Report: Bank of America expected to pay $17 billion in mortgage settlement

[unhappycamper]

http://www.rawstory.com/rs/2014/08/20/report-bank-of-america-expected-to-pay-17-billion-in-mortgage-settlement/



Report: Bank of America expected to pay $17 billion in mortgage settlement
By Agence France-Presse
Wednesday, August 20, 2014 23:57 EDT

Bank of America is expected to pay $17 billion to settle charges it misled investors on mortgage-linked securities in a deal that could come this week, U.S. media reported Wednesday.

The agreement, the largest U.S. settlement with a single company, could come as soon as Thursday, reported the Wall Street Journal, citing an unnamed source.

The agreement is the latest to hold large banks accountable for the packaging and sale of securities linked to risky mortgages that were marketed as low-risk to investors ahead of the housing bust.

Some of the allegations are expected to cover securities sold by Merrill Lynch and Countrywide, both of which were acquired by Bank of America amid the housing bust.

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A mere pittance compared to what 'disappeared'. And the best part is no one goes to jail.

[Sunlei]

1. BOA pays the vultures? the investors who snapped up bundles of homes at firesale prices.

BOA changed those loans into 'securities' BOA probably sold those 'loan packages' (of what used to be peoples homes) to what investors? BOA "acquired by Bank of America" the sellers of the bogus securities.