Bank of America Settles|With U.S. for $17 Billion

     WASHINGTON (CN) – Bank of America will pay nearly $17 billion to settle federal charges involving its sale of mortgage-backed securities before the 2008 financial crisis, the Department of Justice and SEC said Thursday.
     Attorney General Eric Holder announced the $16.7 billion deal in Washington Thursday morning.
     The bank will pay $9.65 billion in cash and provide another $7 billion in “consumer relief.”
     It’s the largest settlement yet from the financial meltdown that cost millions of Americans their homes.
     Bank of America will have to acknowledge misrepresentations about the quality of mortgage-backed securities issued by itself, by Countrywide Financial, and by Merrill Lynch, both who which Bank of America bought as they were failing during the economic crisis.
     As part of the settlement, Bank of America will pay $245 million to settle SEC charges .

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