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Bank of America reaches record $17bn settlement over questionable mortgages

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Bank of America has agreed to pay a record $16.65bn to settle charges it sold flawed mortgage securities in the run up to the financial crisis, the largest fine ever levied by US authorities on a single company. The bank will pay $9.65bn in cash to the Justice Department, six US states, and other government agencies, including the Securities and Exchange Commission (SEC). A further $7bn in aid will go to consumers struggling with home loan payments and towards demolishing derelict properties.

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