IOL 2014.08.22 09:34
BANK of America has reached a record $16.65 billion (R178bn) settlement
with the US government to settle charges that it and companies it bought
misled investors into buying troubled mortgage-backed securities, helping
the bank close a major chapter tied to the subprime-led financial crisis.
The settlement calls for the second-largest US bank by assets to pay
$9.65bn in cash to resolve more than a dozen federal and state
AMERICA, BANK, MORTGAGE, SETTLEMENT, RESOLVE, LIABILITY, Chase, Moynihan, America Corp., Federal Deposit Insurance Corp., Countrywide Financial Corp., Citigroup Inc., USA