IE Business Daily Business news for the Inland Empire.
Bank of America Corp. and the Justice Department are close to an agreement in which the bank will pay between $16 million and $17 million to resolve alleged mortgage misconduct by the bank.
The bank has also agreed to pay $9 billion in cash to the federal government, various government entities and some states for reported malfeasance that occurred during the start of the housing crisis, according to published reports.
Much of that money would be aimed at helping consumers, including reducing mortgage balances for homeowners who are having trouble making payments.
An agreement could be in place by the end of this month. If the current terms remain in place it would be the largest settlement ever between a business and the U.S. government, according to reports.
