BofA near $8.5 billion settlement on securities

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BofA near $8.5 billion settlement on securities

BofA near $8.5 billion settlement on securities

Lets do some math:

$8.5 Billion Settlement for (1) Investor case

$20-25 Billion Settlement for (1,xxx,xxx…) of Foreclosure Fraud cases

NOPE! Don’t add up!

Reuters

Bank of America Corp is close to a deal to pay $8.5 billion to settle claims from a group of powerful investors that lost money on mortgage-backed securities, a person familiar with the matter said on Tuesday.

The deal could embolden investors holding mortgage-backed securities filled with now-toxic home loans to pursue claims against other large mortgage lenders such as Wells Fargo & Co and JPMorgan Chase & Co, analysts said.

A settlement, first reported by The Wall Street Journal, would be the largest in the banking industry to date. It would also require approval by Bank of America’s board, which met on Tuesday to discuss it, according to the source.

Continue reading [REUTERS]

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