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AP source: Bank of America nears $16B to $17B settlement

Published: Thu, August 7, 2014 @ 12:00 a.m.

Associated Press


Bank of America is nearing a $16 billion to $17 billion settlement to resolve an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis, a person directly familiar with the matter said Wednesday.

The deal with the bank, which still must be finalized, would be the largest Justice Department settlement by far arising from the economic meltdown in which millions of Americans lost their homes to foreclosure. It would follow earlier multibillion-dollar agreements reached in the past year with Citigroup and JPMorgan Chase & Co.

The person, who spoke on condition of anonymity because the deal had not yet been announced, cautioned that some details still needed to be worked out and that it was possible the agreement could fall apart.

But the person said the two sides reached an agreement in principle after a conversation last week between Attorney General Eric Holder and Bank of America CEO Brian Moynihan.

The person said the tentative deal calls for the bank to pay roughly $9 billion in cash and for the remaining sum to go toward consumer relief.


1georgejeanie(893 comments)posted 4 months, 2 weeks ago

Giving the fiefdom of Obama billions is like furthering our own demise quicker. I'd rather see the bank hold on to the 9billion than let these government thieves take and squander it. You don't think the bank is going to raise fees and lower interest rates on savings to make up for this fine? Holder and his boss, plus Pelosi and Reid what a quadruple pox on the USA.

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2cambridge(3107 comments)posted 4 months, 2 weeks ago

georgejeanie....so b of a cheats hard working Americans out of billions of dollars and you're upset with Obama because he's not letting them get away with it? There is truly no way Obama can win with you right wing lunatics. It's unbelievable how stupid you are.

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