APNewsBreak: BofA reaches $17B settlement with US

[Omaha Steve]

Source: AP-Excite

By JEFF HORWITZ and MICHAEL VIRTANEN

WASHINGTON (AP) — Officials familiar with the deal say Bank of America has reached a record $17 billion settlement with federal and state authorities over its role in the sale of mortgage-backed securities in the run-up to the 2008 financial crisis.

The officials say the bank will pay $10 billion in cash and provide consumer relief valued at $7 billion.

They spoke with The Associated Press on condition of anonymity because the deal isn't scheduled to be announced until Thursday at the earliest.

FULL short story at link.



FILE - This, Oct. 14, 2012, file photo shows a Bank of America branch in downtown Miami. How much will Bank of America{2019}s expected $17 billion mortgage settlement cost the company? The answer is, almost certainly not $17 billion. In mega-settlements negotiated with the U.S. government, a dollar is rarely worth an actual dollar. Inflated figures make sensational headlines for the Justice Department, and $17 billion would be the largest settlement by far arising from the economic meltdown in which millions of Americans lost their homes to foreclosure. But the true cost to companies is often obscured by opaque accounting techniques. (AP Photo/Lynne Sladky, File )


Read more: http://apnews.excite.com/article/20140820/us--bank_of_america-settlement-9860f133ff.html

[msongs]

1. glad to see all those white collar crooks going to jail....oh wait! never mind nt

[BumRushDaShow]

2. But one wonders how long it will take them to "cut the check". nt

[markmyword]

3. Who Will Pay?

I'm sick and tired of all the DEALS the Justice Department makes with these MEGA banks.

Money means nothing to them. In fact, it's a joke, because they raise the fees on their customers, so it's the PEOPLE paying NOT a bank executive.

When is the Justice Department NOT going to fine these banks, which is a little tap on the wrist for them and give these guys JAIL TIME and LOTS of it!

Eric Holder has NOT done his job and should GO!!!! He's a corporate guy, who'll go back to his corporate pals when he leaves the Justice Department.

I just hope the next time someone robs a store, they too can be given a FINE and NO jail time!

What's good for the 1% should also be good for the other 99%!

[YOHABLO]

5. You are absolutely right. People need to read ''The Divide'' by Matt Taibbi. Holder is a corporate

S-H-I-L-L

[Adrahil]

7. Exactly.

In the scheme of things, this doesn't hurt anyone but the consumers. Some people need to go to JAIL.

[redwitch]

4. Too little. Too late. nt

[The Second Stone]

6. Trillions stolen, billions paid in restitution

If you are going to steal, steal big.