Bank of America and DOJ near $17 billion settlement over mortgage securities

MarkWilliams1Washington Post
Mark Williams, School of Management

Final terms are almost in place for the record $17 billion settlement between Bank of America and the Justice Department over allegations that the nation’s second-largest bank knowingly sold faulty mortgage securities that contributed to the financial crisis, people familiar with the talks said Wednesday. An announcement could come as early as Thursday…

Expert quote:

“The banks extracted billions from unassuming customers and now Justice has extracted billions of dollars in settlements to make up for that. But corporate executives should not be able to hide behind their companies and have shareholders pay for egregious behavior.”

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