Tags: BofA | Billion | Settle | Probes

WSJ: BofA Could Pay at Least $12 Billion to Settle Probes

Thursday, 05 Jun 2014 07:30 PM

Bank of America Corp. could pay more than $12 billion to settle probes by the Justice Department and a number of states into the bank's alleged handling of shoddy mortgages, the Wall Street Journal said on Thursday, citing people familiar with the negotiations.

At least $5 billion of that amount is expected to go toward consumer relief consisting of help for homeowners in reducing principal amounts and monthly payments, and paying for blight removal in struggling neighborhoods, the paper said, citing people with knowledge about the issue.

A BofA spokesman declined to comment on the issue. The Justice Department wasn't immediately available for comment.

© 2017 Thomson/Reuters. All rights reserved.

 
1Like our page
2Share
StreetTalk
Bank of America Corp. could pay more than $12 billion to settle probes by the Justice Department and a number of states into the bank's alleged handling of shoddy mortgages, the Wall Street Journal said on Thursday, citing people familiar with the negotiations.
BofA, Billion, Settle, Probes
104
2014-30-05
Thursday, 05 Jun 2014 07:30 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved