Category Archives: Economy

Bank of America Settles

POLITICO BREAKING NEWS:
The Justice Department has struck a $17 billion deal with Bank of America to settle government charges over toxic mortgage-backed securities sold to investors in the years leading up to the 2008 financial crisis, the bank announced on Thursday.

The bank will pay a $9.6 billion fine and will provide roughly $7 billion in relief to struggling homeowners under the terms of the deal.

Attorney General Eric Holder will hold a news conference Thursday morning to discuss the settlement.