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Friday
Jun062014

Bank of America to Pay $12B to Settle DOJ Probe?

Chris Hondros/Getty Images(NEW YORK) -- Bank of America is said to be in talks to pay at least $12 billion to settle a Department of Justice investigation into how it sold mortgage-backed securities.

Nearly half of that settlement -- $5 billion -- will go toward consumer relief to help homeowners who are struggling.

In March, the bank paid more than $9 billion to settle a similar inquiry by the Federal Housing Finance Agency.

According to a Financial Times analysis, “BofA, which acquired Countrywide Financial and Merrill Lynch during the financial crisis, has already paid over $25 billion in fines and settlements since 2009.”


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