Economic Daily
Bank of America (BofA) agreed to pay a value record of 17 billion (€ 12.8 billion) to end a dispute arising from the crisis of shoddy home loans, called subprime.
“We believe that this solution serves the interest of our shareholders and allows us to focus on the future, “he argued in a statement, quoted by AFP, the chief executive of BofA, Brian Moynihan. The bank will pay $ 9.65 million million to the authorities and the remaining seven thousand million customers affected by the crisis subprime, dating back to the 2007-2008 financial crisis. The agreement put an end to several civil investigations against the bank and its subsidiaries -. Countrywide and Merrill Lynch
They are still unresolved possible criminal events, especially related to Countrywide. The Justice Department accused BofA of having sold financial products backed by those mortgages without quality, which led to the financial crisis of 2007-2008 and caused losses of billions of dollars to their buyers. This penalty is a record amount, after JPMorgan Chase have paid 13 billion dollars in 2013.
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