Bank Of America To Pay Record Fine Of Up To $17 Billion Over Mortgage Mis-Selling – 7 August 2014

RT logoBank of America, the second largest US lender is close to ending a landmark deal with US authorities to pay up to $17 billion – a record fine – to the Justice Department over its role in the 2007 financial crisis.

If completed, it will be largest single compensation settlement, surpassing the$13 billionJPMorgan Chase agreed to pay in 2013.

The compensation will come in two parts: $9 billion in cash and $7 billion in consumer relief, such as modified home loans and refinanced mortgages, the Financial Times cites people familiar with the matter.

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