’s complaint was unsealed by a federal judge in August, but the amount of the payout wasn’t known until Friday. Unsealed court documents and media reports this week have revealed details about the other three settlements, which total more than $160 million.

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