Bank Of America To pay Agrees $16 Bn Agreement

The agreement represents the biggest single federal deal within the North American nation, yank media reportable. The deal is supposed to settle accusations that the bank concerned within the deceptive selling of mortgage-backed securities supported sub-prime loans, that successively started associate degree slump in 2007-2009.

In spite of the payment agreement, Wall Street regulators like legislator Bernie Sanders , characterised the agreement as a ‘very modest settlement’ in light-weight of the $1 trillion collected by Bank of America in “virtually zero-interest loans” through government bailouts within the crisis.

Bank of America consented to pay $16 billion in an exceedingly agreement connected to a federal investigation of its sale of ‘toxic’ mortgage securities, on weekday.