The US Justice presents the account to Bank of America. The imminent maxi-plea deal between the US department and the institute, to close the legal process relating to the subprime mortgage crisis, seriously risks being the largest transaction ever imposed on a single US bank, even exceeding 13 billion dollars that JP Morgan will have to pay.
According to reports from the Financial Times, in fact, the Fhfa (Federal housing finance agency) alone would have asked BofA for more than 6 billion, against the 4 billion that JP Morgan should be forced to pay. The total bill, therefore, considering these numbers and the enormous potential for exposure, risks being even more expensive.
Bank of America, which is being investigated along with 16 other lenders for having circumvented the rules on the sale of securities when they sold mortgage loans to Fannie Mae and Freddie Mac, the government companies that risked bankruptcy in 2008, is on the verge of paying a record fine.
