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September 15, 2014

Bank of America (BAC) Makes Whopping Mortgage Settlement

“Today’s Bank of America settlement with the federal government is a record. The nearly $17 billion deal resolves an investigation into allegations the bank misled purchasers of mortgage-backed securities before the 2008 financial crisis. The settlement is the largest ever reached between the government and a U.S. company.

“Until now the biggest bank deal involved JPMorgan Chase, which agreed to pay $13 billion for its role in selling flawed mortgage investments. Bank of America is expected to pay $9.65 billion in cash and provide consumer relief valued at $7 billion.

“The deal was worked out over the past few months and involved negotiations between Attorney General Eric Holder and bank CEO Brian Moynihan. The government’s settlement with the banks has many critics. Consumer groups say the Obama administration has been slow to go after the banks for wrongdoing and say no senior executive has been charged with wrong doing.”

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