AP source: BofA agrees to pay $16-$17B in US deal

[Omaha Steve]

Source: AP-Excite

By ERIC TUCKER and JOSH BOAK

WASHINGTON (AP) — Bank of America tentatively agreed to pay between $16 billion and $17 billion to settle an investigation into its sale of mortgage-backed securities before the financial crisis, a person directly familiar with the matter said Wednesday.

The deal with the bank, which must still be finalized, would be the largest Justice Department settlement by far arising from the economic meltdown. It follows earlier multibillion-dollar agreements reached in the last year with Citigroup and JPMorgan Chase & Co.

The person, who spoke on condition of anonymity because the deal had not yet been announced, cautioned that some details still needed to be worked out and that it was possible the agreement could fall apart. But the person said the two sides reached an agreement in principle following a conversation last week between Attorney General Eric Holder and Bank of America CEO Brian Moynihan.

The person said the deal calls for the bank to pay roughly $9 billion in cash and for the remainder to go toward consumer relief.

FULL story at link.



FILE - In this Jan. 14, 2014, file photo, a Bank of America sign is photographed in Philadelphia. A person familiar with the matter says Bank of America has agreed to pay between $16 billion and $17 billion to settle an investigation into its sale of mortgage-backed securities before the financial crisis. (AP Photo/Matt Rourke, File)


Read more: http://apnews.excite.com/article/20140806/us-bank-of-america-settlement-cf587ed334.html

[Fred Sanders]

1. Add a zero to the figure and indictments for the entire Board of Directors of Crime. Then I am good.

And the non admission of guilt clause, that has to go.

Does the giving up up billions of precious dollars by the money only matters people not cry out GUILTY?

Yet people are jailed everyday for stealing a chicken from the grocery store.......could the offender offer a few grand to not face jail? And they would get 10 years to collect it of course, while on bail and free.

Fair is fair.

[msongs]

2. list of convictions resulting in prison sentences here ->

[Vincardog]

3. Multiply the fine by 1000 and jail every BOD member and Bank Officer + no tax break on the fine

Then we can talk.

[Ruby the Liberal]

4. Yet Angelo Mozillo is a free man.

Irony.

[Fred Sanders]

8. The very symbol of financial corruption and crime walks free....it is a finger from the 1% to all

the rest of us poor slobs who refuse to be so immoral.

[TDale313]

5. Not nearly enough. n/t

[ailsagirl]

6. A drop in the bucket

[Dustlawyer]

7. Bull shit, bull shit, bull shit!

[PSPS]

9. Big deal. Call me when they break it up and jail the criminals. "Sleepy" Holder strikes again.

This is really the same as coughing up the vigorish. Isn't that lovely? Give Holder a tiny cut of the take and he'll look the other way.

[valerief]

10. I wonder who will get the money. nt

[Sparhawk60]

11. Keep the Money

I don't care about the money, I want people, very high ranking people in jail for life. Next time a board of directors even think about ripping us off, I want the threat of jail time to make them think twice.

[valerief]

14. But that won't happen, so all there is is the money. nt

[arcane1]

12. Notice that it's BofA the company, not the individuals responsible, who is paying the fine. LLC!

Must be nice to be liability-free.

[dmosh42]

13. Same old criminals still there! Where's the law enforcement, Holder?