Bank of America's fifth strike for mortgage loans looks like it may end with a $12 billion settlement. Bank of America is currently negotiating a deal with the Justice Department and a number of ... more 
Bank of America's fifth strike for mortgage loans looks like it may end with a $12 billion settlement. Bank of America is currently negotiating a deal with the Justice Department and a number of states. The settlement is in response to the allegations that the bank mislead potential home buyers about the quality of home loans. Bank of America allegedly hid the risks associated with $850 million worth of securities backed by home loans. This settlement comes after the bank agreed in March to pay $6.3 billion to settle four other lawsuits filed by Federal Housing Finance Authority that alleged that Bank of America falsely represented its mortgage loans. less 
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TheStreet
Fri, Jun 6, 2014 4:41 PM EDT