TV News LIES

Thursday, Sep 18th

Last update07:01:16 PM GMT

You are here News Economy BofA in $16.5 billion deal with U.S. over mortgage bonds

BofA in $16.5 billion deal with U.S. over mortgage bonds

E-mail Print PDF

Bank of AmericaBank of America Corp is expected to pay more than $16.5 billion to end investigations into mortgage securities that the bank and its units sold in the run-up to the financial crisis, in a deal that could be announced as early as Thursday, a person familiar with the matter said.

The bank has been hammering out the final details of the record-breaking accord with the U.S. Department of Justice and is expected to pay around $9 billion in cash and the rest in assistance to struggling homeowners.

A $16.5 billion payout would be the largest in a series of soaring penalties against banks for a range of misconduct, including violating U.S. sanctions and inappropriately marketing mortgage securities.

An agreement in principle was reached earlier this month after a phone call between the bank's chief executive, Brian Moynihan, and Attorney General Eric Holder.

More...


Most Recent Related Stories...


Trump Plaza closes its doors, becomes 4th Atlantic City casino to close this year

Trump casino closesThe supervisor drew his finger in a slashing motion moments after the final hand of blackjack...

Seniors Forced Into Poverty As Education Department Demands Payment

student loan debtThe Education Department is demanding so much money from seniors with defaulted student loans that it's...

US wealth gap putting the squeeze on state revenue

income inequalityIncome inequality is taking a toll on state governments.The widening gap between the wealthiest Americans and...

Morgan Stanley to pay $95 million in U.S. mortgage-debt settlement

Morgan stanleyMorgan Stanley (MS.N) has agreed to pay $95 million to resolve a lawsuit accusing the Wall...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!