By — Pete Yost, Associated Press Pete Yost, Associated Press By — Marcy Gordon, Associated Press Marcy Gordon, Associated Press Leave your feedback Share Copy URL https://www.pbs.org/newshour/economy/bank-america-pay-nearly-17-billion-settlement-justice-department Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter Bank of America to pay nearly $17 billion in settlement with Justice Department Economy Aug 21, 2014 9:27 AM EDT WASHINGTON — The Justice Department has announced 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 deal announced Thursday calls for the bank, the second-largest in the U.S., to pay a $5 billion cash penalty and provide billions of dollars of relief to struggling homeowners. Bank of America says its cash payouts will total $9.65 billion. The settlement is by far the largest deal the Justice Department has reached with a bank over the 2008 mortgage meltdown. In the last year, JPMorgan Chase & Co. agreed to a $13 billion settlement while Citigroup reached a separate $7 billion deal. We're not going anywhere. Stand up for truly independent, trusted news that you can count on! Donate now By — Pete Yost, Associated Press Pete Yost, Associated Press By — Marcy Gordon, Associated Press Marcy Gordon, Associated Press
WASHINGTON — The Justice Department has announced 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 deal announced Thursday calls for the bank, the second-largest in the U.S., to pay a $5 billion cash penalty and provide billions of dollars of relief to struggling homeowners. Bank of America says its cash payouts will total $9.65 billion. The settlement is by far the largest deal the Justice Department has reached with a bank over the 2008 mortgage meltdown. In the last year, JPMorgan Chase & Co. agreed to a $13 billion settlement while Citigroup reached a separate $7 billion deal. We're not going anywhere. Stand up for truly independent, trusted news that you can count on! Donate now