April 25, 2014

Justice may ask BofA for $13B settlement

April 28, 2014 – The potential settlement between the Justice Department and Bank of America over suspect mortgages the bank packaged into securities could wind up at $13 billion, reports said.

The report from Bloomberg, which cites "people familiar with the matter," said sources report the settlement could come within two months.

Bank of America settled with the Federal Housing Finance Agency for $9.3 billion over similar issues last month. The government settled with JPMorgan Chase for $13 billion, in a similar negotiation last year. Earlier this month, Reuters reported Bank of America was close to settling with the CFPB for as much as $800 million over allegedly deceptive advertising.