Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Monumental mix up at Oscars

Read more

THE DEBATE

Do Scandals Matter? Fillon, Le Pen cry 'witch-hunt" over corruption probes (part 1)

Read more

THE DEBATE

Do Scandals Matter? Fillon, Le Pen cry 'witch-hunt" over corruption probes (part 2)

Read more

THE INTERVIEW

Philippines: Has Duterte’s ‘war on drugs’ gone too far?

Read more

FOCUS

America's future strategy in Southeast Asia? Local US allies keen for answers

Read more

THE OBSERVERS

Ukraine's illegal mafia-run amber mining; and the street art being destroyed by authorities in Brazil

Read more

EYE ON AFRICA

Anti-immigrant protests erupt in South African capital

Read more

IN THE PAPERS

White House silence over Kansas bar shooting angers India

Read more

IN THE PAPERS

Oscars: Not so white anymore, but very political

Read more

Americas

US reaches historic $16.7bn settlement with Bank of America

© Alex Wong, Getty Images, AFP I Attorney General Eric Holder

Text by NEWS WIRES

Latest update : 2014-08-21

Bank of America Corp has reached a $16.65 billion settlement with U.S. regulators to settle charges that it misled investors into buying troubled mortgage-backed securities.

The settlement announced on Thursday by the U.S. Department of Justice calls for the second-largest U.S. bank to pay a $9.65 billion cash penalty, and provide about $7 billion of relief to struggling borrowers.

It is expected to resolve the vast majority of the Charlotte, North Carolina-based bank’s remaining liabilities tied to its purchases of Countrywide Financial Corp, once the nation’s largest mortgage lender and Merrill Lynch & Co.

Bank of America said the accord is expected to reduce third-quarter earnings by about $5.3 billion before taxes, or about 43 cents per share after taxes.

(REUTERS)
 

Date created : 2014-08-21

  • FRANCE - USA

    BNP Paribas expects heavy US sanctions, admits 'mistakes'

    Read more

  • BANKING

    USA 'to fine BNP Paribas €7 billion' in sanctions probe

    Read more

COMMENT(S)