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Bank Of America Got A Deal On Its Last Billion Dollar Settlement

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Was this an act of a judge taking pity on BofA in light of the fact that it basically writes the government 9 figure checks on a weekly basis, and is probably going to write a ten figure one early next month? Unclear, but it calls for a round of celebratory drinks in Charlotte tonight.

Bank of America Corp.’s Countrywide unit was ordered to pay $1.3 billion in penalties for defective mortgage loans sold to Fannie Mae and Freddie Mac in the run-up to the 2008 financial crisis, a little more than half of what the federal government had requested...Separately, Bank of America is nearing a settlement with the Justice Department after raising its proposed offer to resolve probes into its sale of mortgage-backed bonds, according to people familiar with the talks. Representatives of the bank were at the Justice Department today to discuss the terms, and an accord could be reached this week, said two people who asked not to be named because the negotiations are confidential. The amount of the settlement under discussion has ranged from $13 billion to $17 billion, one of the people said. The discussions include how much money will be paid in cash and how much in consumer relief.

Bank of America’s Countrywide Ordered to Pay $1.3 Billion [Bloomberg]


Bank Of America To Celebrate Only Being Liable For $40 Billion (And Counting!) Worth Of Countrywide Slip-Ups

A couple dozen more of these $1.27 billion wins and this whole thing might not look like the worst business deal in history after all!