Holder: DOJ’s $16.65B Settlement with Bank of America Is a ‘Historic Step Forward’

‘We are here ... to hold accountable those whose actions threatened the integrity of our financial markets and undermined the stability of our economy’

Bank of America To Pay Record $16.65 Billion Fine (TIME)

The Justice Department announced Thursday that Bank of America will pay a record $16.65 billion fine to settle allegations that it knowingly sold toxic mortgages to investors.

The sum represents the largest settlement between the government and a private corporation in the United States’ history, coming at the end of a long controversy surrounding the bank’s role in the recent financial crisis. In issuing bad subprime loans, some observers say, the bank helped fuel a housing bubble that would ultimately burst in late 2007, devastating the national and global economy.

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