PAY UP

BofA and Feds Reach Tentative $17B Deal

Close to $17 billion.

Bank of America has reached a tentative settlement with the Justice Department to pay close to $17 billion for its mortgage-backed securities sale in the run-up to the financial crisis. The deal could fall apart, but if it holds, it will be the Justice Department’s largest financial win from a single company. Bank of America has been going back and forth with the feds for months over a settlement. The negotiations reportedly moved forward last week after a phone call between Attorney General Eric Holder and Bank of America chief executive Brian T. Moynihan. While $17 billion is nothing to snuff at, critics argue that Bank of America will be getting off easy without any criminal charges for its employees.