Mealey's Banking & Finance - Bank Of America To Pay Nearly $17B Over Handling Of Subprime Mortgages

Mealey's Banking & Finance - Bank Of America To Pay Nearly $17B Over Handling Of Subprime Mortgages

WASHINGTON, D.C. - Bank of America Corp. will pay nearly $17 billion to settle claims that it and its current and former subsidiaries, Countrywide Financial Corp. and Merrill Lynch, engaged in fraudulent activity with regard to their origination, underwriting and sale of subprime mortgages and mortgage-backed securities leading up to the financial crisis, U.S. Attorney General Eric Holder and Associate Attorney General Tony West announced Aug. 21 in a press conference.

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