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FILE - This, Oct. 14, 2012,  file photo shows a Bank of  America branch in downtown Miami. How much will Bank of America’s expected $17 billion mortgage settlement cost the company? The answer is, almost certainly not $17 billion. In mega-settlements negotiated with the U.S. government, a dollar is rarely worth an actual dollar. Inflated figures make sensational headlines for the Justice Department, and $17 billion would be the largest settlement by far arising from the economic meltdown in which millions of Americans lost their homes to foreclosure. But the true cost to companies is often obscured by opaque accounting techniques.
Lynne Sladky, File/AP Photo

APNewsBreak: BofA reaches $17B settlement with US

Officials familiar with the deal say Bank of America has reached a record $17 billion settlement with federal and state authorities over its role in the sale of mortgage-backed securities in the run-up to the 2008 financial crisis.


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