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A Breakdown of BofA’s $16.65 Billion Settlement

Jaclyn Jaeger | August 25, 2014

Calling it the largest settlement with a single entity in American history, the Department of Justice last week reached a record-breaking $16.6 billion settlement with Bank of America to resolve claims related to its packaging, origination, marketing, sale, structuring, and issuance of residential mortgage-backed securities and collateralized debt obligations.

But where is all that money going?

Here is the breakdown, as provided by the Justice Department:

  • $9.65 billion will go toward settling pending and potential legal claims in connection with residential mortgage-backed securities, collateralized debt obligations, and other types of fraud, of which $5 billion will be paid as a civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act—the largest FIRREA penalty ever;
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