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Eric Holder
Bank of America to pay record $16.65 billion to settle mortgage claims
Bank of America to pay record $16.65 billion to settle mortgage claims

Bank of America Corp. has agreed to pay $16.65 billion to end federal and state investigations into the sale of toxic mortgage securities during the subprime housing boom, the largest settlement by a single company in U.S. history, the Justice Department said Thursday. The settlement includes $9.65 billion in fines and $7 billion in aid to communities and homeowners hit hard by the housing market crash that triggered the Great Recession. “This historic resolution -- the largest such settlement on record -- goes far beyond ‘the cost of doing business,’” Atty. Gen. Eric H. Holder Jr. said in describing what he called “pervasive schemes to defraud financial...

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