"A clutch of states including California, New York and Illinois will share in a mini-bonanza from the $16.65 billion settlement agreed by Bank of America Corp on Thursday.
The settlement announced by the U.S. Department of Justice calls for the second-largest U.S. bank to pay a $9.65 billion cash penalty on charges that it misled investors into buying troubled mortgage-backed securities, and provide $7 billion of relief to struggling homeowners and communities.
Six states will reap nearly $1 billion between them as well as benefiting from cash for consumer relief credits - to be put towards items such as principal reductions for certain types of Federal Housing Administration mortgages..." READ MORE
Tile: "New York, California reap mini-bonanza from Bank of America settlement"
Author: Megan Davies
Date Published: August 21, 2014