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The settlement is by far the largest deal the Justice Department has reached with a bank over the 2008 Nike Air Total Max Uptempo Mens
reached a $16.65 billion settlement with Bank of America over its role in the sale of mortgage backed securities in the run up to the financial crisis, the Justice Department announced Thursday. Bank of America said its cash payouts will total $9.65 billion.
Of the $16.65 billion, almost $10 billion will be paid to settle federal and state civil claims by entities related to residential mortgage backed securities, collateralized debt obligations and other types of fraud.
mortgage meltdown. In the last year, JPMorgan Chase Co. agreed to a $13 billion settlement while Citigroup reached a separate $7 billion deal.
Associate Attorney General Tony West said the settlement of nearly $17 billion is the largest the Justice Department has ever reached with a single entity in American history.
Justice Dept. announces $17B settlement with BofA
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At a news conference, Justice Department officials said the settlement does not release individuals from civil charges, nor does it absolve Bank of America, its current or Nike Air Uptempo Pippen White Red former subsidiaries and affiliates or any individuals from potential criminal prosecution.
the largest such settlement on record goes far beyond the cost of doing business," Attorney General Eric Holder told a news conference. "Under the terms of this settlement, the bank has agreed to pay $7 billion in relief to struggling homeowners, borrowers and communities affected by the bank's conduct. This is appropriate given the size and scope of the wrongdoing at issue."
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