Bank of America announced Thursday that it has agreed to pay $16.65 billion in penalties to the U.S. Department of Justice after it was found guilty of selling shoddy mortgage loans that eventually led to the economic downfall in 2008.
Bank of America has agreed to pay the government $16.65 billion, the largest settlement for financial fraud in history, as result of the mortgage practices of its units in the lead up to the financial crisis of 2007.
Bank of America has reportedly agreed to pay a little under $17 billion to the U.S. justice department to settle a lawsuit that found the bank guilty of selling shoddy mortgage loans that resulted in the 2008 financial meltdown.
