Name: Bank of America reported close to DOJ settlement
Uploaded: 2014-08-07
Duration: 1 min 10 s
Description: Bank of America reported close to DOJ settlement

We knew it was coming, and we knew it'd be big, just not this big. Bank of America appears poised for a deal with the Justice Department. Several outlets now report Bank of America will pay 16 to $ 17 billion over its alleged role in the housing crisis, a record payment to the DOJ. The Wall Street Journal cited people familiar with the deal saying the bank didn't want to eclipse the previous record $ 13 billion settlement JPMorgan Chase negotiated. But the government held fast. Less than two months ago reports emerged Bank of America CEO Brian Monahan wanted to personally talk with US Attorney General Erik Holder when the two sides attorneys reached an impasse. Of all the financial district's big banks, Bank of America and its firms issued by. Far the most mortgage securities from 2004 to 2008. Though, to be fair the vast majority of those securities came from Countrywide, which Bank of America bought in 2008. The Wall Street Journal reports of the $ 965 billion in mortgage securities Bank of America and its firms issued in that 4 year period $ 245 billion in securities have either defaulted or become severely delinquent.