Bank of America has reached an agreement in principle to pay more than $16bn in cash and consumer relief to US authorities to resolve allegations of misselling mortgage-backed securities, people familiar with the matter said.
The bank will pay around $9bn in cash and provide $7bn in consumer relief, such as modifying home loans and refinancing mortgages, as part of the deal, these people say.
If finalised, it will be the Department of Justice’s largest settlement with a single entity, exceeding the $13bn pact that JPMorgan Chase agreed last year.
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