Wednesday, June 29, 2011

Bank of America to pay $8.5 Billion in Mortgage Settlement

Bank of America & its affiliates have came to an agreement to pay $8.5 Billion to settle claims from lenders selling poor quality mortgages. It was announced Wednesday.

Bank of America CEO Brian Moynihan said Wednesday that the settlement would minimize "future economic uncertainty" in the banking business and "clean up the mortgage issues largely stemming from our purchase of Countrywide."

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