Bank of America reportedly reaches $17 billion RMBS settlement

Bank of America reportedly reaches $17 billion RMBS settlement

Financial giant Bank of America will pay $16.65 billion in a settlement following a federal probe into its mortgage practices in the years leading up to the 2008 financial crisis, the Department.

Bank of America Reportedly Agrees to $17 Billion Settlement Video – ABC News The banking giant reportedly agreed to a deal with the Justice Department for its alleged role in selling toxic mortgages.

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News outlets are reporting on the unprecedented price tag affixed to the BoA agreement, reportedly somewhere between $16 and $17 billion. In fact, Bank of America will pay a fraction of this fine. As the Washington Post noted in 2012, "Corporations can write off any portion of a settlement that is not paid directly to the government as a penalty or fine for violation of the law.

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Bank of America Corp. has agreed to pay nearly $17 billion in a settlement with federal regulators over allegations that it misled investors into buying risky, mortgage-backed securities in the run-up to the 2008 financial meltdown. The Department of Justice, which announced the $16.65 billion deal.

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Bank of America (NYSE:BAC) inked a $9.5 billion settlement on Wednesday with the Federal Housing Finance Agency to resolve all of the bank’s residential mortgage-backed securities litigation.

The beleaguered bank’s $2.09 billion settlement. Bank of America and Citigroup – all settled similar cases for much larger amounts with the Obama administration. BofA and JPMorgan, for instance,

Bank of America reportedly reaches $17 billion rmbs settlement FHLB Des Moines, fhlb seattle finalize merger Brena Swanson is formerly the Digital Reporter for HousingWire.

NEW YORK (TheStreet) — Bank of America Corp (BAC – Get Report) has reportedly reached an agreement to pay a record $17 billion to settle an investigation by the Justice Department over mortgage.

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WASHINGTON – Bank of America is nearing a $16 billion to $17. settlement by far arising from the economic meltdown in which millions of Americans lost their homes to foreclosure. It would follow.

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