BofA in Talks to Pay At Least $12 Billion to Settle Probes
Bank of America Corp. is in talks to pay at least $12 billion to settle probes by the Justice Department and a number of states into the bank’s alleged handling of shoddy mortgages, according to people familiar with the negotiations.
At least $5 billion of that amount is expected to go towards consumer relief–consisting of help for homeowners in reducing principal amounts, reducing monthly payments, and paying for blight removal in struggling neighborhoods, these people said.
This is bullshit.