“This morning we demonstrate once again that no institution is either too big or too powerful to escape appropriate enforcement action by the Department of Justice. At nearly $17 billion, this resolution with Bank of America is the largest the Department has ever reached with a single entity in American history.” Associate Attorney General West Delivers Remarks at Press Conference Announcing Major Financial Fraud
The Bank of America settlement is by far the largest deal the Justice Department has reached with a bank over the 2008 mortgage meltdown. In the last year, JPMorgan Chase & Co. agreed to a $13 billion settlement while Citigroup reached a separate $7 billion deal.
Now that the dust has settled on the Justice Department’s latest BIG Bank settlement with Bank of America the question in many distressed homeowner’s minds is, ” What’s in it for me.” Continue reading