Bank of America reaches $17 billion settlement with U.S. E-mail Tweet Facebook Google Plus Linkedin Share icons by Laura Lorenzetti @FortuneMagazine August 20, 2014, 3:36 PM EDT Bank of America BAC has reportedly reached a record $17 billion settlement with federal and state authorities over its sale of mortgage-backed securities. The bank will pay $10 billion in cash and put up another $7 billion toward consumer relief, officials told the Associated Press. The deal won’t be announced until Thursday at the earliest, the report said. The settlement amount dwarfs JPMorgan’s C $7 billion settlement, which was finalized last month. Though, when compared to the amount of mortgage-backed securities issued by each bank, the fine falls in-line with the likes of JPMorgan and makes Bank of America look like it got off easy compared to Citigroup. An especially lucky break since Countrywide, which Bank of America bought before the height of the crisis in 2008, was connected with some of the worst subprime mortgages. In addition to the monetary fines, the deal requires the bank to acknowledge its role in allegedly masking the quality of the mortgage-backed securities it sold, as well as those of Countrywide Financial and Merrill Lynch. Bank of America purchased the two firms in 2008. In a separate case, Countrywide co-founder Angelo Mozilo and 10 other former Countrywide employees are facing civil lawsuits brought by U.S. attorneys in Los Angeles. The charges are related to the subprime loans that led to the financial crisis.