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News
August 21, 2014

DOJ Extracts Nearly $17 Billion from Bank of America in Mortgage Settlement

The New York Times reports that Bank of America Corporation is set to pay a record $16.65 billion settlement as part of a federal investigation into lending practices of Countrywide and Merrill Lynch, the two banks that were purchased by Bank of America during the financial crisis. The reported settlement is the largest ever reached between the U.S. and a single company.

Meanwhile, prosecutors are readying a civil case against Angelo Mozilo, “the man who came to embody the risk-taking for which Bank of America is now paying dearly, a rare move against a senior executive at the center of the financial crisis.”

Read the full article here.

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