Bank of America settlement of record $17bn

In the largest fine ever levied by the US government against a single company, Bank of America has agreed to pay $16.65 bn regarding the sale of flawed mortgage products. Of this amount, $9.65bn will go to the justice department, six US states and other government agencies and a further $7bn will go to consumers struggling with home loan payments and the demolition of derelict properties.   ... →