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Bank Of America Will Pay U.S. Department $17 Billion Over Mortgages Securities Investigation


Bank Of America is working on a deal with the U.S. Department of Justice worth more than $16.5 billion to end further investigations into mortgage securities the bank sold in the run up to the financial crisis. The bank will pay $9 billion in cash and the rest will go to helping struggling homeowners. Talks between Gary Lynch, Bank of America’s general counsel and Tony West the number 3 official at the Justice Department continue while a final deal is not expected this week.