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Bank Of America Nearing $17 Billion Mortgage Settlement With U.S. Department Of Justice

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Bank of America (NYSE: BAC) and the Justice Department are near completion of a potential $17 billion deal to settle mortgage probes dating back to the financial crisis, according to The Wall Street Journal.

The report noted that cash penalties would amount to nearly $9 billion.

WSJ also reported that Attorney General Eric Holder and Bank of America CEO Brian Moynihan discussed the potential deal during a phone conversation last Thursday, with the Department of Justice pushing for $17 billion in fines and Bank of America looking to limit the exposure to $13 billion.

Shares of Bank of America are little changed following the announcement.

Posted-In: Department of JusticeNews Legal

 

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