Bank of America agrees to record $17bn settlement over mortgage fraud

publicerad 21 augusti 2014
- av Henrik G

Bank of America - Photo Billy Hathorn Wikimedia Commons

America’s second largest lender has reached a $16.65 billion settlement with US federal authorities for selling toxic mortgages misleading investors, the Justice Department said Thursday.

Text: RT.com | Photo: Billy Hathorn – Wikimedia Commons

“This historic resolution – the largest such settlement on record – goes far beyond ‘the cost of doing business,’” Attorney General Eric Holder said in a statement posted on the US Justice Department website on Thursday.

The bank will pay out $9.65 billion in cash and $7 billion for consumer relief – such as modified home loans and refinanced mortgages.

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