BofA to Pay $16.65B Fine

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bank-of-americaThe long-awaited deal between the Justice Department and Bank of America over mortgage securities was announced today and will cost the bank $16.65 billion.

Part of the deal will be $10 billion to pay various penalties and civil claims, including a record $5 billion penalty under the Financial Institutions Reform, Recovery and Enforcement Act. The rest would go for assistance to homeowners. Read more at DOJ.

{Andy Heller-Matzav.com Newscenter}

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