Bank of America To Pay $17-Billion To Settle Mortgage Claims
Aug. 07, 2014
(Undated) -- Bank of America will reportedly pay 17-billion dollars to settle claims over its sale of toxic securities that helped prompt an economic meltdown. The settlement still needs to be finalized, but would be the biggest the Justice Department has ever imposed over claims growing out of the financial crisis of 2008. BofA will pay about nine-billion in cash and the rest will go toward reducing homeowners' mortgages.