Brian Moynihan Denied Face To Face With Eric Holder


The Attorney General's schedule is all booked up at the moment; if the Bank of America chief still wants a sit down, he can help his cause by repeating the words "Seventeen Billion."

U.S. Attorney General Eric Holder has formally refused to meet with Bank of America Corp Chief Executive Brian Moynihan to hammer out a multibillion-dollar deal, as talks to resolve probes into shoddy mortgage securities sold by the bank and its units remain at a standstill, according to people familiar with the matter.

In a letter sent in the second half of June, Holder told Moynihan that the parties remained too far apart for a meeting to be productive, one source said….

Reuters reported last month that Bank of America representatives had sought a meeting between Moynihan and Holder to resolve government investigations into potential misconduct by the bank and its units in packaging mortgages, primarily during the run-up to the financial crisis.

Bank of America has discussed paying about $12 billion to settle the probes, including a portion to help struggling homeowners, while the Justice Department had suggested a $17 billion settlement, sources said.

Holder won’t meet with BofA CEO as mortgage talks stall-sources [Reuters]