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DOJ, SEC Announce Historic $16.65 Billion Settlement With BofA

Bruce Carton | August 21, 2014
In a joint announcement yesterday with the SEC and state regulators, U.S. Attorney General Eric Holder announced an historic settlement with Bank of America totaling $16.65 billion in penalties and consumer relief -- the "largest civil settlement with a single entity in history," Holder stated. The settlement concerns the government's allegations that BofA (and Merrill Lynch and Countrywide, which BofA has since acquired) defrauded financial institutions and other investors in structured financial products known as residential mortgage-backed securities, or RMBS.
 
Holder stated that the settlement includes an acknowledgement by BofA that it, Merrill Lynch, and Countrywide
sold billions of dollars of RMBS backed by toxic loans whose quality, and level of risk, they knowingly misrepresented to investors and the U.S. government.  These loans...
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