US bank gets $17bn subprime penalty (2)

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