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All it will take is an extra $13 billion-plus, on top of the $9.5 billion BofA coughed up last month, part of the $50 billion or so BriMoy has paid out to deal with the albatross that was the Cadillac of mortgage lenders.
U.S. prosecutors are seeking more than $13 billion from Bank of America Corp. to resolve federal and state investigations of the lender’s sale of bonds backed by home loans in the run-up to the 2008 financial crisis, according to people familiar with the matter.
The settlement would come on top of the $9.5 billion the bank agreed last month to pay to resolve Federal Housing Finance Agency claims, said two people who asked not to be named because the negotiations are private. A deal could come within the next two months, the people said….
The current talks are aimed at resolving civil probes by federal and state prosecutors in California, New York and New Jersey, the people said.
The negotiations are still in early stages and if an agreement isn’t reached, the government could sue the bank, according to the people. The size of any settlement would depend in part on how much the bank is willing to pay in cash versus other remedies such as mortgage write-downs or consumer relief, one of the people said….
“This is the last big check — they’ve been sued in every direction they could,” Miller said. “Banks are an easy target: they’re making money, nobody likes them and they can’t fight it.”