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Bank of America negotiating record mortgage fraud settlement

August 6, 2014 8:50 PM
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Bank of America negotiating record mortgage fraud settlement

Bank of America has tentatively agreed to pay more than $16.5 billion in what would be the biggest mortgage securities fraud settlement to date.

The initial agreement would settle a probe by the Justice Department and a group of states related to mortgage practices dating to the financial crisis, according to a person familiar with the deal.

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