Thursday, August 21, 2014
(Washington, DC) -- Bank of America will be paying out more than 16-and-a-half billion dollars in a settlement over mortgage-backed securities. The Justice Department says B-of-A and partners marketed and sold toxic loans that helped prompt the 2008 Wall Street meltdown. Associate Attorney General Tony West likened it to advertising and selling sour milk as "fresh." The settlement includes a hefty penalty and roughly seven-billion dollars for a consumer relief fund.