Federal and state litigation stemming from the 2008 financial crisis continues to keep corporate attorneys and C-suites busy, and now it’s Bank of America’s turn to settle up. The bank on Wednesday agreed to pay more than $9.5 billion to settle unrelated claims by the Federal Housing Finance Agency and the New York attorney general stemming from the economic meltdown.
The housing agency deal—$6.3 billion in cash plus $3.2 billion in purchasing residential mortgage-backed securities at fair market value—settles claims alleging the bank falsely represented that mortgage loans sold to the FHFA complied with agency standards.
