Subscribe Register Login

Monday, September 22, 2014, 9:15 a.m.
Top Picks - Arkansas Daily Deal

Bank of America agrees to nearly $17 billion settlement

By The Associated Press

This article was published August 21, 2014 at 11:12 a.m.

WASHINGTON — The government has reached a $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis, the Justice Department announced Thursday.

The deal calls for the bank, the second-largest in the U.S., to pay a $5 billion cash penalty, another $4.6 billion in remediation payments and provide about $7 billion in relief to struggling homeowners.

The settlement is by far the largest deal the Justice Department has reached with a bank over the 2008 mortgage meltdown. In the past year, JPMorgan Chase & Co. agreed to a $13 billion settlement while Citigroup reached a separate $7 billion deal.

Read Friday's Arkansas Democrat-Gazette for full details.

Comments on: Bank of America agrees to nearly $17 billion settlement

To report abuse or misuse of this area please hit the "Suggest Removal" link in the comment to alert our online managers. Read our Terms of Use policy.

Subscribe Register Login

You must login to make comments.

TOP JOBS

  • Cabot searcy

    The Arkansas Democrat-Gazette has a full-time sales position...
    Little Rock, AR

  • Journeyman plumber or 4th year

    Apprentice (Little Rock) compensation: top pay!!! We offer:...
    MORRILTON, AR

  • Clinician

    clinician$2000 Sign on BonusThe Centers for Youth and Famili...
    LITTLE ROCK, AR

  • Software developer

    Protech Solutions, Inc Little Rock, AR. Apply online at: ht...
    LITTLE ROCK, AR

  • Diesel mechanic

    Diesel mechanic wanted to work on trucks and heavy equipment...
    LITTLE ROCK, AR

Search 970 jobs >

Top Picks - Arkansas Daily Deal
Arkansas Online