Updated March 31 at 10:09pm

BofA mortgage accord with U.S. said coming as soon as Thursday

Bank of America Corp.’s record settlement with the Justice Department over the sale of mortgage bonds in the run-up to the 2008 financial crisis will be announced as soon as Thursday, two people with knowledge of the matter said. More

To continue reading this article, please do one of the following.



Sign up to receive Providence Business News' newsletters
and breaking news alerts.  

banking

BofA mortgage accord with U.S. said coming as soon as Thursday

Posted:

WASHINGTON – Bank of America Corp.’s record settlement with the Justice Department over the sale of mortgage bonds in the run-up to the 2008 financial crisis will be announced as soon as Thursday, two people with knowledge of the matter said.

The accord will total $16 billion to $17 billion, a person familiar with the matter said earlier this month. Another person, who requested anonymity because the deal hasn’t been disclosed publicly, said the number will be about $16.6 billion.

The agreement would resolve civil investigations by federal and state prosecutors in California, New York and New Jersey, as well as a lawsuit filed in North Carolina, the people said.

Lawrence Grayson, a Bank of America spokesman, declined to comment, and the Justice Department’s Ellen Canale didn’t immediately respond to phone and email messages seeking comment.

Bank of America shares rose 0.4 percent to $15.51 at 2:57 p.m. in New York, erasing an earlier decline.

Bank of America, BofA mortgage lawsuit, justice department,

Comments

No comments on this story | Please log in to comment by clicking here
Please log in or register to add your comment
Latest News